Medical Laboratory Business Plan in Nigeria

Medical Laboratory Business Plan in Nigeria

Medical laboratory is a major support to the hospitals as they are the personnel’s’ that specialize in clinical laboratory work and perform extensive test etc. Medical laboratories handle biological samples. They are manned by professionals with diverse medical background and are specialist in their field. Starting a medical laboratory business is capital intensive because it requires you to acquire either by purchasing or hiring some expensive equipment’s to perform your job.

Large proportion of hospitals especially the private hospitals do not have their own laboratories, and those that have don’t have the capacity to perform all the test that might be required to function. Most of the hospitals refer their patience to the medical laboratories for the test that the doctors prescribed.

To set up a medical laboratory business is not just enough in itself to make sales, you will need a lot of awareness and a solid marketing skill for you to stand in boom in this business. One way of making your business boom is to ensure you earn referrals from doctors in medical institutions, general hospitals, teaching hospital and the private health institutes. You can also employ the services marketers to market your business for you.

Also Read:How to Start a Hospital in Nigeria (CHECKLIST & BUSINESS PLAN)

Requirements for Opening a Laboratory in Nigeria

Background studies. This like in any other business has to be thoroughly carried out. Especially in businesses in the medical line which are always tasking. You must conduct a feasibility study to know how feasible setting up your business at the point of the setup is. This also checks the basic requirements for the business in terms of location, capital it will need, the investment at the start and investment while running the business itself, the ,market structure of this business, the major and minor competitors, the players in the business like the hospitals, clinics, other laboratories, among others.

You also need to know the various licenses and legal requirements to set up the laboratories business in Nigeria. You will research about the business peculiar properties and funding, the staff number and payments.

Get your own Sample Medical Laboratory Business Plan in Nigeria! To place order, Pay N10,000 to:

BANK NAME: FIRST BANK PLC

ACCOUNT NAME:  CHIBUZOR TOCHI ONYEMENAM

ACCOUNT NUMBER: 3066880122

After payment, send your full name, email address and topic (i.e. medical laboratory business plan pdf) to 07033378184. Your business plan will be sent to your email within 15 minutes.

Licensing: for every business in the medical line, you will need certifications and you must have fulfilled some basic requirements to start and run a medical business. So as a requirement, you can’t have the medical laboratory business without you obtaining a qualification license for it. First, you have to be educated in medical laboratory field or you are learned in a similar field of study. There is a way around if you as a person don’t currently have the certificate and you do not wish to go through the stress of medical school, you could partner with someone already in the field, or you make him one of your board members.

Planning: you have to draft out in writing the business plan that will be your business guidelines. This business plan is the detailed step by step outline that you follow to run your medical laboratory business. It will have a broad goal and a more streamline objectives serving as checkpoints. These checkpoints are yardsticks to measure the progress of your business. It measures where you envision your business and where your business is, that is a measure of where your projects are intended or supposed to be and where they actually are presently.

Investment: you will both need human and material, resource to invest as you start up. Though depending on how big you want to start and how big you want your set up to be, you might need a huge capital at the very beginning. As stated above, this business is capital intensive with equipment’s procurement and space acquisition ranging from 5million naira to about 40 million.

Legal: after you secure the general funds you needed, you will definitely need to up your game by legalizing your business, i.e. making your business have a legal identity. The very first step in creating a legal identity for your business is corporate affairs commissions of Nigeria registration. You have to incorporate your laboratory, register its name with the CAC. This is a requirement for your business to get registered with the medical bodies.

Acquisition: you would want to get your location right because proximity to medical institutes that need you to complement them. Majorly, you get your customers by referrer from various medical institutes. You will also consider the size of the location, because you would need an admission center, a test lab, storage unit among others and you would need a spacious center to ensure a good mobility of staff and customer as the need may be,

You will also need to acquire instruments and equipment is that you will need to run your systems effectively. This equipment has to be high grade that are accurate and inn serviceable condition. These equipment include but are not limited to dialysis machine, weight and scales, diagnosis, office and laboratory cabinets, laboratory stools, Bunsen burner, laboratories consumables like gloves, tubes etc.

Staffing: ensure you get experienced staff in your laboratory. The first qualification is to be certified, and then experience in the field is an added advantage. So in each department, you should ensure you have at least one experience personnel to oversee others since experience staff cost more than getting say a graduate assistant or a fresh graduate.

Marketing: this is the act of getting sales for your setup. This involve getting your business known to the potential clients and customers. This also involves getting in contact with the potential referees to refer their own customers to you. Your marketing should involve making the services you can render made known to the hospitals, the doctors and the patients either by brochure, banners, bill boards, newspaper adverts and other mode of adverts placement.

Update: science and technology is improving fast with rapid advancement, so you will need to constantly update yourself so as to stay ahead in the medical field. New equipment come out almost every day, upgrades and modifications to current specifications so as to enhance the work, increase accuracy and reduce discrepancies in tests.

To succeed in this business, you will need to find a location that accommodate your lab equipment, has a sufficient supply of water and power, check with the health sector for proper registration and licensing, employ qualified personnel and advertise your business.

This business is a very profitable business in the sense that once the capital intensive investment have been made, and a light investment on the reagents and consumables have been cater for, the testing will actually generate immense profit. Tests cost from around #1500 to as high as #300,000 whereby you van game #5000 to #50,000 on just one test.

Get your own Sample Medical Laboratory Business Plan in Nigeria! To place order, Pay N10,000 to:

BANK NAME: GUARANTY TRUST BANK (GTB)

ACCOUNT NAME:  CHIBUZOR TOCHI ONYEMENAM

ACCOUNT NUMBER: 0044056891

OR

BANK NAME: FIRST BANK PLC

ACCOUNT NAME:  CHIBUZOR TOCHI ONYEMENAM

ACCOUNT NUMBER: 3066880122

After payment, send your full name, email address and topic (i.e. medical laboratory business plan pdf) to 07033378184. Your business plan will be sent to your email within 15 minutes.

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