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Medtronic’s Latest Collaboration Strengthens its AI Ambitions
The Dublin-based company is extending its agreement with Cosmo Pharmaceuticals.
December 12, 2023
1 Min Read
Image Credit: Pakpoom Makpan via iStock/Getty Images
Medtronic’s latest journey into the world of artificial intelligence has it extending a partnership with the medical device subsidiary of Cosmo Pharmaceuticals.
The Dublin-based company said this AI-driven partnership will help strengthen the GI Genius intelligent endoscopy module, a computer-aided polyp detection technology Cosmo Pharmaceuticals launched in 2021. The company first received de novo clearance in 2021.
“Back in 2018, we got to know Cosmo Pharmaceuticals and realized they were prototyping an AI software for … proof of colonoscopy performance,” Giovanni Di Napoli, president of Medtronic Endoscopy, told MD+DI. “We saw the device in action and we were impressed about the potential of this technology to prove a very challenging procedure.”
He added, “After four years of very robust collaboration and multiple reiterations of the software upgrades, we saw the speed, agility, and the investment the company is making driving AI in terms of opportunities to improve patients’ outcomes.”
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. Cosmo Pharmaceuticals will continue to be the exclusive manufacturer, granting Medtronic exclusive, global, commercial rights.
"Our expanded partnership with Cosmo Pharmaceuticals is a strategic milestone in our mission to leverage AI for enhanced patient care," Medtronic’s chairman and CEO Geoff Martha, said in a release. "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."
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