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Validated a $7 Million Market Opportunity for Medical Technology Manufacturer

In her quest for health solutions to challenging problems, Colleen Costello founded Vital Vio, a manufacturer of “planet-friendly antimicrobial LED lights that combat the growth of bacteria, fungi, yeast, mold and mildew.” It was after her grandmother contracted MRSA while hospitalized that Colleen Costello decided to find a better way to fight germs.

Vital Vio’s LED lighting fixtures provide numerous advantages. The lights provide nonstop protection for bacteria-sensitive environments, are safe to use around people, and are clean while lit. When Vital Vio wanted to know if there were additional markets for its fixtures, we collaborated with the Center for Economic Growth (CEG) to help Costello understand the compound pharmacies’ market opportunity.

 

Identifying new markets, ensuring growth

We researched the use of the LED lighting fixtures in compound pharmacies to help our clients understand

  • whether there was a need for the Vital Vio fixture given new – at the time – Federal regulations
  • purchasing decision criteria
  • price points and
  • barriers to purchasing.

Through our insights work, we confirmed the opportunity for this health solutions company. Vital Vio validated the compound pharmacy market opportunity and attributed to it $30,000 in new sales with a $7.5 million revenue goal. Vital Vio has continued to expand its efforts in this market. In addition, the company learned of opportunities in markets that were previously unknown, identified prospective customers in the compound pharmacy space and connected with a firm that designs clean rooms for pharmacies within hospitals nationwide.

Today Vital Vio’s lights are used in compound pharmacies, including those at Mount Sinai (NY) Medical Center and Cleveland (OH) VA Medical Center.  Costello continues to expand her company into new markets, including the residential, emergency vehicle, food, airline and education industries.

 

Using the insights from RTI International and CEG, we validated the compounding pharmacy marketing. It helped us identify opportunities and focused our efforts. This type of service is invaluable to small- and mid-size manufacturers like us. Colleen Costello, Vital Vio Co-Founder and President
Related Services:
Insights
Related Sectors:
Health

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