Cost Analysis and Financial Planning for Laboratory Establishment: Strategies for Sustainable Scientific, Clinical and Biomedical Operations

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@article{1709440,
      author = {Debekeme W. B, Odumor C. T, Ochekwu E. B, Sofolobo A. O, Amakoromo T. E},
      title = {Cost Analysis and Financial Planning for Laboratory Establishment: Strategies for Sustainable Scientific, Clinical and Biomedical Operations},
      journal = {Iconic Research And Engineering Journals},
      year = {2025},
      volume = {8},
      number = {12},
      pages = {1928-1935},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1709440.pdf},
      abstract = {Biomedical and clinical laboratories are essential to effective healthcare delivery, research, and disease surveillance. In low- and middle-income countries (LMICs) like Nigeria, laboratories often face challenges related to inadequate financial planning, outdated infrastructure, and unsustainable operations. This study aims to conduct a cost analysis of laboratory establishment and propose sustainable financial planning strategies to guide the setup and maintenance of scientific, clinical, and biomedical laboratories in resource-limited settings. A desktop-based analytical approach was employed using secondary data sources, including supplier price catalogs, WHO procurement guides, and Nigerian market estimates. Costs were categorized into capital expenditures (CapEx) and operational expenditures (OpEx). Three financial scenarios were modeled: basic, mid-tier, and advanced laboratory setups. Sustainability strategies were evaluated based on potential cost savings and implementation feasibility.A mid-tier diagnostic lab was estimated to require ?14 million in CapEx and ?2.5 million in monthly OpEx. Solar energy systems, task-shifting, open-source Laboratory Information Management Systems (LIMS), and bulk procurement were identified as strategies capable of reducing recurring costs by up to 30?40%. Life Cycle Costing (LCC) was effective in highlighting long-term cost implications of equipment and resource choices.Integrating cost analysis with sustainability planning is essential to ensure the long-term viability, affordability, and resilience of laboratory operations in Nigeria and similar LMICs. This framework supports data-driven decisions for stakeholders across public and private sectors.},
      keywords = {Cost Analysis, Financial Planning, Laboratory Sustainability, Life Cycle Costing.},
      month = {June},
  }