Medtronic has expanded its partnership with Cosmo Intelligent Medical Devices to further develop and capitalize on the GI Genius intelligent endoscopy module, a significant move in integrating artificial intelligence (AI) into endoscopic care.
Key points of this partnership include:
- Continued Innovation in Healthcare: The partnership aims to offer ongoing innovation and scalable healthcare advancements for patients and caregivers globally, reinforcing Medtronic’s commitment to AI-integrated health solutions.
- Focus on AI Access Platform: The collaboration is currently focusing on the development of AI Access, a scalable platform designed to host multiple third-party AI applications. This platform aims to streamline the AI development process in healthcare.
- Improving GI Genius Modules: The partnership is also dedicated to continually enhancing Medtronic’s GI Genius modules, setting new benchmarks in healthcare efficiency, accuracy, and patient impact.
- Financial Terms of the Agreement: Under the expanded agreement, Medtronic will pay Cosmo $100 million upfront and a double-digit royalty on net sales. Additionally, there are $100 million in potential milestone payments expected to be reached by the end of 2024.
- Manufacturing and Commercial Rights: Cosmo Pharmaceuticals will continue to be the exclusive manufacturer of the GI Genius modules, granting Medtronic global commercial rights.
This partnership represents a significant step in the advancement of AI in endoscopic care, aiming to improve patient outcomes and healthcare efficiency through innovative technology.