Frost & Sullivan Names Retractable Technologies Inc. Recipient of 2003 Product Quality Leadership Award
PALO ALTO, Calif.–Frost & Sullivan, a leader in growth consulting, today named Retractable Technologies Inc. (AMEX:RVP), which manufactures and markets the VanishPoint® line of automated retraction safety needle devices, as the recipient of its 2003 Product Quality Leadership Award. In announcing the award, Frost & Sullivan recognized Retractable’s revolutionary VanishPoint® syringes and blood collection devices as the global leader in the retractable syringe markets.
In the recent Strategic Focus Report on Retractable Syringes Market Outlook, Frost & Sullivan found that Retractable Technologies’ safety needle devices are bringing increased safety to the healthcare industry. VanishPoint® virtually eliminates the risk of transmission of potentially deadly bloodborne diseases, such as HIV/AIDS and hepatitis C, through exposure to contaminated needles. Such transmission can occur through accidental needlestick injuries among healthcare workers, needle reuse, and needle sharing. In the U. S. alone, an estimated 800,000 accidental needlestick injuries are reported each year.
“We’re proud to present this award to Retractable for its life-saving VanishPoint® products,” said Dorman Followwill, vice president of Global Healthcare, for Frost & Sullivan. Amit Bohora, Frost & Sullivan industry analyst, added, “VanishPoint® devices are clearly the gold standard in retractable syringes.”
Frost & Sullivan found that the VanishPoint® product line represents a major improvement over other retractable syringes currently on the market. Once the injection is complete, the needle automatically retracts from the patient into the barrel of the device. As a result, the healthcare provider is not exposed to potentially life-threatening needlestick injuries. In addition, the syringe cannot be reused, a feature that is especially important in Africa and elsewhere in the developing world, where needle reuse is a major cause of transmission of HIV/AIDS and other infectious diseases.
Frost & Sullivan also pointed out that VanishPoint® devices are highly cost-effective for two key reasons. Not only are they one of the safest needle devices on the market, but they are also the least expensive to manufacture. Because they virtually eliminate the risk of accidental needlestick injuries, they also virtually eliminate the need for the expensive testing and treatment of healthcare workers that may be necessary after such injuries.
Frost and Sullivan chose Retractable after conducting interviews with market participants and performing extensive research using proprietary data. The firm also ranked the finalists based on quality control in product manufacturing. Retractable Technologies garnered the number one ranking by demonstrating that it understands that quality control is an essential element of satisfying customers, increasing repeat buying behavior, and assuring long-term market survival.
About Retractable Technologies
Little Elm, Texas-based Retractable Technologies Inc. designs, develops, manufactures and markets safety-needle devices for the healthcare industry. The Company’s VanishPoint® products, which utilize a patented friction ring mechanism, are designed specifically to prevent accidental needlestick injuries and needle reuse. For more information, visit www.vanishpoint.com.
About Frost & Sullivan
Founded in 1961, Frost & Sullivan is recognized as a global leader in growth consulting. Frost & Sullivan Awards are presented to companies that demonstrate excellence in their industry, commending the diligence, commitment, and innovative business strategies required to advance in the global marketplace. Frost & Sullivan rigorously analyzes specific criteria to determine award recipients in a vast variety of market industries and landscapes. For further information, visit www.frost.com.
In the recent Strategic Focus Report on Retractable Syringes Market Outlook, Frost & Sullivan found that Retractable Technologies’ safety needle devices are bringing increased safety to the healthcare industry. VanishPoint® virtually eliminates the risk of transmission of potentially deadly bloodborne diseases, such as HIV/AIDS and hepatitis C, through exposure to contaminated needles. Such transmission can occur through accidental needlestick injuries among healthcare workers, needle reuse, and needle sharing. In the U. S. alone, an estimated 800,000 accidental needlestick injuries are reported each year.
“We’re proud to present this award to Retractable for its life-saving VanishPoint® products,” said Dorman Followwill, vice president of Global Healthcare, for Frost & Sullivan. Amit Bohora, Frost & Sullivan industry analyst, added, “VanishPoint® devices are clearly the gold standard in retractable syringes.”
Frost & Sullivan found that the VanishPoint® product line represents a major improvement over other retractable syringes currently on the market. Once the injection is complete, the needle automatically retracts from the patient into the barrel of the device. As a result, the healthcare provider is not exposed to potentially life-threatening needlestick injuries. In addition, the syringe cannot be reused, a feature that is especially important in Africa and elsewhere in the developing world, where needle reuse is a major cause of transmission of HIV/AIDS and other infectious diseases.
Frost & Sullivan also pointed out that VanishPoint® devices are highly cost-effective for two key reasons. Not only are they one of the safest needle devices on the market, but they are also the least expensive to manufacture. Because they virtually eliminate the risk of accidental needlestick injuries, they also virtually eliminate the need for the expensive testing and treatment of healthcare workers that may be necessary after such injuries.
Frost and Sullivan chose Retractable after conducting interviews with market participants and performing extensive research using proprietary data. The firm also ranked the finalists based on quality control in product manufacturing. Retractable Technologies garnered the number one ranking by demonstrating that it understands that quality control is an essential element of satisfying customers, increasing repeat buying behavior, and assuring long-term market survival.
About Retractable Technologies
Little Elm, Texas-based Retractable Technologies Inc. designs, develops, manufactures and markets safety-needle devices for the healthcare industry. The Company’s VanishPoint® products, which utilize a patented friction ring mechanism, are designed specifically to prevent accidental needlestick injuries and needle reuse. For more information, visit www.vanishpoint.com.
About Frost & Sullivan
Founded in 1961, Frost & Sullivan is recognized as a global leader in growth consulting. Frost & Sullivan Awards are presented to companies that demonstrate excellence in their industry, commending the diligence, commitment, and innovative business strategies required to advance in the global marketplace. Frost & Sullivan rigorously analyzes specific criteria to determine award recipients in a vast variety of market industries and landscapes. For further information, visit www.frost.com.