The Illinois Biotechnology Innovation Organization (iBIO) has announced that its members saved an impressive $9.7 million through the Bio Business Solutions program last year. This significant cost reduction was achieved primarily through savings on laboratory equipment and supplies, demonstrating the program’s substantial impact on the biotechnology sector.
iBIO’s partnership with the Biotechnology Innovation Organization (BIO) enables its members to access BIO Business Solutions®, the largest cost savings program in the life sciences industry. By leveraging the collective purchasing power of thousands of life sciences companies across North America, BIO Business Solutions negotiates exclusive pricing and favorable terms on a wide range of essential products and services.
The program’s offerings span a comprehensive array of business needs, including:
- Lab supplies and equipment
- Office supplies
- Insurance (Corporate, D&O, Cyber)
- Bulk gases
- Waste services
- Lab workwear
- Cleanroom services
- Payroll and HR services
- Employee benefits
- R&D Tax services
- Travel services
- Corporate credit cards
- Microscopes and imaging equipment
- Grant writing services
- Secure file sharing
- Shipping services
In the past year, iBIO members spent $19.1 million on lab equipment and supplies alone, resulting in savings of over $9.7 million, including $37,889 in cash rebates. This represents an average savings of 52% off list prices, freeing up substantial funds that companies can reinvest in their research and development efforts.
In the face of decreased capital availability in our industry over the past two years, the BIO Business Solutions program has become crucial for our members,” says John Conrad, iBIO President and CEO. “The $9.7 million in savings is not just a number—it’s capital that can be reinvested into research and preserve jobs. This program’s impact is particularly significant for startups, allowing them to benefit from the collective purchasing power of over 4,000 life science companies. It’s a game-changer for businesses of all sizes in our community.”
The program’s benefits extend beyond just laboratory supplies. Members who utilize multiple vendors within the program often experience even greater savings. For example, the Brex Corporate Credit Card, tailored for life sciences companies, offers 3x points on lab equipment and supply purchases and 7x points on conference registrations.
One of the key advantages of the BIO Business Solutions program is that all vendors are pre-vetted, and terms are pre-negotiated. This allows member companies to focus on their core mission of developing innovative solutions to improve patient lives, rather than spending time on procurement and negotiation processes.
The success of this program underscores the value of collective bargaining power in the biotechnology sector, enabling companies of all sizes to access premium services and products at competitive rates. By reducing operational costs, the program directly contributes to the advancement of biotechnology research and development in Illinois and beyond.
For more information about the BIO Business Solutions program and how to participate, interested parties can visit the iBIO website.