Life Science Labs Reacting to the Economic Crisis
Scientists engaged in biological research and drug discovery are bracing for expected cuts in their 2009 lab budgets. bioinformatics, LLC has released preliminary data from the company's newest report Prospering in a Down Market: Strategies for life science Suppliers.
"In this report, we set out to understand current sources of funding for research and drug discovery and what effect the current economic situation will have on each," says Tamara Zemlo, Ph.D., Vice President of Advisory Services. "Our clients need to know scientists' level of concern over the economic crisis and how this may impact anticipated purchases in 14 product categories."
In response to requests from the life science supply industry, BioInformatics, LLC fielded a detailed 45-question survey to more than 500 senior scientists and lab managers working in universities, and pharmaceutical and biotechnology companies. The final results will be published in early March.
Nearly half of respondents surveyed said they are very worried that a recession will make it difficult for them to conduct their research and close to two-thirds indicated that their research has already been affected by the current economic recession. According to Zemlo, life sciences will likely fare better than other sectors of the economy but she points out that scientists are employing a variety of ways to stretch their budgets. "Understanding how and where scientists intend to cut back will be essential for suppliers developing effective marketing and sales strategies."
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