The short version: real savings on carriage and unit price, real risks in custody, splitting and the legal position of whoever receives it.
Splitting sealed vials preserves the manufacturer's container closure and the lot traceability. Splitting anything that has been opened, reconstituted or repackaged breaks both and no certificate follows the material after that point.
Onward distribution — even at cost, even among people who paid — may be a different legal act from personal importation in many jurisdictions. It is worth understanding the local position rather than assuming.
A single lot across all participants means one independent submission characterises the whole consignment, which is the strongest analytical argument for the arrangement.
The caveat is legal rather than analytical: onward supply is treated differently from personal importation in many jurisdictions and the difference is not a technicality.
Whoever receives it is the importer. Make sure that person knows.