BusinessHABGenerate new sources of revenue for your independent community . Discover the Lab Scientist business ideas that drive real results.
Let’s get straight to business.
You know that for your independent community to succeed today, you have to adapt.
You have to try new Lab Scientist business ideas, implement original services, and offer products patients are looking for.
But how do you know what Lab Scientist business ideas will work?
You’re looking for no-fuss ideas proven to get results.
We rounded up powerful Lab Scientist business ideas.
That can help get the business results you’ve been looking for.
And, we’re providing solutions to help you implement those ideas.
Now it’s up to you to make them happen.
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1. Increase front-end sales
These days, front-end sales matter more important than ever.
“Independent Lab Scientist margins are shrinking so much behind-the-counter.
That they need to get that penny profit wherever they can,” said Kyle Lentz, Category
Analyst at Hamacher Resource Group (HRG), a firm that improves results across the retail supply chain.
“Retailers that don’t take advantage of that 10 to 15 percent in front-of-the-counter sales are losing a great deal of money,” he said.
Solution: Partner with Hamacher Resource Group to get tons of research-backed strategies to increase your front-end sales.
HRG offers front-end product placement and planning, pricing analysis, and fixture coordination for pharmacies.
2. Buy pharmaceuticals with less hassle
The last thing anyone wants to deal with after a long day at the laboratory is placing the order.
But because inventory is the most important part of your business.
You have to prioritize your purchasing. And make sure you get a good price.
Solution: Buying doesn’t have to be a hassle. With BuyLine™, a secondary online pharmaceutical ordering service from PBA Health, easily order brands, generics, and OTCs quickly and conveniently.
Choose from a full line of products, earn loyalty rewards points, and repeat orders with one click. It’s one of the pharmacy business ideas you don’t want to miss.
3. Boost script count with adherence services
Increasing patient adherence can increase your script count and keep your patients healthy.
Solution: If you don’t have the time or resources to invest in robust adherence services, partner with Medicine-On-Time.
With more than 250 million prescriptions filled across the U.S., Medicine-On-Time offers pharmacies medication synchronization and multi-dose medication adherence packaging.
4. Return expiring products
When expired products go unreturned, you leave money on the shelf.
But an average return will include between 50 and 75 different manufacturers, all with varying requirements.
Wading your way through the logistic of return can be overwhelming and time-consuming.
Solution: Partner with a returns company, like Return Solutions, to help you navigate the challenges of returning drugs for credit.
5. Accept credit cards, debit cards, and mobile pay
Patients today prefer paying for prescriptions with credit cards, debit cards, and mobile payments. Forty percent of consumers prefer credit cards as their favorite way to pay.
6. Provide lab testing services
The market size for lab tests is 58 times larger than the market for flu shots in the U.S. Approximately seven billion lab tests are conducted annually.
“It provides an opportunity to expand the pharmacy’s healthcare offering.
Which helps with customer acquisition, customer retention, and the conversion of front-end customers who may not be using the pharmacy.
7. Offer digital services for prescriptions
People use their mobile devices for everything. Your independent pharmacy needs to offer digital services to keep up.
Offer digital refills, text message pick-up reminders, and email rewards to keep patients loyal to your pharmacy.
8. Get into pet compounding
Veterinary medicine is a huge market that has finally opened up to independent pharmacies, whether you offer over-the-counter (OTC) pet medicines, veterinary compounding, or prescription pet products.
The margins are really good.
The reason the margins are really good is because 99.9 percent of all the prescriptions are cash.
You get to set your price.
They’re not set by a third party. So, why would you not want to do that?.
It’s one of the best Lab Scientist business ideas worth trying.
9. Offer co-administration of vaccinations
As patients come to increasingly trust (and prefer) laboratory for their vaccination needs.
Seize the opportunity by providing multiple vaccines in one visit.
Co-administration offers convenience for patients and more profits for the laboratory.
For example, you can co-administer the shingles vaccine with the flu shot.
10. Provide natural supplements in your front end
As the pharmacy industry becomes more commoditized, independent pharmacies need to find ways to set their business apart.
And patients today are looking for more than a remedy for illness.
They want to be well. Offering natural vitamin and supplements can make your pharmacy a wellness destination.
