Using technology-driven market intelligence to identify new markets
Founded in 2012 and headquartered in Troy, NY, Vital Vio manufactures overhead LED lighting fixtures with a unique ability to tune areas of the light spectrum to be germicidal to kill bacteria, mold, fungi, spores, and anything else that can cause infection. Vital Vio’s LED lighting fixtures provide nonstop protection for bacteria-sensitive environments, are safe to use around people, are clean while the light is on, and do not damage surfaces.
Vital Vio wanted to know if there were additional markets for its fixtures. We collaborated with the Center for Economic Growth (CEG) on a technology-driven market intelligence (TDMI) project to help Vital Vio understand whether compound pharmacies in the northeast United States were a potential market.
Insights: LED lights in compound pharmacies
We researched the use of the LED lighting fixtures in compound pharmacies and provided insights into:
- whether the Vital Vio fixture is a way for compound pharmacies to address what were, at the time, new U.S. Food and Drug Administration regulations
- how much compound pharmacies would be willing to spend on a fixture
- what would prevent compound pharmacies from purchasing the fixture
- what information compound pharmacies need to make a purchasing decision and
- what the sales process looks like
We confirmed that compound pharmacies are interested in the technology because it provides a higher assurance of disinfection when added to existing disinfecting regimens and the price point is in line with industry expectations.
Through our collaboration with CEG, Vital Vio validated the compound pharmacy market opportunity, which was expected to generate $7 million in sales annually and generated sales of $30,000 in first 9 months following the TDMI project. 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 being used in compound pharmacies, including those at Mount Sinai (NY) Medical Center and Cleveland (OH) VA Medical Center.