Executive Summary of Laboratory Limited Business Plan in Nigeria
Overview
PATILAD Laboratory Limited is a leading and standard medical and diagnostics centre that was conceptualised with a vision to provide world-standard quality of diagnostic/healthcare services that are accessible and affordable to all. Achieving excellence is our motto. We are fully committed to providing optimum quality diagnostic services and a host of remedial solutions. We will strive to achieve world-class status as a quality medical service provider, so as to be the organisational choice for all, in every part of the society we work with.
We will offer Incorporating Medical/Hospital and Diverse Diagnostic services, Laboratory, Imaging (X-rays, CT Scanning, Ultrasound Scanning, ECG (Echocardiography, Physiotheraphy Services, Consultancy and Advisory Roles. PATILAD Laboratory Limited will also carry out minor procedures. Our major target market is major cities around Nigeria.
We provide general health care management services at affordable prices. We are well trained and equipped to service the market segments that require healthcare services. We will also ensure that in line of carrying out our duty, we comply with the laws and health regulations in Nigeria. Our employees are well trained and qualified to handle the wide range of healthcare services.
The Company
PATILAD Laboratory Limited is established as a limited liability company owned by Dr (Mrs) Sarah Afolabi and Dr Olaoluwa Hassan. The Hospital is managed and directed by Dr (Mrs) Sarah Afolabi who have over 15 years’ experience and a distinguished medical practitioner with a passion for raising the standards in medical practice. PATILAD Laboratory Limited is pioneered with the vision to deliver fast, accurate and reliable diagnostic testing to all. The company will be located in Ogudu, Lagos state.
Vision
To revolutionise the industry by providing world-standard quality of diagnostic/healthcare services that are accessible and affordable to all.
Mission
- To be the leading healthcare service provider in Nigeria and beyond.
- To be the organisational choice for all, in every part of the city and of every stratum of society we engage with
- To provide an excellent, top-notch and safe environment for our healthcare services.
Objectives
- Exceed customer expectations with superior pricing.
- Increase the number of clients by more than 30% per year through superior performance and word-of-mouth referrals.
- Develop a business that survives off its own cash flow.
- To generate customer satisfaction so that at least 60% of our customer base is repeated sales.
CORE VALUES
- Commitment: we will be committed to delivering the highest quality levels of our services.
- Excellence: we will perform regular tasks in the most extraordinary way, all to bring out those cherished smiles.
- Integrity: our integrity lies in what we do consistently, rather than in what we speak.
- Professionalism: we understand our duties completely and fulfil them to the best of our capabilities.
Keys to Success
The keys to success are:
- Low quality standard of existing laboratories.
- Production of reliable lab results at cheaper prices.
- Alliance with private hospitals without a laboratory, that sends its patients to PATILAD Laboratory Limited.
- People’s preference for a laboratory that diagnoses and prescribes drugs instead of hospitals that are rather expensive.
- Implement an aggressive and accurate recall system in which to remind patients to have regular check-ups.
Products and Services
PATILAD Laboratory Limited will be offering a full range of diagnostics services and a host of remedial solutions. It’s equipped with all modern diagnostic amenities of international standards. We will be known for our ability to present accurate results at reasonable rates with a quick turnaround. We believe in utilising our hard-earned expertise and years of experience along with cutting-edge technology to reshape the health and future of Lagos.
Our goal is to be the most preferred diagnostic/healthcare provider in the areas of Laboratory, Imaging (X-Rays, CT Scanning, Ultrasound Scanning, ECG (Echocardiography), Physiotherapy Services, etc. However, in order to create multiple sources of income in line with our core diagnostic service we will offer medical support services as well as consultancy and advisory services.
The Market
It has not been a smooth experience for the diagnostics industry as there have been many disruptions in the last few years. The industry is getting consolidated as more of the unorganized settings in the industry are being organized which is slowly evident as the industry is seeing a CAGR of 18%.
As at 2014, a total of $51 million was spent on diagnostic imaging centers by the federal government. 187 companies were awarded with 968 contracts, with a company averaging about $275,018 in value based on the contract.
Competition
Our aim of starting PATILAD Laboratory Limited is to ensure that we build a business that will be able to carry out difficult but accurate diagnosis and be the preferred diagnostic centre for local physicians, medical practitioners and other clients that would be needing our services here in Lagos. With this in mind, we have set forth strategies that will allow us to favorably compete against our competitors and give us the advantage we need. Our uncompromised quality standard and upgrading according to future needs and demands as well as technology advancement is going to give us an edge over our competitors.
PATILAD Laboratory Limited is coming into the market well prepared to favorably compete in the industry. Our facility is well positioned and visible, we have enough parking space with good security. Our staffs are well groomed in all aspect of healthcare delivery and all our employees are trained to provide customized customer service to all our clients/patients.
Our competitive edge also includes discount prices for services, excellent customer service, the expertise of its founders, etc.
Management Team
Dr (Mrs) Sarah Afolabi
Dr (Mrs) Sarah Afolabi is highly knowledgeable in the industry. She has a B.Sc in Microbiology and she has well over 15 years of experience in the industry having worked in several diagnostics centres. She is the CEO and she will oversee the day to day activities of the business.
Dr Olaoluwa Hassan
He has clinical experience but has been more in managerial roles where he has over 20 years’ experience.
We brought to the business:
- Educational skill and practical experience in the business.
- Capacity to consistently provide excellent products and services.
- Quality processed services and good understanding of the market trend.
- Our staff brings operational, marketing and promotional skills to the business
Financial Considerations
PATILAD Laboratory Limited seeks N500 million in long-term financing to cover start-up costs, equipment, building expenses, and working capital.
Funding for the launch of the business is provided primarily by equity from the partners and investors.
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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