Discovering Dollars in the Lab
Tips for Maximizing Your Budget and Optimizing your Research
By Ashley Peterson
Research grant awards from the US National Institutes of Health (NIH) and National Science Foundation (NSF) are at an all-time low. Currently less than 10 percent of proposals for NIH’s Research project grant (R01s) are funded. As a result of this lack of funding, research labs must become strategic with their spending, more efficient with their inventory and more proactive when it comes to equipment maintenance and repair.
Spending Smart
As you shop for new equipment, do your research. Consider all the things that might go wrong. Evaluate the warranty, the customer service and any other variables that could potentially delay productive research or increase long-term costs.
Another smart move when it comes to stretching your dollars is to buy in bulk. Any products that you use often and that can be used for an indefinite length of time should be purchased in bulk for typically significant savings. Requesting product samples is also a great way to reduce costs and ensure the product successfully meets your needs in the lab.
With the financial challenges faced by researchers, leasing laboratory equipment could be an alternative for many labs operating under tight budgets. It can also help these labs maintain a competitive advantage and stay ahead of the development curve by providing access to the most up-to-date technology even if they are unable to invest in a purchase. Leasing programs can provide payment term flexibly as well as the option to own or upgrade, creating more opportunities for research development while not tying up precious capital resources. When it comes to leasing programs, there a lot to consider. For instance, a customer might sign a 5-year lease-to-own agreement only to find that the technology changes after just two years. However, there are various financing options available and it is important to make sure that you do your homework to ensure that you commit to the right opportunity.
Take Inventory
No matter the size of your lab, controlling inventory is one of the most important things you can do to make everything run smoothly. Monitoring consumable supplies, reagents, lab equipment and instruments can be a large undertaking, but it is vital for optimizing productivity and stretching your lab budget.
Take stock of everything. Then evaluate what you could use more of and less of, considering each part of your daily routine and how often you reorder. Does your project require additional stock beyond the current level? Have you ever had to dispose of supplies that have reached their expiration date? Then develop a new list outlining all the products you will continue to use. Note the minimum amount your lab will keep on-hand, your threshold for re-ordering. This will be your starting point for creating a successful inventory process.
Once you’ve identified your lab inventory stocking levels, you should consider where to store your supplies and how to track them. Your supplies should be easy to access and placed in an area where they will be properly stored. For ease of access, consumable supplies should be kept in organizing bins and storage containers as opposed to cardboard boxes. Grouping inventory based frequency of use, expiration date and type creates an organized system that is easy to retrieve from and re-stock. Using a barcode system is an effective way to track your stocking levels easily and quickly, but a pencil-and-paper list or spreadsheet can work too!
Capitalizing on Capital Assets
While extremely important to lab operation, capital assets like equipment and instruments are often regulated as a series of impromptu activities when unforeseen circumstances arise – i.e. something breaks. You invest a lot of money into the equipment necessary to ensure your lab continues to run smoothly. Equipment failures can set research back by weeks, months—or even years. Taking the necessary steps to protect this equipment as well as adopting a proactive maintenance approach will go a long way to stretch the life of your capital assets, as well as your capital.
- Many lab equipment products can be easily protected with covers, shields and storage products. Using these to reduce the risk of damage, contamination and loss can have a huge impact on your long-term savings.
- Properly storing lab equipment and instruments can prevent premature failure or damage. Avoid storing equipment near water supplies or extreme temperatures.
- Make equipment maintenance part of your inventory management routine. ID each piece of lab equipment and monitor along with other inventoried products. This will remind you to keep up on service and warn you of upcoming schedules. Keep maintenance and calibration records handy.
Did You Know?
Unity Lab Services provides service and support plans for all instruments and supplies, regardless of vendor. From single instrument support plans to highly customized programs, Unity Lab Services provides service solutions to drive lab efficiency and make you ready for research.
