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How to Save Money on Lab Equipment

A few ways companies and STEM professionals can save on the most important equipment.



Many medical facilities are trying to cut costs because of the rising expenses associated with doing business. However, cutting back on costs alone may not be enough to solve the organization’s problems. Here are some ways to make sure you are getting the best value for your money when buying lab equipment.

Make a Plan

Before you even start looking at the equipment, you need to have a proper plan in place. If you want to reduce medical lab equipment expenses, you must have a good idea of what you hope to gain out of the equipment. For instance, are you hoping to use the equipment for exams and data collection, or are you using it for diagnostic purposes? If you are not sure, it will be difficult for you to find equipment that suits your needs and your budget.

Set a Budget

It would help if you also considered how much you want to save. Setting a budget is not enough as it will not help you decide whether you will go for equipment rental cost reduction. In addition to setting up a budget, you also need to set realistic goals to know how much money you are looking to save over a specific time. Remember that you will also have to consider the impact of various factors such as inflation rate and tax on your savings.

Don’t Dismiss Refurbished Equipment

It will not be wise to buy brand new lab equipment if the price is high, as you may end up with expensive debt. Instead, you can try to find refurbished equipment where it is still under warranty. You should also make sure that the equipment is in good working condition before you buy it.

You can also look for equipment rental services where the equipment price will be spread out over a few months. You can save money on your microbiology lab equipment this way. As far as the size and warranty are concerned, all you have to do is choose the one that offers a long enough warranty period.

You should also check out the company or person from where you are purchasing to make sure that the company is reliable.

Shop Around

Consider researching the products that you are looking for. It is advisable to check online first. Online window-shopping helps to identify reliable vendors that offer laboratory equipment. Look at the average price of similar items at various stores then compare those prices to your list of things that you need. Find out how long it will take you to pay off your balance and whether or not you will be able to afford the item.

If you are not planning on using the thing for a very long time, you may want to pass on purchasing it. The Health and Safety Executive emphasizes that you buy from reliable suppliers. Purchase of such equipment should only be from bodies regulated and certified by the necessary authorities.

Seek Financial Aid

When shopping around for the right equipment, it is good to find a company that offers financing options. This may seem like a strange choice for some companies. But it would help if you had the reliable financial backing to finance your projects. You can learn how to save money on this type of equipment by finding an online company offering discounted or investing options.

Whichever method you choose, remember that you will still be responsible for paying for the equipment.

Consider Leasing

One way to save money on lab equipment is to lease the equipment instead of buying it. There are plenty of companies that lease equipment to people who want to conduct medical research. Therefore, it would help if you tried to find a company that offers equipment leasing at the best prices. Even some companies are willing to give you a discount on equipment leasing if you agree to get the equipment used.


Remember that you have to consider your bottom line when you are looking at equipment. There is no way around it. No matter what equipment you decide to buy, you have to determine whether or not it will help your business and your employees. If it doesn’t, then it’s probably time to go back to the drawing board and find some new equipment.