Medtronic has entered into a definitive agreement to expand its partnership with Cosmo Intelligent Medical Devices, a subsidiary of Cosmo Pharmaceuticals. This AI-driven partnership will further capitalize on the achievements already realized with the GI Genius intelligent endoscopy module.
Through the partnership, Medtronic and Cosmo Pharmaceuticals remain committed to revolutionizing endoscopy by harnessing the power of AI to improve patient outcomes. This strategic alliance reinforces Medtronic's position in AI-integrated healthcare solutions and represents a significant leap in incorporating AI into endoscopic care.
The collaboration's focus on innovative and scalable AI platforms like AI Access, which is designed to host multiple third-party AI applications to allow for faster innovation and streamlining of the AI development process across medical AI applications, exemplifies an innovative approach to healthcare and enables a broader spectrum of diagnostic tools and treatment options.
The GI Genius module, a computer-aided polyp detection system powered by AI, is the centerpiece of this collaboration and has already made a significant impact since its U.S. launch in 2021. The platform has helped redefine the landscape of gastrointestinal screening by assisting gastroenterologists performing colonoscopies – increasing the physician's adenoma detection rate by 14%. With a continuous growth in customer install base year over year, the GI Genius module is a testament to the potential of AI in enhancing medical procedures. The synergy between Cosmo's AI technology and Medtronic's market development expertise has created a powerful partnership, setting new benchmarks in healthcare efficiency, accuracy, and patient impact.
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. Cosmo Pharmaceuticals will continue to be the exclusive manufacturer, granting Medtronic exclusive, global, commercial rights.