11. Use biodegradable prescription vials
Being environmentally friendly is in.
People care about it enough that it influences where they shop.
Set your independent pharmacy apart by going green one bottle at a time.
12. Join a network of pharmacies
Expand your resources, knowledge, and abilities by joining a network of pharmacies.
Solution: NCPA is encouraging Lab Scientist to get involved with a Community Health Programmes Enhanced Services Network .
They link pharmacies that provide enhanced services into a network of community pharmacies that can assist payers in improving patient health and reducing overall health care spend.
Especially for patients with the greatest care needs.
Read also:Top 25 Nursing Business Ideas & Opportunities in Nigeria
13. Improve pharmacy inventory management
Your pharmacy’s inventory makes up the majority of your expenses. Managing it effectively can lead to better cash flow and greater profitability.
Doing it manually might score you some points in work ethic, but it’s not going to score you profits.
14. Personalize messages to patients
As an independent pharmacy, you provide personal care.
But as your business becomes more digitized, you inevitably lose opportunities to stay personally connected.
15. Create a patient loyalty rewards program
The average repeat customer spends 67 percent more money than a new one.
And, it costs less to keep a patient than to gain a new one.
16. Offer clinical services
The Lab Scientist industry is trending toward clinical services.
In a world of shrinking reimbursements, clinical services offer another way to generate extra revenue and improve outcomes.
If you don’t have the resources to develop the services you want, use a third-party vendor or company to help.
See also:14 Steps to start Medical Equipment Sales Business in Nigeria
17. Stock and sell supplementary diabetes products
Thirty million people in Nigeria have diabetes.
And, another 86 million adults are on the verge of diabetes, living with pre-diabetes.
Help them—and help your pharmacy’s sales—by stocking diabetes-related supplies in your front end.
Be a leading developer, manufacturer, and marketer of advanced performance products for people with diabetes, offers a wide selection of diabetes products your pharmacy can offer.
18. Health fairs.
As more devices, medical technology and even health apps come to fore, vendors and innovators will want to get face time with doctors, medical personnel and administrators.
If you have a penchant for planning and people skills, your business could set up fairs, in partnership with universities or other like-minded organizations, all over the country.
Read also:Top 61 Medical Practitioners Business Ideas in Nigeria
19. Personal training practice.
If you have an athletic, high-energy background and love working one on one or with a class, you can get certified to work as a personal trainer, either in a gym, a hotel, workplace, or with private clients in their homes.
On the other hand, you could also start a business that recruits, vets and refers trainers.
20. Fitness center.
In the world of fitness, there are many opportunities to become a franchisee or open your own place, depending on your location and what aspect of fitness you’re most interested in, from cycling to weight lifting.
21. Massage therapy service.
Like personal training, becoming a massage therapist requires training and accreditation.
Once your education is complete, you can work in a number of environments.
You can set up your own office, work with other therapists, go to client’s homes or offices, fitness centers, salons, spas, hospitals, or even with athletic teams.
22. Dietitian/nutritionist practice.
If you have a passion for cooking and food and an expertise about what foods make people feel their best, being a nutritionist could be for you.
Education is also a factor, as having a bachelor’s degree and an internship or job training is part of becoming certified.
You could open your own practice, or work at a school or hospital.
23. Home health-care agency.
You can open business that provides live-in aides for senior citizens.
Or visiting nurses for patients recovering from surgery or following a stay in the hospital. Many franchises operate in this space.
23. Mobile medical screening.
If logistics are your thing and you have a mind for efficiency.
Consider starting a business that provides mobile medical testing that lets patients easily get a flu shot, an eyesight or hearing test, a blood sugar or cholesterol reading and other preventative tests, in their neighborhood or at their offices.
Related:Top 60 Business for Medical Practitioners in Nigeria
24. Midwifery/Doula service.
Your doula service can act as a home base for top-notch midwives in your area, providing birthing plans, childbirth and childcare classes.
25. Medical equipment or fitness equipment sales.
Start a business to sell or rent supplies to labs, hospitals, clinics, doctor’s offices and fitness centers.
26. Concierge medicine practice.
Build a network for up-to-the-minute patient care.
With concierge medicine, doctors affiliate themselves with a service that charges a group of patients an annual membership for house calls and easily scheduled often same-day appointments.
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