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How to Open a Pathology Lab in India
If you are thinking about starting your own business and have a basic understanding of medical procedures and practices, Pathology labs are the finest options in India. In today’s fast-paced lives, there is a rise in medical issues. With rising awareness of healthcare, more disposable income, global exposure, and improvement of medical facilities, Pathology Laboratory is a very lucrative business. India itself is home to about 1,00,000 laboratories which are a fine mix of radiology centres and pathology laboratories.
Pathology labs help in determining the cause of disease and diagnosing the exact medical condition of a patient. It performs various diagnostic testing and based on results, suggests the most appropriate treatment. These labs are looked upon for accurate diagnostic, quick access to health reports and importantly the comfort of getting tests done at your home. However, as for any other business, it requires strategy, capital, investment and much more. Read on to know more about how to open a Pathology Lab in India.
To start any business, planning is a necessity. Knowing how to open a pathology lab in India will help you plan effectively. From infrastructure to investment and working capital, everything has to be planned. A few essential things to consider are:
The primary requirement for a pathology lab is feasible premises. Not only the location should be easily accessible and well connected but it should have clean surroundings to protect against sample contamination. The lab should have proper seating space for patients with ample space for medical equipment, sample storage and future infrastructure changes. In this way, you can grow your pathology lab profit margin in India.
The next prominent factor to consider is finances. Pathology lab requires medium to a high capital amount for factors such as:
A tentative initial pathology lab set-up cost would be approx. Rs.20 Lakh, while for mid-scale and large-scale labs, it would be approx. Rs.50 Lakh and Rs.2 Crore respectively. To set up a laboratory, manage expenses and grow a business, medical loans are highly recommended. Nowadays, the process of getting a loan has got simplified, which will help you with the pathology lab set-up cost. From the comfort of your home, you can easily apply for an Online Medical Equipment Loan and there are multiple loan options available which are mentioned below.
Unlike other businesses, the pathology business requires high attention to detail when it comes to licenses and certificates. A few important licenses are required for the pathology lab registration process:
a. Accreditation from Good Clinical Practices
b. The license of the National Accreditation Board for Testing and Calibration Laboratories
c. Registration with Shops and Establishments Act
d. Registration with Clinical Establishment Act
e. Registration with biomedical waste disposal body
f. Approval from the Pollution Control Board
g. NOC from the municipal corporation and fire department.
You can also take a look at the pathology lab registration process online to gain a better understanding before borrowing a loan.
Equipment and software are core necessities of the pathology business. It is required for diagnosis, report generation, scheduling, and almost all the major operational requirements. It is necessary to make sure they are from certified and trusted suppliers. Also, they should be installed with the latest technology and be easy to operate.
At last, it is not a one-man business. A proper team of receptionists, lab technicians, pathologists, assistants, cleaners, etc. are required to successfully grow this business.
Also Read :- How Medical Equipment Loan is Helpful to Purchase New Medical Devices?
The overall cost of your pathology lab may depend on how technologically advanced your lab is. Based on the above estimates, arranging a huge investment can be a tedious task. To help with that, you can avail professional loans for doctors or Medical Equipment Loan for laboratories. They offer huge support in the initial phases of business. Nowadays, with leading financial institutions, you can also apply for Online Medical Equipment Loan just from your smartphone.
Medical Equipment Loans are just one type of loan offered under Healthcare Loans. They can be sub-categorised as
Since it is a challenging task to anticipate the required investment, few lenders also offer Flexi Business Loans. Under this loan,
Many professionals have this question, ‘can a MBBS doctor open a pathology lab in India’. If you fit within the qualification required to open a pathology lab, you can avail of a Medical Equipment Loan easily. However, the eligibility criteria for Medical Equipment Loan vary from lender to lender. A few important criteria are mentioned below. It is advised to keep everything ready to save time and get quick loan approval. The following points will answer your question “Who can open pathology lab?”
With accurate results, quick access to health reports and the comfort of getting it at your home, Pathology Laboratories have become indispensable and a boon in the diagnosis of various human illnesses impacting our lives. In case you do not have an MD Pathology Diploma or an equivalent degree from the Medical Council of India, you can still operate this business as an investor or manager. If you are planning to apply for a loan, an online Medical Equipment Loan for Laboratory is the best direction to go in. So the next time you are faced with the question “How to open pathology lab in India”, do visit Poonawalla Fincorp and you will have all your answers quickly!
No. You are required to submit your degree or qualification certificate to avail of a Professional Loans for Doctors to open a pathology lab.
The actual budget required to open a pathology lab depends on a host of factors such as the location of the lab (metro, city, town, etc.), size of the lab, type of equipment required, etc. The budget can range from several lakhs to a few crores of Rupees depending on these factors.
Yes. You can open a pathology lab after BMLT, as it comes under the qualification required to open a pathology lab. You just need a license to open the lab and adequate funding.
If you are qualified for opening a pathology lab in India, all you have to do is get the license for the same and acquire the necessary funding.
Getting a business loan is easy and opens many options for growth and expansion. While getting a Business Loan is relatively easy, provided you choose the right lender, using the proceeds of the Business Loan correctly is a challenging task.
Micro, small, and medium enterprises (MSMEs) are among the largest employment providers in India. The total contribution of MSMEs to the overall employment in the country is 69%.
A small business incurs many expenses, from stocking inventory, and repairing machinery, to managing payroll for daily working capital needs. As small business owners, they have limited cash flow and capital.
Running a small business is not a small feat. You need to be always on your feet to keep up the profitability of the business.
Covid-19, a once-in-a-century pandemic, has hit the Indian economy hard and has affected almost all sectors.
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Comments
P J Thakuria| February 24, 2023
I am keen to start a diagnostic lab / Pathological lab. Kindly provide me details of the project, if you can, please.Regards.
Sourangshu | February 24, 2023
Looking for loan to start a small integrated path lab in kolkata
Feroze Khan| February 24, 2023
Open an pathology laboratory to serve the community.It\s time for me to give something back to help others in the neighborhood where I grew up.