SAN FRANCISCO, CA--(Marketwired - Jul 19, 2016) - Medical device innovator Velano Vascular today announced that it has been named the Frost & Sullivan 2016 New Product Innovation Award winner for its disruptive PIVO blood draw device. Based on an analysis of the vascular access device market, Frost & Sullivan recognized Velano Vascular for its efforts to reduce the pain, risk, and inefficiency of traditional blood collection methods.
"It is always exciting to witness the introduction of innovation in healthcare, and especially so when it addresses a universal need that could positively impact everyone around the world," said Greg Caressi, Senior Vice President of Transformational Health at Frost & Sullivan. "Congratulations to Velano Vascular for respectfully challenging long-held industry practices for how we draw blood in a hospital setting. Their PIVO innovation has the potential to create a new and enhanced standard of care in blood collection."
Venous blood draws are one of the most common and critical, yet overlooked, practices in medicine with little improvement or innovation in recent history. With hundreds of millions of blood draws conducted annually in US hospitals alone, there is a tremendous opportunity to minimize pain and anxiety for patients, the potential for accidental injury for nurses, and inefficiencies for healthcare institutions.
Velano Vascular's PIVO is a single-use, disposable device that enables consistent blood draws from indwelling peripheral IV lines. This innovative blood collection practice aims to reduce hospitals' reliance on repeat needle sticks and central line access for blood draws. It also seeks to provide a more compassionate care experience for patients, a safer environment for caregivers, and a more financially responsible alternative for health systems.
PIVO scored an average 9.5 out of 10 possible points on the Frost & Sullivan Innovation Scorecard across 10 different criteria assessing product attributes and customer impact. In concluding its report on the 2016 Innovation award winner, Frost & Sullivan noted that "the PIVO system is expected to become the standard of care in the vascular space with its easy-to-use, affordable, high-quality products, all while facilitating the highest degree of patient satisfaction."
"We are honored to be a part of Frost & Sullivan's prestigious innovation and best practices program," said Velano Vascular chief executive Eric M. Stone. "This award further validates our vision and recognizes that a new, more humane standard of care is within our reach."
Frost & Sullivan Awards follow a 10-step process to evaluate award candidates and assess their fit with select best practice criteria. The reputation and integrity of the Awards are based on close adherence to this process. The firm's 360-degree research methodology represents the analytical rigor of its research process, offering a 360-degree-view of industry challenges, trends, and issues by integrating all 7 of Frost & Sullivan's research methodologies into an evaluation platform for benchmarking industry players and for identifying those performing at best-in-class levels.
About Velano Vascular
Velano Vascular is a medical device company committed to reducing the pain, risk, and inefficiencies of vascular access and blood collection practices. The company's revolutionary PIVO device enables needle free blood draws directly from Peripheral IV catheters, aiming to enable more compassionate care for hospital inpatients, a safer practice for caregivers, and a more financially responsible alternative for health systems. Founded by a healthcare entrepreneur and patient advocate and a physician, Velano Vascular is backed by a series of well-respected investment firms, health systems, and dozens of health-industry veterans. Velano Vascular's collaborators include several of the leading hospital systems in the United States. More information is available at www.velanovascular.com.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation, and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages almost 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 31 offices on 6 continents. To join our Growth Partnership, please visit http://www.frost.com.