Things to be careful of before Renting Laboratory Equipment

Equipment is the central matter around which research revolves and depends. Yet that importance can be very frustrating when you can’t afford to buy the tool you need. Research institutes and organizations in the life sciences industry need scientific instruments (sometimes temporarily) to end up often buying used to save on budget. Little do most of them know that another option is renting. With the economy going tough on everyone, leasing laboratory equipment is the best way to look out for lab equipment that might otherwise be costly.

Renting and sharing lab equipment is common for manufacturers to allow customers to lease tools, paying regular instalments for three or four years. Leasing gives access to crucial instruments without needing to lay out hundreds of thousands of pounds upfront. Rental allows laboratories to use the most up-to-date technology without having to brood over the huge initial amount of capital necessary to purchase the instruments.

As with many types of leases available in the market, laboratory equipment rentals bear a few risks and disadvantages. You should be aware of the following things before you opt to rent:

•    Interest rates could change after a customer has signed a lease, leading to excessive costs charged.
•    Sometimes, customers could end up paying more than necessary if interest rates drop during the term of the lease.
•    A customer could commit to the wrong type of lease, so research the various types of rentals before committing.
•    Before leasing equipment, you should first think about why the equipment is needed and what is the economic justification for renting it.
•    Because a lot of lab equipment is so specialized, it can be challenging to find and may require considerable research.
•    To ensure rates are fair, procurement protocols typically require a minimum of three rental cost estimates.
 
Though leasing does carry some risk, it also has many advantages:

•    Flexibility in terms & equipment
•    Conservation of working capital and credit lines
•    Increased opportunities as lesser money invested
•    Tax benefits, for example, enhanced depreciation/accelerated write-offs
•    Improved financial ratios with operating expense vs. liability
•    100% financing

Renting equipment is a logical and standard solution. Biotech has vast experience in the validation of laboratory equipment software in both GMP and GLP environments. They have an excellent background in developing system inventories, performing risk assessments, determining remediation actions, and performing equipment qualification in tandem with software validation.

When looking for Laboratory Equipment Rental, they are one right name that can be trusted to make a deal with. They place a strong emphasis on maintaining compliance and the validated status of the equipment by ensuring appropriate system-specific management of processes.

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