Honor recognizes Velano’s pioneering of One-Stick Hospitalization as a new standard of care for modern medicine, following being named one of the year’s Most Innovative Companies in the World by Fast Company
San Francisco, Calif. – November 20, 2019 – Vascular access technology pioneer Velano Vascular today announced that it has been named the Frost & Sullivan 2019 North American Product Leadership Award award recipient for its transformative needle-free blood draw technology. Based on an analysis of the vascular access device market, Frost & Sullivan recognized Velano Vascular for its outstanding thought leadership, ability to enhance the human experience and outcomes, and rapid trajectory towards becoming the new standard of care in medicine.
“It has been exciting to witness Velano’s progress, beginning with its emergence as a compelling new innovation in healthcare through to its place today as a fast-growing standard of care in blood collection,” said Sowmya Rajagopalan, Global Program Director at Frost & Sullivan. “Congratulations to the team for transforming the act of drawing blood in a way that brings patients and practitioners closer together while advancing the overall state of modern medicine.”
More than one billion inpatient blood draws occur around the world every year – a critical medical procedure that is further complicated by the rising number of Difficult Venous Access (DVA) patients, currently estimated to comprise 30% of all hospital patients, due to age, weight, or disease.
Velano’s family of vascular access technologies enable 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 practitioners, and a more efficient alternative for health systems.
“We are honored to be a two-time award recipient of Frost & Sullivan’s prestigious innovation and best practices program,” said Velano Chief Executive Eric M. Stone. “This award validates the vision and hard work of our team, and our clinical collaborators who were unafraid to change, and will inspire us to continue to reach even higher in our mission to transform blood collection globally by establishing a new, more humane standard of care.”
Velano achieved a number of notable milestones over the course of 2019, including completing multiple systemwide rollouts for its technology. The company also announced a round of funding earlier this year to fuel commercial growth and is nearing the completion of a manufacturing line in the United States. Additionally, the company was named a 2019 Top Ten Most Innovative Company in Biotech by Fast Company.
Frost & Sullivan analysts follow a 10-step process to evaluate award candidates and assess their fit with select best practice criteria. Velano previously earned the Frost & Sullivan 2016 New Product Innovation Award.
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