Belfast company Haemoband Surgical has doubled its turnover in the last year and is now targeting the US market thanks to a range of support from Invest Northern Ireland.
The medical device manufacturer’s innovative Haemoband Multi-Ligator product, which delivers speedy and effective treatment of haemorrhoids, has already been successful in markets across the UK, the Republic of Ireland, mainland Europe and further afield.
Now the device, developed with the help of R&D and technical support from Invest NI and the EU, has been approved by the US Food and Drug Administration (FDA). This means the company is sanctioned to sell the Multi-Ligator to surgeons in the US, opening up the most lucrative medical market in the world.
Invest NI offered Haemoband Surgical R&D support worth £85,000, part financed by the EU Building Sustainable Prosperity programme. Technical development support from Invest NI also covered nearly half the cost of obtaining the FDA approval.
Congratulating the company on its success, Carol Keery, Invest NI’s Director of Innovation, Research and Technology, said: “Haemoband Surgical is an excellent example of a local company that has identified a market opportunity and made use of a range of highly specialised skills and knowledge to create a successful product solution.
“Having already built a sound reputation and generated a real commercial return in markets around Europe, as well as Australia, New Zealand and Hong Kong, the company has astutely targeted the US as an area for further sales growth. The FDA approval is a major endorsement of the product’s safety and effectiveness and provides a robust basis on which the company can market its device in the US.”
Colin Foster, Managing Director of Haemoband Surgical, said: “The Haemoband Multi-Ligator offers a number of advantages over the conventional treatment of haemorrhoids, including a quick and easy application procedure which benefits both the medical practitioner and the patient. This has helped sales soar in the three years it has been on the market.
“Research shows that two thirds of people will suffer from haemorrhoids at some time in their lives. In the US, 13 million people are treated annually, with an estimated further 20 million requiring treatment but not seeking it. Our device delivers the cheapest and one of the most effective procedures in only two minutes. This significantly reduces discomfort whilst potentially increasing both the number of people who seek medical attention and our possible customer base.”
Mr Foster concluded: “We are also trialling the Multi-Ligator in seven more countries and are hopeful of penetrating even more markets in the future.”