Replay: Lab Procurement Head (Columbia): Updates on A&G, Pricing & Distributors

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Replay: Lab Procurement Head (Columbia): Updates on A&G, Pricing & Distributors

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USA | Life Science Tools & Diagnostics EquityJulyResearch14, 2026

Replay: Lab Procurement Head (Columbia):

Updates on A&G, Pricing & Distributors

We hosted a call w/ Michael Reich from Columbia Medical Center. Takeaways:

1) U.S. A&G spending is improving vs. a weak '25, with 2H NOAs and

spending (esp. equipment) expected to accelerate; 2) pricing has normalized

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(consumables +L-MSD%, tariffs in base), but vendors are pushing more reagent-

rentals; 3) Fisher remains the leading distributor but has had issues w/ service,

while VWR has improved execution and could gain share vs. smaller peers.

Replay here.

Background. Michael Reich oversees procurement for $600M of annual external research

spending, with $180M addressable across LST vendors. The budget leans consumables and

reagents (>2/3) with the balance ($30-40M) tied to capital equipment.

Cautiously optimistic on U.S. A&G. Reich painted a more balanced academic funding picture,

especially compared to the "chaos" of '25. The FY26 budget is set (and up y/y), communication

between institutions and funding agencies has normalized, and universities like Columbia are

backfilling research spending to protect/retain talent and support mission-critical research. As a

result, consumables and reagent demand appears relatively resilient, with spending improving (2Q

+7-8% y/y) vs. last year's disrupted environment (total vendor spending down 5-6% in '25). The

key overhang remains the timing of NIH Notices of Award (NOAs) and new grant releases (esp.

S10 projects), which have been slower than expected, limiting visibility and delaying purchases of

big-ticket equipment, particularly high-end sequencing, cryo-EM and mass spec.