The partnership focuses on the development of artificial intelligence (AI) applications in endoscopy.
Key Points from the Article:
Expansion of AI in Endoscopy: Medtronic is intensifying its collaboration with Cosmo Pharmaceuticals, a developer of AI software for endoscopy. Cosmo’s GI Genius system, which has FDA clearance, can automatically detect polyps and potential cancerous lesions during colonoscopies, including those that might be missed by the human eye.
Financial Details of the Deal: Medtronic’s expansion of the partnership could lead to payments totaling $200 million or more to Cosmo. This includes an upfront payment of $100 million and up to an additional $100 million based on achieving certain milestones, expected to be met by the end of 2024. Medtronic will also pay double-digit royalties on net sales.
Building a Multi-Diagnostic AI Platform: The goal of the expanded collaboration is to create a platform that can host multiple AI-powered diagnostics from various third-party developers. This platform, named AI Access, will not only feature GI Genius but also serve as a marketplace and testing ground for new diagnostic algorithms.
Involvement of Nvidia: Earlier in the year, Medtronic involved Nvidia in the project to potentially enhance the performance of GI Genius by integrating Nvidia’s Holoscan video-processing software and IGX edge-computing hardware.
Future Developments and Commercialization: Once AI programs meet regulatory requirements, they will be added to the GI Genius module as optional add-ons for new and existing customers. Medtronic will directly sell these third-party AI solutions to healthcare providers, with pricing models to be determined in the future. Cosmo will manage the AI Access software development kits and review third-party submissions.
This partnership represents a significant step in integrating AI into healthcare, particularly in the field of gastrointestinal diseases, and highlights Medtronic’s commitment to advancing AI-assisted healthcare for improved patient treatment and outcomes.