Dexter’s Laboratory, the popular American comic science fiction animated television series, introduced us to the world of laboratories. As children, we were in awe of the boy-genius’ inventions at his secret lab. Have you ever wanted to be like Dexter with your own fancy lab? If you’ve, you don’t have to be secretive about it.

Off late, the private laboratory business has witnessed a massive boom. So, if you are the one of those who wants to jump in the fold and rake in the moolah, here are some pointers for you.

What type of laboratory will it be?

Is it going to be a biobank or the usual testing facility set up? Or will it be an R&D hub for pharmaceutical drugs? All these spaces demand specialized facilities.

As fertility treatments soar, there is a huge demand for storing egg and sperm samples. DNA testing and stem cell research are also becoming pretty common.  A biobank serves these purposes quite well. Did we mention, this is also one of the most stable ventures out there?

Rising government safety regulations have led to a spike in product testing. Even though most of the corporations have their own labs, a lot of work continues to get outsourced to private providers. Similar is the case for pharmaceutical drugs, which requires a lot of research and testing before they can be approved.

Where are you going to set it up?

A convenient location in close vicinity to hospitals, manufacturers or other related entities will go a long way in securing good business deals for you. The size of the location also matters as you need to see if it’s flexible enough for future expansion. If you can get a ready-to-move-in space, you can save on your initial expenses.

There are three other things to consider –  security, capacity and climate control facilities. Lab equipment takes up a lot of space and the nature of the work might also require you to store samples, making a reliable HVAC system essential. And, above all, it requires people to protect these assets.

What about the legalities?

After deciding on the type of lab and the location, you need to begin the process of accreditations or permits. If a lab comes with the stamp of an authority, it adds that extra touch of credibility for you. It could be a lengthy process, but if you’re in for the long haul, then you must definitely invest in this.

How about instruments?

Once all this is done, you need to choose the right equipment for the kind of lab you wish to run. Always get quotes from 2-3 vendors and opt for a good service contract.

Who will handle the billing?

Either you can do the billing yourself or outsource it to a service provider. If you do choose to do it yourself to save costs, then invest in resources who can do this right, or else, it could land you in a soup.

Have you invested in a Laboratory Information Management System (LIMS)?

A good LIMS is very important for you as new specimens have to be recorded for tracking purposes as well as reporting the results back to the physician.

Schedule a Free LIMS Demo here

Have you hired the right people?

People are the biggest asset of any setup. Invest in qualified resources to run your lab. Keeping regulations in mind and the nature of the work, accreditations, and certifications of the people are very important.

Now, that you’ve completed all these steps, you are well on your way to becoming a real-life Dexter.