JANUARY 2, 2024

Medtronic partners with Cosmo to use AI to improve endoscopic software

The expanded partnership builds on a previous collaboration with NVIDIA to increase offerings of Medtronic’s endoscopy modules.

Medtronic has recently finalized an agreement to enhance its collaboration with Cosmo Pharmaceuticals’ subsidiary, Cosmo Intelligent Medical Devices. This partnership aims to further integrate artificial intelligence (AI) into endoscopic modules, building on the success of the GI Genius intelligent endoscopy module. This module, notable for being the first AI system approved by the FDA for colonoscopy use in 2021, has significantly advanced AI application in medical procedures.

Under the new agreement, Cosmo will receive a $100 million upfront payment and royalties on net sales. Additionally, they stand to gain another $100 million based on achieving certain milestones, which they anticipate reaching by the end of next year. While Cosmo retains manufacturing rights, Medtronic holds exclusive global commercial rights.

A key focus of this partnership is the development of scalable AI platforms, including AI Access, designed to host multiple third-party applications and boost AI development in medicine. In March 2023, the collaboration was strengthened by partnering with NVIDIA to incorporate NVIDIA’s AI technologies, such as Holoscan and IGX, into the GI Genius module.

The use of AI in medical imaging is rapidly growing and is expected to significantly drive AI expansion in healthcare. According to a GlobalData report, the global revenue for AI in healthcare is projected to hit $18.8 billion by 2027. This growth is evidenced by recent launches of AI imaging platforms by various companies. For instance, GE HealthCare introduced the MyBreastAI suite for cancer detection and received FDA clearance for its AI-assisted pneumothorax detection platform. Similarly, Philips has teamed up with Quilbim, a Spanish imaging data software provider, to develop AI-based solutions for MRI prostate exams, combining Philips’ MRI technology with Quibim’s software to enhance cancer diagnosis and workflow efficiency.

Source: Globaldata

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