Establishing your own comprehensive medical laboratory takes time and money. Whether you’re setting up a lab for a company or your students, the task can feel overwhelming. Did you know it’s possible to hire and lease this kind of equipment? To investigate just one example of a company offering this very service, check out Excedr.
In the following article, we will delve into the advantages and disadvantages of different options and discover the opportunities available for a budding medical research team.
From the beginning of time, scientists are required to have several assets at their disposal to become successful. Ingenuity, curiosity, determination and resilience are just some of the needed qualities. A university degree, textbooks and experience are just some of the elements needed to improve knowledge and understanding.
However, all of these are of no use if the instrumentation is not sufficient for the task at hand. In fact, one physics historian ranks research equipment an even higher driver of scientific progress than the ideas themselves. You may be concerned, even frustrated, that your limited funds will cause limited progress. Living in this rental age, however, opens up a whole new path of opportunity that may be just the solution for you.
To Rent or Not to Rent
Quite often, a lack of funds is the inhibiting factor to young researchers and their new ideas. This unfair disadvantage means that older researchers or more developed companies have the upper hand when it comes to accessing tools needed to progress. Therefore, rental, leasing and financing options are a great alternative that provides you with the right equipment for the job and the flexibility to expand. You’ll be able to get just the right tools for the jobs you need to do at a fraction of the cost so that you still have the budget to develop.
Technology advances at such a fast pace that equipment quickly becomes outdated. The cost of constantly updating expensive equipment can be eye-watering, and especially as a budding business, it will repeatedly set you back if you must keep spending limited resources on new instruments.
With this in mind, leasing and renting can be an excellent solution to this problem. Leasing is a particularly flexible option and you can choose whether to rent to own (known as a capital lease) or take out an operating lease where you hand back the equipment at the end of the contract. Capital leases usually involve a higher interest rate, yet you own the equipment by the end of the payments. Operating leases are useful when needing to use equipment that has a shorter lifespan, where you need to replace the item after a few years anyway.
Although you don’t own the appliance at the end of the lease, you can often choose to upgrade the equipment instead so you can keep up with the times and have the latest technology at hand. A benefit to this is that you have access to high-end equipment that otherwise would be out of reach financially.
The one problem with operating leases comes when you need customised equipment. If you will need to modify the apparatus for a unique purpose, that won’t be possible under the contract of an operating lease. Alterations are not allowed under an operating lease, it is only an option if you lease the item under a capital lease, or if you have the finances to purchase the appliance in full.
Signing any contract takes time and forethought as you are obligated the fulfil the terms of the agreement despite any future change in circumstances. Taking that into consideration, it might seem like a daunting task when left with the responsibility of deciding what is best for you and your team. Consequently, let’s talk about the pros and cons of leasing chemical analysis equipment and other laboratory tools in a bit more detail.
There are a great number of perks that come from leasing equipment over purchasing it outright.
- It greatly reduces the upfront cost.
- Many leasing contracts include corrective repair coverage. If the machine breaks down while in your use, it is often covered for repairs.
- Additionally, several lease agreements cover preventative maintenance coverage which reduces the chance of more expensive damage from occurring in the first place.
To have an honest look at the options of leasing, we need to consider some hitches.
- It might cost more over time. With the addition of interest, it makes the final amount paid more than if you paid it outright.
- You are obligated to keep paying. Even if you don’t use the machine as much as you expected, you will still have to keep paying the monthly payments as per your agreement.
After considering the pros and cons, if you have decided to head down the road of leasing, there are a few tips to bear in mind to make sure you get the best deal.
Tips for Leasing Equipment
- Negotiate a reliable warranty. It might cost you a little more, but it will be worth the expense when you have a reliable warranty behind you and things go wrong. Rather than having to deal with big, unexpected expenses, adding a little more to your payments each month will take some stress out of the equation.
- Get to know your equipment. Do your research (it’s what you’re good at!) and analyse the future of the instrument. Plan for any related future expenses, determine the projected use of the machine and the life expectancy of the appliance. Know when it will be time to upgrade or exchange the machine so you can get the most efficient use out of it.
- Shop around and find the best retailer. See if you can find a leasing company local to you – you’ll save money on shipping fees. Prepare for problems and ensure that the company services machines in your area. Investigate the different options and read up on other customer reviews and try and get some advice from other leasers.