Medtronic has signed a definitive agreement to expand its partnership with Cosmo Pharmaceuticals’s subsidiary, Cosmo Intelligent Medical Devices.
The collaboration plans to capitalise on the success of the GI Genius intelligent endoscopy module to integrate artificial intelligence (AI) into endoscopic modules. In 2021, the GI Genius module received De Novo clearance from the US Food and Drug Administration (FDA) as the first AI system for use in colonoscopies.
As per the expanded terms, Cosmo will receive $100m in upfront payment along with double-digit royalty on net sales. The pharma company will also be eligible to receive an additional $100m in potential milestone-based payments.
Cosmo expects to reach the funding-eligible milestones by the end of next year, as per an 11 December press release. The company holds the manufacturing rights while Medtronic has exclusive, global, commercial rights.
The partnership will focus on developing scalable AI platforms such as AI Access, which was designed to host multiple third-party applications to accelerate AI development in the medical sector. In March 2023, the companies partnered with NVIDIA to add the latter’s AI technologies to the GI Genius module. The NVIDIA technologies that were added include Holoscan and IGX technologies which allowed for third-party hosting on the platform.
The use of AI in medical imaging has been increasing in recent years. Medical imaging has been forecasted to be a major driver of the growth of AI in healthcare, as detailed in a GlobalData AI in Healthcare report. The global revenue for AI platforms across healthcare is expected to reach an estimated $18.8bn by 2027.
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Multiple companies have launched AI imaging platforms in recent months. Last month, GE HealthCare launched the MyBreastAI suite to aid in cancer detection and workflows. The company also received FDA clearance for its Critical Care Suite 2.1 for AI-assisted pneumothorax detection and diagnosis. The platform can detect pneumothorax in the concerned X-ray.
In October, Phillips partnered with a Spanish imaging data software provider, Quilbim to develop AI-based imaging and reporting solutions for MRI prostate examinations. The partnership leverages Philips’ high-speed magnetic resonance imaging and Quibim’s QP-Prostate software to diagnose cancer and improve workflow efficiency to mitigate staff shortages.