Not sure whether to commit to a purchase, or if you should rather consider renting a medical grade fridge? This article explores the rental economy and the options available to your business.
A pharmaceutical grade fridge is a very niche purchase, and not all businesses that need them to be compliant can afford to upgrade from a domestic fridge to one better suited to their needs.
For some of these businesses, renting is the surprising solution that lets them maintain the cold chain, while allowing them a lower monthly cost.
THE RENTAL ECONOMY: RENTING AS THE NEW SOLUTION
Renting as a solution has seen a massive increase through Millennials and the rise of the “rental economy”, launched by businesses like Uber and AirBnB.
According to Lab42, the main reasons Millennials choose to rent are the following:
- Test things before purchasing: 57%
- Need a temporary solution: 55%
- Need an item or a service for a short time-frame : 52%
- Less expensive than buying: 43%
- More convenient than buying: 42%
The increased interest in rentals for consumers is an indication of both the current financial situation, where buying is more challenging. Forbes explains, “As inflation rises, so does the popularity of the sharing economy—partial ownership of goods and services that are more cost-effective than owning outright.”
During the height of the Covid pandemic, Pharmascout saw a spike in medical-grade fridge rentals as businesses tried to pivot to accommodate the all-important Covid vaccine. Some businesses, like breweries, had short-term on-hand nurses to dispense the vaccine and needed a short-term, fully compliant solution to vaccine storage.
Many hospitals, pharmacies and vets have budgeted for an appliance as essential as a high-quality fridge, but for smaller businesses renting is a realistic solution.
PROS AND CONS OF RENTING A FRIDGE
Let’s break down the pros and cons of considering a rental solution.
PROS OF RENTING
- It allows greater flexibility
- It’s a way to trial the fridge without commiting to a full purchase
- It’s great for short-term solutions
- If your budget is tight, this is a lower cost than buying outright
- You can easily swap out the fridge you’ve chosen for another to find the best fit for your business
CONS OF RENTING
- Financially, your money is going towards an asset you don’t own
- Renting comes with a contract, so there is a limit to how flexible you can be
PROS AND CONS OF BUYING A FRIDGE
Now on the other hand, why is buying a good solution?
PROS OF BUYING
- Our fridges come with a warranty, so there is low risk attached to your purchase
- Pharmascout provides a 3-year guarantee
- In the end, your money goes towards a product you own
- Lower cost in the long term, as once you’ve paid, there are no hidden, additional costs
CONS OF BUYING
- Once-off initial budget outlay
WHICH SOLUTION IS RIGHT FOR YOU
In the end, buying is a more sustainable and dependable solution for most businesses rather than renting. We are investigating a rent-to-own solution as interest piques in our rental solution.
In the end, whether you rent or buy, you are guaranteed a high quality product that will keep you compliant, and your customers safe.
