Joey Stiver, a self-taught entrepreneur, has established himself as a notable figure in the medical industry through his innovative and cost-effective products. Despite dropping out of college, Stiver’s passion for knowledge and helping people drove him to create multiple successful enterprises, including a supplement brand and a program for underserved youth and students named Inspiring Minds.
Stiver’s latest endeavor, MedLab International Inc., was declared the fastest-growing privately-owned company in Ohio in 2020 and ranked 25th on the INC5000 list. When the pandemic emerged, Stiver and his team doubled down on their efforts to assist the community and other areas across the country by providing personal protective equipment (PPE) items, sending over 100,000 items to those in need. They also launched a telemedicine branch of the business, MinuteMD, Inc., to connect patients with licensed physicians who could provide care.
What sets MedLab International apart from its peers is its unwavering commitment to delivering premium products at an affordable price. Stiver asserts that instead of resorting to price gouging, his team procures the highest quality supplies available and provides them at the best possible price.
Stiver places a premium on safety and asserts that his team would never release products that could compromise quality or harm people. Most of their items are regulated Class II or III medical devices that adhere to FDA 510k or quality standards to ensure customer safety and efficacy.
Stiver stays attuned to people’s needs when developing and researching new products. Nonetheless, one of his biggest entrepreneurial challenges was managing rapid growth. The company’s reach extended across three states with four warehouse locations and two retail stores, but they lacked inventory management and trackable metrics. Stiver had to address these issues swiftly to meet business demand and cater to their expanding customer base.
Effective marketing is critical for any business, and Stiver believes that it must be well-planned and executed. They have employed and dismissed around five firms, and their most effective marketing strategy involves developing products of equal quality at a lower price point and displaying them to customers to showcase their value and problem-solving capabilities.
Stiver and his team continuously stay informed by monitoring industry trends and advancements. Their digital care sector is expanding, and they plan to venture into new niche categories in 2023, which Stiver believes will significantly impact the industry.
For anyone interested in launching a business in the medical industry, Stiver advises perseverance and patience, as regulatory hurdles, approvals, and bureaucratic red tape are commonplace. Regarding the future of the medical industry, Stiver anticipates continued growth in demand for their products as people age, undergo surgery, and fall ill. The longer they can sustain and flourish in this field, the more notable their brand(s) will become, engendering trust among consumers. Stiver emphasizes that their primary strategy is execution by creating a plan and adapting to industry changes.
