The part that matters: the question to ask is not whether a vendor is good but what evidence exists, of what kind, about which lots, from whom. Reputation is a compression of that evidence and it compresses badly.
Cost per milligram, worked honestly: a 10 mg vial at £34 is £3.40 per nominal milligram. If the content assay says 9.2 mg, that is £3.70 per actual milligram. If you then lose 4 µL of dead space per draw from a 2 mL fill across twenty draws, that is 80 µL or four per cent of the fill, taking you to £3.85. Add a £110 content assay amortised across the vial and it is £14.85 per milligram for the first vial of a new lot and £3.85 thereafter. The testing dominates, which is the actual argument for buying larger lots.
Lot-to-lot content variation of nine per cent between two nominally identical lots, both within a stated specification, is the single most common finding in independent testing and the least discussed. It is not fraud; it is the consequence of a fill process controlled to a tolerance rather than to a target. It is also the reason a per-lot content assay is worth more than a per-supplier reputation.
The economics of pooled purchasing are not specific to this field, and the failure modes documented in the general literature on informal collective purchasing — organiser default, quality dispute without adjudication, and free-riding on testing costs — are exactly the ones that recur here.
One qualification: independent testing tells you about the vial you sent. It tells you about the vial you kept only under an assumption of homogeneity that nobody has tested.
Structure the group buy so that no single person is simultaneously the treasurer, the custodian and the arbiter. That one change removes most of the failure modes.