When the opportunity to invest in a new business comes up, the tried-and-true list comes to the forefront. Retail, food service, and communications are obvious choices. And that very characteristic makes those fields far more competitive than many nascent entrepreneurs would like. The most successful startups step away from the high-profile options that everyone tries and focus on highly specialized, in-demand fields.
One of those that has a strong upward trajectory is medical testing. There are a number of circumstances that have driven the uptick in the various medical testing fields. Understanding the power behind this surge is key to understanding its future prospects and gauging the evolving needs in the field. The activity in this industry is steady enough that Pacific BioStorage is able to specialize in just the business of transporting, relocating, and storing samples that other firms process.
Drug Testing
There was a time when employee drug testing took nothing more than making sure a worker wasn’t drunk when he clocked in. But the unbelievable variety of stimulants, opiates, narcotics, and other abused substances that addicts use today has made it difficult to determine who is impaired and who’s not–until someone has an accident.
For liability’s sake, and to reduce the field of potential applicants when hiring, thousands of companies are utilizing On-Site Medical Support Services to assist with pre-employment drug screenings. The provision of sampling supplies, education of employers in collection procedures, and the ultimate testing and reporting of the results is one of these growth fields. And with the tragic continuation of drug abuse in every nation, there is likely to be no immediate reduction in demand for these services.
DNA Testing
The market has broadened its view of the value of DNA testing. No longer is it exclusively used for identifying murderers or determining who owes child support, although both tasks are still widely performed.
These days, everything from genealogy to veterinary medicine utilizes DNA testing. Family tree researchers are checking potential relatives for DNA matches. Livestock and pet breeders are using the method to verify bloodlines of high-dollar animals.
Risks of cancer and other health issues are evaluated based on genetic profiles of patients, permitting earlier treatment. And once again, much of this sample collection and processing is being performed by private firms.
Stem Cells and Cord Blood
In 2001, the US was in a state of flux over how President George W. Bush would approach the issue of stem cell research given his pro-life stance. But the issue was quickly lost in the tragedy of September 11th. Since then, stem cell research and banking of cord blood has advanced into new territory never even thought of at that time.
Many people are now banking cord blood for potential medical treatments or diagnoses later on. Once again, the collection, transport, and storage of those samples is precise work that must be done accurately, and it has long-term durability.
A fundamental theory of business establishment is to find a field that is underserved but too specialized for widespread colonization. Given the variety of medical tests being done commercially–and again, those named above are just a few components of this industry–medical testing is a clear choice for the entrepreneur seeking to stay out of the crowd while still finding success.
