When it comes to setting up a medical laboratory, the shopping list is quite extensive. The planning and creation take a lot of time and money, and the task can feel overwhelming at best. Armed with a university degree and your lab coat, you slowly begin to realise that more is needed that your determination if you are going to succeed. Ideas are only useful when they can come to life with the right equipment.
Whether you are responsible for setting up a lab for your company or your students, what can you do to save yourself some time, money, and stress? One great help comes when you decide to hire what you need from laboratory equipment companies.
There is a great deal of perks to leasing equipment, as well as some downsides too. No one solution fits perfectly, but leasing does a lot to reduce the pressure and expense. In this age of rental, it opens up a whole new opportunity for labs just starting up. With a careful consideration of the advantages and disadvantages, you can logically decide whether renting you lab equipment is the solution for you or not.
Should You Rent or Not?
In some situations, there is no other choice but to rent. Many young researchers are abounding in ideas and passion but limited in their funds. This means that older researchers and well-established companies have the monopoly on purchasing the equipment needed to make progress. This financial restriction should not restrict progress, and renting the necessary equipment is one to circumvent this problem. With the right rental agreement, new researchers and budding scientists will have the equipment they need to expand and progress. By being able to get the tools you need at a fraction of the cost, you’ll have more funds to budget towards other areas that need financial support. This will allow you to put money into the areas that need it, rather than tying it all up in expensive equipment.
Furthermore, keeping up with rapidly changing technology is a pricey expense. Equipment quickly becomes outdated and trying to keep up will rack up quite a bill which as a new researcher, setting up a new lab, can put a stop to your plans before you even get started. If you need to keep spending your limited resources on purchasing the latest equipment, you will soon run out of funds, bringing an end to your dreams. With this in mind, leasing provides an excellent alternative, allowing you to get the latest equipment with a much cheaper price tag. Lots of companies can offer leasing contracts where you can choose whether you want to rent to own or rent so as to hand back the equipment at the end of the term. With the latter leasing agreement, known as an operating lease, you don’t own the appliance at the end of the contract but rather you have the option to trade it in for the latest model. This means you always have the best equipment that otherwise would be beyond your budget. This is a good way to upgrade your lab regularly.
The downside to operating leases is that you can’t make any adaptations to the equipment, which may prove to be inhibiting if you need customised appliances. If you need a purpose-built lab with adapted apparatus, you won’t be able to make the modifications you need to under an operating lease. You can’t make alterations to a piece of equipment that you will eventually need to hand back. If this is something you would need to do, the other option is a capital lease.
What is a capital lease? These typically have a higher interest rate, but the difference is that you own the equipment you are leasing at the end of the contract. While you won’t have the latest model at the end of the term, this may be a good option for equipment that has a longer lifespan anyway that you won’t need to upgrade. You will have the equipment in your possession at the end of the contract to use, or to sell on if you don’t need the equipment but need funds. Furthermore, you will be able to make adaptations to the apparatus if you need to, depending on your needs.
The “Pros”, “Cons”, and “Hows”
What are the ins and outs of leasing scientific equipment? It’s a big commitment to make, regardless of the contract you sign, so these extra details will help you to consider the reality of it.
The Pros of Leasing Scientific Equipment
There are some great advantages as we’ve briefly discussed – here they are listed as a few key points to help you remember them.
- There’s less upfront cost.
- Repairs may be covered under your contract.
- Preventative maintenance may be covered too, lengthening the lifespan of the equipment.
The Cons of Leasing Scientific Equipment
There are also some disadvantages to consider too before you sign on the dotted line.
- With interest added, it may amount to a more expensive purchase over time.
- You are tied into the contract even if you stop using the apparatus.
The Hows of Leasing Scientific Equipment
So how can you make a good decision about leasing scientific equipment? What tips will help you to find the best company and the best deal?
- Work to get a good warranty so that you have something to fall back on if something goes wrong. You will have a greater peace of mind and save you from unexpected expenses in the future.
- Use your research skills to understand the equipment. Analyse it’s lifespan and any future expenses that may crop up so that you can make the most efficient choice.
- Put the work in to shop around and find the best deal. You can save yourself shipping fees by finding a company near you and by finding a company that will provide service in your area. Read reviews, get advice, and do your homework.
