Executive Summary Laboratory Equipment Business Plan in Nigeria
Overview
PATILAD medical supplies and equipment specializes in the sales and distribution of medical and laboratory equipment, hospital equipment, diagnostic products, pharmaceuticals and accessories. Patilad supply is a start-up company focused on the distribution and supplies of leading brands of medical equipment for residents, hospitals, health centres and pharmacy shops for the treatment and management of complicated diseases.
The Company
PATILAD medical Supply is established as a limited liability company owned by Dayo Adetiloye, Adelakun Balogun (MD) and other investors. The company is managed and directed by Dr Adelakun Balogun, a veteran in the healthcare management industry with over 8 years’ experience. He will be responsible for ensuring high standard products that will promote our business. The company is located in Choba, Port-harcourt, Rivers, Nigeria.
Vision
Our vision is to become the one stop location for accessing excellent and high quality durable medical equipment and supplies in a desirable and conducive environment.
Mission
- To become one of the leading medical equipment supplier in Nigeria.
- To exceed the customers’ expectations by providing high quality services products.
- We take pride in helping to alleviate common diseases and conditions and improve existing services to patients.
- To provide an excellent, top-notch and safe environment for our products and services.
Objectives
- To achieve the sales growth targets by month six and by end of year one. Aggressive gains in market share and average monthly revenues in year two.
- To achieve net profit in year one, increasing in year two, by containing costs and meeting sales goals.
- To maintain 90 day customer satisfaction survey results (% who would definitely repurchase and definitely recommend us) at 98% or higher.
- Develop a business that survives off its own cash flow.
Keys to Success
The keys to success are:
- We offer a comprehensive line of high quality products.
- Maintain low overhead and operating costs
- Provide better prices than all our competitors.
- We do an exceptional job of articulating the value of our products and solutions. We position ourselves in a clear, powerful, and memorable way in the marketplace.
- We have close relationships with key decision makers in top post acute chains, and with key administrators and
Products and Services
The revenues of the Company will come from the sale of durable medical equipment and soft medical supplies to a number of different consumers, doctors, outpatient centres, and hospitals. The Company will specialize in the sale of standard durable medical equipment such as wheel chairs, hospital beds, bedpans, microscopes, weighing scales and computerized monitoring and healthcare equipment directly to physicians, hospitals, outpatient facilities, assisted living facilities, and from time to time to customers. PATILAD will also have the ability to source any medical equipment piece sought by a practice/hospital directly from a number of manufacturers.
We will also carry an extensive line of soft medical products such as scrubs, linens, bandages, and disposable medical equipment such as tools, syringes, etc. This equipment will be used for diagnosis and treatment of common diseases and conditions and to improve existing services to patients.
The Market
Millions of dollars’ worth of medical equipment is sold each year in Nigeria, and securing a portion of this very lucrative industry is not difficult, especially for the entrepreneur who carefully researches and plans an entry into the medical equipment sales industry. There are a few different approaches that can be taken in terms of medical equipment sales. The first approach is to establish a retail store that sells medical equipment to customers, as well as to online shoppers via the store’s Web site. The second approach is to become an independent sales consultant who represents various manufacturers of medical equipment. The main focus of this type of medical equipment sales would be to sell medical equipment to hospitals and health centres by soliciting or using the tender process in which hospitals and medical centres routinely ask for bids to replace equipment. Tenders are usually featured in newspapers or you can call the hospital to inquire about current tenders out for bid. Profit potential range is $50,000 to $150,000 per year.
Competition
PATILAD medical supplies and equipment is coming into the market well prepared to favourably compete in the industry. Our store is well secured, clean, free from pests, dry, well ventilated and not exposed to direct sunlight. Our employees are trained to provide customized customer service to all our customers.
Our supplies and equipment are of high quality in terms of performance, safety, materials and design and labelling and packaging. Our equipment also meets international, regional and national safety and performance standards like the IEC, ISO, and CE mark and pharmacopoeia specifications. Our reliability and reputation will also give us an edge over other competitors.
Our competitive edge also includes discount prices for our products, excellent customer service and the expertise of its founders, etc.
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Management Team
Adelakun Balogun (MD)
Adelakun Balogun (MD) has experience working with some of the nation’s most respected practitioners. He was also able to see first-hand the profitability associated with the healthcare industry, as well as the inefficiencies with the lack of durable equipment and supplies in hospitals.
He graduated with an MBA from the University of Imo’s innovative entrepreneurship program. Balogun received an undergraduate degree in Medicine from the University of Port-Harcourt.
Dayo Adetiloye
He has over 15 years’ experience in business management, business start-up dynamics, financial management of business and overall business growth and development. He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan Atlantic University (PAU). He is our business development strategist and a strategic partner.
We brought to the business:
- Experienced and astute delivery services
- Capacity to supply durable and standard products.
- Our experience in the industry bring competence and credibility
- My staff brings operational, marketing and promotional skills to the business
Financial Considerations
PATILAD Supplies seeks N15 million in long-term financing to cover start-up costs, equipment, building expenses, and working capital.
We will invest personal savings in the business. We are seeking an additional short-term (3 year) loans, to supplement initial cash flows from sales for the first year. We anticipate a first year net profit. This should grow substantially by year three. By the end of year three, Patilad Supplies and Equipment will have a very respectable net worth.
The business will reach positive cash flow in its 10th month of operation, allowing for expedited repayment of its loan obligations, as well as for dividends to be paid to the owners. Revenue will top N14,500,000 and profit will reach about N3,843,950 in the 1st year of operation.
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