Technology marketing plan for laboratory services to sustain a translational research centre

Translational laboratories provide leading edge life science research by utilizing the latest equipment and top technical talent. The high cost of maintaining this techno-structure creates a sustainability challenge. This study was completed for the iCAPTURE Centre at St. Paul’s Hospital. In 2005, the centre raised $ 282,000 in service revenues but needed to recover $ 755,000 for equipment upkeep costs. iCAPTURE requires a formalized market marketing plan to increase service revenues from biotechnology, pharmaceutical, and academic markets. External analysis of iCAPTURE’s industry and internal analysis were performed. Analytical frameworks were used to formulate a strategic marketing plan. Considering iCAPTURE’s limited marketing resources, short-term and long-term target market segments were identified. Recommendations were made for the implementation of short-term and long-term actions. The systematic framework resulted in rationalized planning designed to achieve cost recovery goals by using a differentiation focused niche strategy. This plan requires financial support and additional organizational infrastructure.