Medtronic Plc, a global leader in healthcare technology, recently announced that it has entered into a definitive agreement to expand its partnership with Cosmo Intelligent Medical Devices, a subsidiary of Cosmo Pharmaceuticals.
Industry sources added that this AI-driven partnership will further utilize the accomplishments already realized with the GI Genius intelligent endoscopy module, offering continued innovation and scalable healthcare advancements for patients and caregivers globally. Through this exclusive global partnership, Medtronic and Cosmo Pharmaceuticals remain committed to revolutionizing endoscopy by harnessing the power of AI to boost patient outcomes.
Industry sources added that this strategic alliance boosts Medtronic’s position in AI-integrated healthcare solutions and represents a significant leap in incorporating AI into endoscopic care.
The partnerships focus on innovative and scalable AI platforms like AI Access, which is designed to host multiple third-party AI applications to permit for quicker innovation and streamlining of the AI development process across medical AI applications, exemplifies an innovative approach to healthcare and permits a broader spectrum of diagnostic tools and treatment options.
“Our alliance 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. The GI Genius module, our first FDA-cleared AI product in gastrointestinal care, represents the initial milestone of this collaboration,” stated Ken Washington, chief technology officer at Medtronic. “However, the AI Access platform is where our partnership truly crystallizes our vision for healthcare transformation; it’s a springboard for expanding Medtronic’s AI’s potential in healthcare. Our expanded partnership with Cosmo is fostering a collaborative ecosystem where Medtronic’s broad spectrum of medical expertise converges with Cosmo’s technological prowess, creating a synergy that propels us forward.”
“Our expanded partnership with Cosmo Pharmaceuticals is a strategic milestone in our mission to leverage AI for enhanced patient care,” stated Geoff Martha, chairman and chief executive officer at Medtronic. “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. We’re setting a new course for the future, where AI-assisted healthcare is not just an option, but a fundamental aspect of patient treatment and outcomes.”
“The expanded agreement between Cosmo and Medtronic is a testament not only to our mutual commitment to rapidly improving the healthcare landscape but also to Cosmo’s ability to transform the GI Genius platform into a revolutionary force in healthcare,” stated Alessandro Della Chà , chief executive officer of Cosmo Pharmaceuticals. “Our continued partnership with Medtronic, the largest medtech company in the world, is pivotal in further enabling the GI Genius platform to offer enhanced AI solutions and improved clinical outcomes to patients globally. This collaboration is set to unlock significant value, marking a major stride in our journey towards healthcare innovation.”
“Our collaboration and enduring commitment to bringing AI advancements to the forefront of healthcare has culminated in exceptional know-how within our company, which is finally bearing fruit in line with our expectations,” said Mauro Severino Ajani, non-executive director and chairman of Cosmo Pharmaceuticals. “This marks just the beginning of a remarkable journey, as our collective expertise in AI continues to transform the future of healthcare.”
Industry sources added that under the terms of this expanded agreement, Medtronic will pay Cosmo $100 million upfront as well as a double-digit royalty on net sales on par with market standards, in addition to $100 million in potential milestone payments expected to be reached by the end of 2024.
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