IRELAND — Healthcare technology giant Medtronic has significantly expanded its collaboration with Cosmo Intelligent Medical Devices, a subsidiary of Cosmo Pharmaceuticals, with a focus on advancing endoscopy through the integration of artificial intelligence (AI).
This exclusive global partnership, building on their previous work on the GI Genius intelligent endoscopy module, involves a substantial upfront payment of US$100 million to Cosmo, along with royalties and potential milestone payments totaling up to US$100 million.
The collaboration aims to enhance the GI Genius platform and transform healthcare outcomes globally.
The expanded partnership seeks to leverage AI technology to revolutionize endoscopy, with Medtronic making strategic investments to strengthen its position in the AI-integrated healthcare solutions domain.
The collaboration will concentrate on developing AI platforms capable of hosting multiple third-party applications, fostering rapid innovation, and streamlining AI development across various medical applications.
Medtronic’s Chief Technology Officer, Ken Washington, expressed the significance of the partnership, stating, “Our expanded partnership with Cosmo Pharmaceuticals is a testament to what can be achieved when two leaders in their fields unite for a common goal: transforming healthcare through AI.”
Advancements in GI Genius module
At the forefront of their collaboration is the GI Genius module, a revolutionary computer-aided polyp detection system powered by AI.
Launched in the US in 2021, this module has already demonstrated its impact by improving gastrointestinal screening and increasing adenoma detection rates by 14%. This module supports gastroenterologists in performing more effective colonoscopies.
Medtronic Chairman and CEO Geoff Martha emphasized the strategic milestone in their mission to leverage AI for enhanced patient care.
He stated, “This aligns with our business objectives to provide cutting-edge tools to our customers while also elevating patient care standards in the fight against gastrointestinal diseases.”
The collaboration with Cosmo Pharmaceuticals signifies a convergence of Medtronic’s extensive medical expertise with Cosmo’s technological prowess, creating a synergy that propels them forward in the rapidly evolving landscape of AI-integrated healthcare solutions.
The partnership reflects a commitment to foster a collaborative ecosystem that drives innovation in AI development and transforms the future of healthcare.
AI’s growing role in medical imaging
The use of AI in medical imaging has witnessed a surge in recent years. Medtronic and Cosmo Pharmaceuticals, recognizing this trend, partnered with NVIDIA in March 2023 to incorporate AI technologies, such as Holoscan and IGX, into the GI Genius module.
The global revenue for AI platforms in healthcare is projected to reach an estimated US$18.8 billion by 2027 as per GlobalData, highlighting the substantial growth potential in the integration of AI in medical imaging and diagnostics.
Across the industry, multiple companies are launching AI imaging platforms. GE HealthCare recently introduced the MyBreastAI suite to aid in cancer detection and workflows.
Additionally, Philips partnered with Spanish imaging data software provider Quibim to develop AI-based imaging and reporting solutions for MRI prostate examinations.