In the quest to discover a novel business worth establishing in any African country, there is one business that would always stand out – Blood banking. Blood banking is the process by which blood is collected, processed and stored for later use. It is an important aspect of emergency medicine. The blood banking industry in Africa is a viable sector due to the importance of blood transfusions in Medicare. The industry presents a unique opportunity for investment. One key factor in the success of the business depends on the availability of blood donations from individuals regardless of the high demand. Establishing a successful blood banking business requires immense planning and consideration because this industry deals directly with the lives and health of people. Here is a comprehensive guide to starting a blood bank business in Africa.

Market Analysis and Competition Survey:

The blood banking industry requires extensive research before commencement. This market research provides an opportunity to determine which of the various niches of the blood banking business is in high demand in that country such as the blood component aspect, health screening or general blood banking and transfusions.

It is also important to determine if there are any competitors in the industry in that country. This survey should show if there is room for more entrants or the local market is sufficient to take care of the blood needs of the country. For most African countries with developing healthcare systems, there will always be the need for more blood banks due to the emergence of new procedures, transplants, cancer treatment, and accidents.

Business Plan:

An operative business plan is an important step in setting up a business. It lays the foundation for the growth of the business and determines business structure and management. The financial aspect of the business plan is a good guide for investors to determine the viability of the business idea. Statistics have shown that 1 in every 7 cases admitted to the hospital requires blood and this is always a great place to start in creating that unique business plan for the blood banking business. The business plan should effectively outline the high demand for blood in that particular society based on available data and also show possible ways to generate the amount of blood required to satisfy that demand and make a profit.

Incorporation, Accreditation, and Registration:

Most African countries require the incorporation of a company to carry out the blood banking business. Soliciting the help of a local legal practitioner in that country could help in fulfilling the necessary requirements for incorporation. The legal structure should protect the business and the owner from risk. Also, the name of the business should be catchy and memorable to the target market.

The blood bank industry is strictly regulated and certain certifications from federal and state agencies are usually required. South Africa has the South African National Accreditation System and the regulation of blood and blood products by the National Department of Health. Kenya has the National Blood Transfusion Service which released a policy guideline on blood transfusion in Kenya by the Ministry of Health.

Location:

The right location ensures that the blood bank facility is easily accessible to donors who supply the product in demand. The market analysis will come in handy to determine what area of the state would provide the best supply opportunities for the business. A real estate agent could help in sourcing for the appropriate facility which should be in an area of high traffic for easier marketing. The need for a hygienic environment requires that the facility be conducive and the storage well-designed.

Equipment:

The technical aspect of the blood bank business requires top-notch equipment to ensure high quality of the blood and other product is maintained. A violation of any of the laws and regulations governing the handling of the blood donations could render an entire batch adulterated and unsuitable for use. African countries have a regulatory framework on medical devices used in blood production. The basic equipment needed in the blood banking business are centrifuge (refrigerated, general or hematocrit), haemoglobinometer, autoclave, glass slides, pipettes, electronic thermometers, BP apparatus, compound microscope, filter papers, hand-lens, automated blood typing and other furniture for administrative use.

Employees:

The staff in a blood bank business should be competent individuals with integrity. These highly trained individuals should align with the vision and mission of the business and always be willing to follow due process with no shortcuts. Basic personnel needed include medical officer, bank blood technician, registered nurse, administrative manager, technical supervisor, and human resources manager.

Guide for Blood Collection:

In the collection of blood from donors, a strict guideline would need to be developed and adhered to by personnel in the business. This guideline could be in the form of a handbook and should contain the procedure for blood donation and the eligibility requirements. It should also contain the process for the donor’s registration and medical screening.

Contract:

Another important aspect of the business should be the development of the payment contract between the business and the donor. This contract should state the legal implications of donations, terms, and conditions as well as liabilities of either party. This contract is essential in guiding the relationship between the parties and the procedure in event of a breach of duties especially when the donation is paid.

Insurance:

With great risk, comes great reward. The blood banking business is certainly not devoid of the risk of general business and added to that is the medical risk of dealing with a product as delicate as blood which if processed or stored properly could lead to loss of lives. A comprehensive insurance policy would help to protect the business and employees in the event of any of the risk occurring.

Marketing:  

Marketing the blood bank industry is usually not as aggressive as in other businesses but seeks to appeal to individuals to donate blood. Consulting with a marketing specialist may be very effective in developing creative strategies intended to connect with the target audience. Examples of such methods are: writing articles in widely read newspapers and for online platforms on the importance of blood donation and the intended uses or engaging in community activities to draw awareness to the business.

The blood bank business thrives on an effective mode of deriving blood supply. A major focus should be blood drives and other means of inviting donations. The increase in diseases requiring blood transfusions and plasma derivatives has resulted in the push for the commercialization of this industry which renders the business a profitable venture in any African country.

Initial Capital Outlay:

The initial cost of starting blood bank business is relatively in the middle to upper ranges. Startup costs for blood bank entrepreneurship are the same as for any startup business in Africa. ($60,000 – $104,000).