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In recognition of its contributions to the nascent area of telemonitoring and for its achievements in cardiac monitoring, Aerotel Medical Systems (1998) Ltd. has been conferred the 2006 Frost & Sullivan Award for Company of the Year in the European patient monitoring market. |
AWARD DESCRIPTION
The Frost & Sullivan Award for Company of the Year is presented each year to the company that has demonstrated excellence in all operations.
The Award is based on numerous factors including the company’s business development, competitive strategy, and leadership within a particular Frost & Sullivan Industry Research Group (IRG). This company is perceived to exhibit outstanding management, consistent growth, and positive social and economic impact on local and national communities and customers. Exceptional customer service has been noted as crucial to success, coupled with the ability to combine technology and successful strategic initiatives. The Award recipient has also demonstrated superior market growth skills
through significant gains in the market during the research period. This company has the exceptional know-how to take advantage of market changes through the execution of innovative strategies within the existing competitive landscape.
RESEARCH METHODOLOGY
In order to select the Award recipient, analysts quantify several market factors for each market participant according to predetermined criteria, paying close attention to their combined operations efforts. This process includes interviews with all the market participants, customers, and suppliers, along with extensive secondary and technology research. The companies’ efforts are then analysed based on the number of new customers, new segments, and commitment to business expansion coupled with market growth. Industry participants are then ranked based on the predetermined measurement criteria.
MEASUREMENT CRITERIA
In addition to the methodology described above, there are specific criteria used to determine final competitor rankings in this
industry. The recipient of this Award has excelled based on one or more of the following criteria:
• Market potential
• Proof of success executing a restructuring, marketing strategy, and revenue growth
• New market penetration
• Marketing, promotion, and visibility of the company
• Degree of strategy innovation
• Improvement in patient satisfaction level
• Technological innovation and leadership
• Increased name recognition
The 2006 Frost & Sullivan Award for Company of the Year is presented to Aerotel Medical Systems in the European Region for the Patient Monitoring Industry Research Group. The award is in recognition of the contributions of the company to an area such as Telemonitoring which is in its early stages of market development and also for the achievements the company has accomplished in the area of cardiac monitoring.
Aerotel: The Company
Aerotel Medical Systems was established in 1985 with the aim of developing technologies and solutions to ease the burden from the overtly strained primary healthcare system. Within a span of 13 years, Aerotel demonstrated itself to be a front runner in the area of mobile medical monitoring – an achievement in line with its founding goals. After having spun of from its parent company, Aerotel Ltd in 1998, Aerotel began the pursuit of reinforcing itself as a major market participant in the area of telemedicine – an area with immense growth opportunities globally. Within 20 years of its inception, Aerotel has been able to establish itself as a global leader in the area of mobile medical monitoring solutions for homecare and telemedicine with a reach across all continents.
Technology –The Backbone of Success
Aerotel can be considered as a patient monitoring company with focus on Clinical Telemonitoring .The company believes in need based technology development and is constantly on the pursuit of fulfilling the needs and wants of the customers of their products. The benefit of technology advancement lies in the enhancement of user comfort. With this end in view
Aerotel makes use of the SMD technology which enables the design of products that are small in size and have greater reliability. Aerotel makes use of a proprietary technology in transferring the ECG signals via telephone lines to a remote data acquisition centre. This technology has been made use of in the Heartline range of products of the company. The attractive
feature of this technology however is the flexibility of choice offered to its users to opt wireless transmission of data using the same hardware. Aerotel provides the customer a complete package including an internet connection with access to the data system for the patients and physicians.
Cardiac Monitoring: Main Focus
Rising patient numbers with chronic cardiac abnormalities entails the need to provide constant medical attention for patients of this disease group. Over 4 percent of the world’s population consists of people with cardiac abnormalities and rising. The healthcare infrastructure required to meet the needs of this growing population lags far behind. It is at this junction that products that alleviate the necessity for constant in - hospital monitoring and make possible the constant monitoring of patients from the home setting are required. Aerotel has been extremely successful in tapping the opportunities in this area .With an impressive array of products such as the Heartview, the 12 lead transtelephonic ECG system, Aerotel has amassed the industry credentials of being a leader in the area of mobile cardiac monitoring. The company has extended its product line by introducing products for multiparameter monitoring as well.
Transcending Boundaries with Telemonitoring – The Global Outlook
Aerotel has operations in India, China, Australia, The United States and in South America. Recently the company has found success in the Canadian market with the increased uptake in the Heartlview 12 lead ECG transtelephonic ransmitter /receiver. Europe however has a different healthcare structure and the widespread acceptance of any technology depends heavily on the reimbursement of the technology. Despite this shortfall, Aerotel’s products have found acceptance among the clinical fraternity in Europe adding to its global coverage span. It is only a matter of time when there will be a widespread consensus on the reimbursement model for Telemonitoring solutions in Europe and Aerotel is poised to soar with its impressive product portfolio, technology, customer service and experience. Aerotel’s expertise in the field of Telemonitoring has enabled the company to build an impressive relationship with the National Health Services in the United Kingdom, which is n achievement in itself. In Europe, Aerotel is well represented in France, Italy, Holland, UK and Germany. Aerotel’s products are being used by practitioners in Europe where Aerotel markets its products under the Cardiotel brand name.
Growth Rates - The Real Decider
The success of Aerotel can be gauged by the fact that in an Industry which is in its nascent stage, the company has made it possible to maintain a steady growth despite irresolution on critical factors such as definitions of a payer structure for the use of Telemonitoring systems. Frost & Sullivan anticipates increased market activity in the area of Telemonitoring once the reimbursement and regulatory roadblocks are dealt with. Notwithstanding the present situation, Aerotel has been able to grow at a rate of 8 to 10 percent annually which is an achievement in itself, setting example to other vendors who are venturing into the area of Telemonitoring.
Conclusion
Aerotel has proven to be a company that has built trust in the minds of medical professionals and patients alike, not only because of a better and flexible lifestyle the company offers its patients, but also due to the fact that increasing patient comfort happens to be the aim of the company. A company with dedicated approach towards the betterment of patient condition, by providing cost efficient solutions handy, is unarguably set to reach out to a greater audience. It is this vision of the company that has enabled Frost & Sullivan to confer upon Aerotel the distinguished bonus of being the Company of the Year 2006.