Based on its recent analysis of the medication management solutions market, Frost & Sullivan recognizes Codonics with the 2014 North America Frost & Sullivan Award for Customer Value Leadership.
MOUNTAIN VIEW, Calif. — November 20, 2014 — Based on its recent analysis of the medication management solutions market, Frost & Sullivan recognizes Codonics with the 2014 North America Frost & Sullivan Award for Customer Value Leadership. Codonics’ Safe Label System (SLS) is an advanced, point-of-care deployable medication management device that consolidates all the best practices of pharmacies and hospitals. SLS’s easy-to-use design, functionality and workflow provide healthcare professionals with a “practice natural” means to reduce medication errors and, ultimately, improve safety and quality while enhancing focus on the patient.
SLS enhances identification, mixing, single-dose preparation, and “smart” batch labeling to ensure efficiency with the same effectiveness, safety, and consistency as established procedures. Compliant, “smart” color labels assure that each medication is complete with 1D and 2D barcodes for barcode-enabled, point-of-care technology (BPOC) or barcode medication administration (BCMA) pre-use and delivery processing.
“In the clinical use of SLS, end users report 20-30 percent improvement in efficiency, 95 percent reduction in errors, increases in compliance, and cost avoidance by eliminating pre-filled and prepped but not used medications,” said Frost & Sullivan Research Analyst Swathi Allada.
SLS can be easily integrated with the existing healthcare workflow, including operating rooms, intensive care units (ICUs), post-anesthesia care unit (PACU), patient floors, and pharmacy. This unique system comprises two main elements:
Codonics employs innovative means of producing appealing, easy-to-use, precision medical devices at or below the target production cost, which has been one of the prominent aspects of the Codonics best-practice approach to medical device design. It has not only recognized the greatest needs of the medication management market, but also targeted several key customer channels to truly capitalize on the significant market opportunity.
With the development of the SLS PCS and associated AT, Codonics entered the realm of patient safety-oriented systems and expanded into the areas of anesthesia, operating room, ICU, patient floors, and pharmacy. Even in countries where specific standards or governmental oversight does not yet exist, Codonics SLS PCS is quickly becoming a standard of care worldwide, offering the best practice approach to improved medication safety.
In a truly first-of-a-kind approach, the company provides innovative design and integration that improves medication preparation, consistency, and safety by consolidating preparation confirmations. Safe Label System features include approved standard and non-standard concentrations, dilutions, and total dose/total volume configurations carried through to a compliant, “smart” medication label. These outstanding features make SLS a first-of-its-class medical device (Class 2), as reviewed and approved by the Food and Drug Administration.
“Codonics’ openness to OEM needs, discussions with international channels, and focus on gathering inputs from healthcare professionals are strategic to the development of its unique and highly satisfying products,” noted Allada. “Innovation at Codonics is iterative; the company has a feedback mechanism in place for its end users, at the beginning and also at every step of product development, to address customer needs that remained unmet by other competing products.”
Codonics is a highly intranet-centric company, where specialized “localized” order entry and accounting management systems have been developed for operations in the U.S., China, Portugal, and Japan. Sales and technical support management create and manage prospect pipelines and end-user feedback through online systems to ensure the timely processing of customer queries.
Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in implementing strategies that proactively create value for its customers with a focus on improving the return on the investment that customers make in its services or products. The award recognizes the company's exceptional focus on enhancing the value that its customers receive, beyond simply good customer service, leading to improved customer retention and, ultimately, customer base expansion.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.
Codonics is a global business, providing healthcare with some of the most advanced medical imaging and patient safety products in the world from our headquarters in Cleveland, Ohio. Since 1982, Codonics has experienced exciting growth and award-winning achievements. Today, we are represented in 110 countries with more than 30,000 product installations in renowned, cutting-edge medical facilities throughout the world. Codonics has always looked for what has yet to come, believing that consistent dedication to advancing healthcare could transcend other ordinary solutions and conventional boundaries. Our commitment to provide innovative products and market-leading solutions is changing the face of healthcare. We are passionate about engineering products that improve medication safety so significantly they are recognized as a standard of care throughout the world. Codonics has been highly recognized for product innovation and exporting excellence with these prestigious honors: MDEA, Frost & Sullivan, Healthcare Heroes, NorTech, Stevie’s International Business, IBN Global Business Leadership, Commercial News USA, the Governor’s E-Award, and by the White House with the President’s E-Award.
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