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Medtronic and Cosmo Pharmaceuticals Forge Partnership to Revolutionize AI-Enhanced Healthcare

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In an exciting development, Medtronic plc has solidified its collaboration with Cosmo Intelligent Medical Devices, a subsidiary of Cosmo Pharmaceuticals, aiming to expand and fortify its strides in AI-enhanced healthcare. This partnership, rooted in the success of the GI Genius™ intelligent endoscopy module, pledges to propel innovation and foster scalable advancements benefiting patients and healthcare providers worldwide. By joining forces, Medtronic and Cosmo Pharmaceuticals are unwavering in their quest to revolutionize endoscopy through AI implementation, solidifying Medtronic’s position as a leader in AI-integrated solutions and ushering in a new era for endoscopic care.

This strategic alliance doesn’t just spotlight the GI Genius™ module but goes beyond, focusing on cutting-edge AI platforms like AI Access™, designed to host diverse third-party AI applications. This unique approach aims to accelerate innovation by offering a wide array of diagnostic tools and treatment options.

Transformative Power of AI in Healthcare Partnership

Medtronic’s Chief Technology Officer, Ken Washington, underlines the collaborative spirit of this partnership and the transformative potential it holds for healthcare. He emphasizes the pivotal role played by the GI Genius™ module, an AI-powered system for polyp detection, in redefining gastrointestinal screening. This system has already shown a significant increase of 14% in adenoma detection rates among gastroenterologists conducting colonoscopies since its U.S. launch in 2021. The partnership’s success lies not only in technology but in creating synergy between Cosmo’s AI technology and Medtronic’s expertise, setting new standards for healthcare efficiency and precision.

Geoff Martha, Chairman and CEO at Medtronic, underscores the company’s commitment to innovation in patient care. He emphasizes that this collaboration aligns with Medtronic’s mission to offer state-of-the-art tools to customers while raising the bar for patient care, particularly in fighting gastrointestinal diseases. Martha sees AI-assisted healthcare as a foundational aspect of patient treatment and outcomes, not merely an option.

AI-Enhanced Healthcare

Game-Changing Alliance with Medtronic

Alessandro Della Chà, CEO of Cosmo Pharmaceuticals, highlights the strategic significance of the expanded agreement, signifying both companies’ dedication to revolutionizing healthcare. He points out how this collaboration is instrumental in leveraging AI to enhance clinical outcomes, ensuring the GI Genius™ platform provides advanced AI solutions globally. The collaboration marks a significant leap forward in healthcare innovation.

Mauro Severino Ajani, Non-Executive Director and Chairman of Cosmo Pharmaceuticals acknowledges the remarkable journey embarked upon by the partnership. He emphasizes the combined expertise within both companies, fueling their transformational efforts in AI-driven healthcare.

This partnership’s terms include an upfront payment of $100 million from Medtronic to Cosmo, along with a double-digit royalty on net sales, and an additional $100 million in potential milestone payments expected by the end of 2024. Cosmo Pharmaceuticals will remain the exclusive manufacturer, granting Medtronic global commercial rights. This agreement solidifies their commitment to advance AI-powered healthcare solutions.

 

Resource: Medtronic, December 11, 2023

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