The bio-life science field is an exciting and innovative industry to be a part of. New business enterprises are attracted to the field because of the demand for new discoveries, many of which could be used in medical treatment. This provides excellent opportunity to make a good profit. One bio-life science company has chosen Michigan as the site for its new start-up lab, which will specialize in genetic research. The lab plans to focus on processing genetic testing for age-related macular degeneration.
The company, ArticAx US Ltd., has just received $220,000 in start-up capital from the Michigan Economic Development Corp. The new lab is estimated to cost a total of $1.9 million. The local community is also excited about the decision, because the lab is expected to generate an additional 28 jobs over the next three years.
Macular degeneration affects up to ten percent of the population. Total or partial blindness is a common result from the disease. The new lab will focus on testing designed to tell if a person is likely to become partially or completely blind due to macular degeneration, which is an inherited disease. The test can be performed with a cheek swab which can be mailed to the lab.
Like any other new business, the startup lab in Michigan would benefit greatly from a well organized and effective business plan. This would allow the business to envision tangible goals, while also creating an action plan in order to achieve those goals. However, the business plan should also allow for enough flexibility to navigate any unforeseen challenges which may arise. Having knowledge of laws applicable to the industry is also integral to creating a successful business plan.
Source: MLive.com, " Why bio-life science company picked Grand Rapids over New York for new lab ," Shandra Martinez, July 19, 2012