It is no secret that laboratories are increasingly expensive to run. To run effectively, a laboratory requires specialist infrastructure, a huge amount of energy usage, specific equipment and supplies and a skilled workforce. All of which mounts up to a hefty price tag.
If your laboratory spending is spiralling, there are several ways you can take back control. In this article, we’re sharing our tips for how to reduce laboratory spending.
If it is not closely, monitored laboratory spending will quickly escalate. When trying to reduce laboratory spending, the first thing you should do is a comprehensive cost analysis.
A cost analysis is basically what it says on the tin – calculating and analysing the laboratory’s current expenses and comparing them with the available funding and/or current budget.
When analysing the costs, ensure you calculate the costs of the equipment, maintenance, supplies, energy usage and even staff wages.
Putting all the costs in front of you will give you a better understanding of where you may be overspending and where you may be able to cut back.
Once you have done a comprehensive cost analysis and determined your budget (which may be monthly/quarterly/annually), you can then track your spending regularly to ensure that your laboratory spending is not exceeding the budget.
Having an up-to-date record of your laboratory spending can help you save money and develop a flexible budget that meets the needs of your lab. Laboratory software is an excellent way to effectively manage your laboratory, including your spending, workflow and overall efficiency.
Most laboratory managers prefer to stick with suppliers they are familiar with due to reliability. However, when trying to reduce laboratory spending, it is always worth shopping around and exploring various suppliers.
When it comes to laboratory equipment and suppliers, there is now a wide range of suppliers offering an expansive variety of products and services at different price points.
When shopping for equipment or supplies, consider multiple suppliers. Aside from their product catalogue and price differences, different suppliers will also offer other benefits, such as discounts for repeat customers, early access to new products and savings on bulk orders.
Purchasing cheap equipment may seem sensible when trying to reduce laboratory spending, but it will cost more in the long run. The cost of ongoing repairs, maintenance and replacements will leave you out of pocket. Instead, invest in quality equipment from a trusted supplier.
Yes, this means a larger upfront cost. But it will save you money! Aside from having more advanced features which can improve laboratory performance and productivity, high-quality equipment will also have a long lifespan and will require fewer costly repairs.
Don’t forget to regularly maintain your equipment! When purchasing equipment, ask the supplier about their product warranties and their service and repair agreements. Equipment that is regularly serviced and maintained will last much longer and ensure continuous workflow and productivity in your lab.
If you need a specific piece of laboratory equipment, but cannot justify the price for the limited number of times you will use it, consider collaborating with another lab.
It is not uncommon for laboratories and researchers to create mutually beneficial partnerships, especially if they are within the same institute or business.
Laboratory collaborations allow for shared equipment and supplies, reduced laboratory spending and access to specialised technology and even more expertise.
Pro-Lab Diagnostics is a renowned manufacturer and distributor of in-vitro diagnostic kits and reagents.
For several decades, we have been supplying laboratories around the world with high-quality, innovative laboratory supplies and equipment for use in microbiology and immunodiagnostics.
Our products are designed to help laboratories run seamlessly. Explore our product range here. You can order safely online or contact our team for a bespoke service tailored to the needs of your laboratory.
