NORCROSS, Ga., Feb. 11—SurgiLance™ sold in excess of $6.3 million in One-Step Safety Lancets to the healthcare industry during calendar year 2003, a 106-percent increase in sales over its CY 2002 sales of approximately $3.1 million. The numbers translate into about six-percent market share in only three years time.
The continued acceptance of the One-Step Safety Lancet across a wide range of clinical settings has translated into an explosive growth trend for SurgiLance that has been sustained since the product's introduction in the United States in 2000.
"There is greater awareness in the world for better and safer medical products," said KT Foo, president of the Asian market for SurgiLance. "Our One-Step Safety Lancet has aroused tremendous interest because of its unique design and ease of use. Dor a young company to double its sales every year since inception is a real achievement."
The greatest contribution to the increase in sales for 2003 was the sole source purchase agreement which was reached with the Veterans Health Administration. This contract included the VA's associated hospitals, clinics and related services.
SurgiLance's group purchasing agreement with Premier, Inc. and its 1,500 member hospitals was also a major factor in growth for 2003 as more facilities continued to convert from standard lancet devices to the safety-compliant One-Step Safety Lancet. Each year, members of the Premier alliance purchase more than $17 billion in medical supplies and equipment.
The success of the One-Step Safety Lancet was also made evident in 2003 by a Frost & Sullivan report which currently ranks SurgiLance as fifth in market share among companies that sell safety lancets.
"Our ability to position SurgiLance within the top tier of companies selling safety lancets in the U.S. is a testament to the extraordinary success the company has had during 2003," said SurgiLance Inc. President Hugh Cooper, adding that "SurgiLance has a plan in place that will continue to increase that market share over the long term."
In 2003, SurgiLance revealed a portion of that plan by positioning itself for entry in the European and Middle Eastern markets with the establishment of its new office in London. A 2003 study by Frost & Sullivan placed the total European market revenues for safety lancets at $50 million in 2003, growing to $88 million in 2007.
The London office will be the base of operations for the introduction of the SurgiLance™ One-Step Safety Lancet to a European market that will include the United Kingdom, France, Germany, Italy, Spain and the Benelux countries, as well as all of the Eastern European countries.
"SurgiLance's entry into the European market is an important step into a market which is potentially as large as that in the United States," said newly appointed VP and Regional Manager for Europe Stephen Yi.
Yi also asserted that the demand for safety lancet products across the European Union is expanding. "There is growing concern here about sharps and needlestick injuries and the need for safer devices like the One-Step," said Yi. "In the One-Step, we have a great product. The U.S. market has welcomed it, Europe will too!"
Ed. note: This release was published prior to MediPurpose™ changing its name from its prior company name—SurgiLance—in 2006.
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