Pathology is the branch of medicine which deals with medical diagnosis. Doctors send their patients to pathology labs for examination of samples from their bodies. It helps to determine what the patient is suffering from. Therefore, it is critical to have such labs at convenient locations across the country to allow basic healthcare access to the largest possible section of the population.
There has been considerable progress on that front though. Currently, the diagnostic industry in India is estimated to be around Rs. 35,000 Crore. Moreover, it is growing at a rate of over 15% on a yearly basis. There are more than 70,000 pathology labs in India, which represent roughly 70% of the diagnostic industry. However, it is estimated that only 1% of these labs are appropriately accredited.
Setting up a lab in itself is a challenging task. The expenses are hard to meet unless you take a doctor loan. There are other factors in play as well such as location, equipment, working capital, employee management and the latest medical software in India to name a few.
Steps involved in setting up a pathology lab
There are essentially 4 broad steps required to set up a pathology clinic.
- Obtain a licence
You cannot set up any medical facility without the proper licences and accreditations. Both doctors and hospitals rely on reports from pathology labs for patient diagnosis. Therefore, it is crucial that the concerned authorities recognise a pathology lab. As you’re setting up a new one, you’ll need the following licences.
- National Accreditation Board for Testing and Calibration (NABL) certificate
- Registration with Shops and Establishment Act, Clinical Establishment Act and Biomedical Waste Disposal Body
- Good Clinical Practices (GCP) accreditation
- NOC certificate from the local municipal body and state fire department
- Make sure you have the proper qualification
You and your employees must have the following qualifications to set up a pathology lab in India.
- Licence to practice pathology from Medical Council of India (MCI)
- Bachelor’s degree or diploma in medical lab technology for lab technicians
- At least one certified microbiologist and biochemist each
- Estimate setup requirements
This is where it gets expensive. You need proper infrastructure, competent staff, latest equipment, and software to start a pathology lab. And, none of these come cheap. However, it doesn’t mean that you have to shell up the entire amount straight from your pockets. You can avail a Doctor Loan from Bajaj Finserv, a reputed NBFC, to set up your pathology lab.
You may take one of the following loans.
- A business loan for doctors: Up to Rs. 30 Lakh
- ● Loan against the property for doctors: Up to Rs. 2 Crore
Choose from the different types of doctor loans that suits your financial requirements. These are readily available for medical practitioners, and the eligibility criteria are easy to meet. The application process is quick and simple. You can get the entire amount disbursed to your account within one working day after applying for your loan. Doctor loan interest rate is also quite appealing.
- Have a well chalked-out marketing strategy
Setting up a pathology lab is only half the job done. The best way to get more footfalls at your lab is to tie up with hospitals, private doctors, and other pathology labs. However, it is also crucial to note that medical practices get a lot of WOM (word of mouth) advertising if their services are prompt and accurate.
The pathology industry is a profitable venture. Apply for a Loan for Doctors if you find the expenses of setting it up hard to meet. You can easily repay it once your pathology lab begins its operation.