How to Reduce Lab Running Costs

Setting up a lab is a significant undertaking that can be difficult due to budget restraints and funding uncertainties. A solid financial foundation is required in order to establish good working conditions. However, it is also important to think about how these finite monetary resources are utilized. There are a number of things that can be done in order to utilize said resources in the best way possible.

Sharing Resources

It could be beneficial to look into sharing resources with other labs. You could offer certain resources or services in exchange for theirs. This would save some money as well as boost collaboration between groups. For example one lab could provide the use of their mass spectrometer, in exchange for a batch of antibodies that have been raised by another lab. In this way, many laboratories have been able to survive in the current market climate, and it is a method which should not be underestimated.

Cutting Costs

Cutting costs means less funding is required. One way of achieving this is to use cost-effective suppliers. It is common to see large price variations between suppliers for similar or identical products. Shopping around can help you find the best deal and save you considerable money while getting started. Many suppliers also offer discounts for new labs which can be a great way to reduce while setting up your lab.

DIY Solutions

Of course, there is always the option of creating some of your own tools and machines. It may seem ambitious, but with the help of a 3D printer and access to an online repository of designs, it is possible to save a lot of money and optimize the use of funding.

Also, remember to carefully track your expenditure. You should have a detailed overview of in-goings and outgoings, and you should be prepared to make changes to your current approach at any time. A flexible mindset is vital, particularly in the early stages of setting up a lab.

If you are looking to secure initial funding, you should explore grants from universities and government bodies, as well as industrial partners. Investigating every possible avenue increases your chances of acquiring the necessary funding.