How We Expanded Our Product Line & Grew Revenue By 64% YoY
This is a follow up story for Pain Care Labs a dba of MMJ Labs. If you're interested in reading how they got started, published over 6 years ago, check it out here.
Hello again! Remind us who you are and what business you started.
As a pediatric emergency doctor, I invented a device to block needle pain, with the goal being to improve the home self-injecting experience and make vaccinations easier. In 2006 I filed for the patents and started trying to get grant money to do the R&D. (As an academic, I figured if the NIH thought it was worth funding, that was a good indicator that the idea was solid.) We started selling Buzzy in 2009 to patients and healthcare centers and went on Shark Tank in 2014. I turned down their offers of investment because I felt the valuation was worth more than the 2.5M for 20% they were offering.
By 2015 Buzzy had been used for over 30 million needle procedures worldwide. More importantly, one of my colleagues had successfully used the device to completely avoid opioids after a total knee replacement. The opioid crisis was hitting home personally, so I decided to stop practicing medicine and focus on opioid reduction and musculoskeletal pain relief full time. Our VibraCool ice/compression/mechanical stimulation devices and Buzzy are HSA/FSA eligible, so we primarily sell directly to patients, but with COVID19 the business is heating up.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
