AI Revolution in Healthcare Gains Momentum as FDA Prepares for Tech Boom
USA News Group Commentary
Issued on behalf of Avant Technologies Inc.
VANCOUVER, BC, Sept. 24, 2024 /CNW/ -- USA News Group – Health care is undergoing a tech revolution, with health systems increasingly leveraging artificial intelligence (AI) bots for primary care. Even the US FDA has initiated a consolidation of its AI-related activities under a single AI Council, to better prepare for the wave of AI-powered innovations in the space. Analysts at Precedence Research see massive growth of AI in healthcare, projecting a 36.83% CAGR through to a US$613.81 billion by 2034. Several innovative tech companies are moving ahead with development in the space, Working behind the scenes are several AI and biotech developers looking to improve the potential for AI in healthcare, including Avant Technologies Inc. (OTCQB: AVAI), Butterfly Network Inc. (NYSE: BLFY), GE HealthCare Technologies Inc. (NASDAQ: GEHC), Exscientia plc (NASDAQ: EXAI), and Recursion Pharmaceuticals Inc. (NASDAQ: RXRX).
AI-focused tech company Avant Technologies Inc. (OTCQB: AVAI) has begun to accelerate the creation of its AI-powered platform to revolutionize patient care, just over a month after unveiling its healthcare infrastructure to the market, and its subsequent implementation of robust cybersecurity measures for the platform. Now with its latest announcement, Avant is giving more details on where its groundbreaking AI-powered platform is heading as it is designed to transform patient care, optimize clinical workflows, and enhance decision-making for healthcare professionals.
The new platform is set to potentially include several innovative features, including predictive health analytics, personalized treatment plans, and advanced data integration.
"We are deeply committed to revolutionizing the healthcare space by leveraging AI to provide intelligent solutions that address both patient care and operational challenges," said, Danny Rittman, Chief Information Officer of Avant Technologies. "Our platform is designed to empower healthcare providers and ensure that patients receive the most accurate, timely, and personalized care possible."
Avant's AI-driven platform aims to expand access to quality care for underserved communities through telemedicine, while improving healthcare resource management, optimizing treatment pathways, and reducing costs. By focusing on AI technologies for early disease detection, Avant is positioning itself as a key player in the healthcare space, helping streamline operations and improve outcomes. The company is also actively pursuing partnerships and collaborations to bring its innovative solutions to market, aligning with its mission to advance healthcare and enhance patient care globally.
"Our goal is to lead the AI healthcare revolution by providing a robust platform that not only meets the needs of today's healthcare challenges but also anticipates the needs of tomorrow," said Rittman. "By combining cutting-edge AI technology with real-world healthcare applications, we are helping to create a future where quality care is accessible to everyone, everywhere."
Another example of AI-powered healthcare platforms in action is that of digital health company Butterfly Network Inc. (NYSE: BLFY), which recently shared how the University of Rochester Medical Center (URMC) had boosted diagnostic accuracy and workflow efficiency with Butterfly's enterprise ultrasound solution, Compass™, which includes AI-powered training for learners as well as other AI-powered methods of tracking and implementing data in one place. Since the partnership began in early 2021 URMC has deployed 862 Butterfly devices across 64 academic departments and clinical programs, resulting in a 116% increase in ultrasound charge capture across the health system. These statistics were published in the Journal of Clinical Imaging Science.
"Our phased deployment of Butterfly devices and Compass software has yielded impressive clinical and administrative results at URMC to date," said Michael F. Rotondo, MD, CEO of the University of Rochester Medical Faculty Group, Senior Vice President of URMC. "URMC is proud to be at the forefront of the wide-scale deployment of innovative point-of-care ultrasound technology, and we believe it shows promise as the right care model for the medical community at large."
After spinning-off from its GE parent company, GE HealthCare Technologies Inc. (NASDAQ: GEHC) has been accelerating its tech innovation with plenty of AI-powered aspects to their products. Less than a month after showcasing its latest AI-enhanced cardiology solutions to enable real-time cardiac imaging and assessments at the point of care (POC) at ESC 2024, GE HealthCare recently introduced its tablet-based Venue Sprint™, that combines its Venue software and AI-enabled tools for uncompromised image quality, and wireless probe capability with Vscan Air handheld ultrasound systems at the POC.
"The Venue Sprint—and new enhancements to the Venue family—are designed to empower clinicians to deliver care wherever it is needed with the simplicity, flexibility and support they require to make confident clinical decisions," said Karley Yoder, General Manager, Point of Care Ultrasound and Chief Digital Officer, Ultrasound at GE HealthCare. "We are excited to expand and enhance our point of care portfolio with unique solutions that build on our strengths in digital and handheld ultrasound to help clinicians navigate the evolving healthcare landscape."
In the field of drug discovery, Recursion Pharmaceuticals Inc. (NASDAQ: RXRX) and Exscientia plc (NASDAQ: EXAI) have entered a definitive agreement to create a global tech-enabled drug discovery leader with end-to-end capabilities, and expected annual synergies of approximately $100 million. Once integrated, the companies anticipate that the expanded and enhanced Recursion OS, which is an AI-powered platform that will streamline the discovery and development of higher-quality medicines with greater efficiency and scale, utilizing a full-stack, technology-driven platform for small molecule discovery. Additionally, the merged company expects to deliver results from around 10 clinical trials over the next 18 months.
"We believe the proposed combination is deeply complementary and aligned with our missions to industrialize drug discovery to deliver high quality medicines and lower prices for consumers," said Chris Gibson, Ph.D., Co-Founder and CEO of Recursion as well as the planned CEO of the combined entity. "Exscientia's precision chemistry tools and capabilities, including its newly commissioned automated small molecule synthesis platform, will augment our tech-enabled biology and chemistry exploration, hit discovery and translational capabilities. I am excited to continue building the best example of the next generation of biotechnology companies. It still feels like we are just getting started."
As of the end of Q2 2024, between the two companies comes a well-capitalized balance sheet with approximately $850 million in cash and cash equivalents. Together, the two companies will have a combined industry-leading portfolio of pharma partnerships with the potential for approximately $200 million in milestone payments over the next 24 months, and over $20 billion overall before potential royalties over the course of the partnership. Recursion brings with it transformational partnerships with Roche-Genentech and Bayer, while Exscientia has partnerships with Sanofi, Merck KGaA, and Bristol-Myers Squibb.
"Adding Exscientia's best-in-class focused precision oncology internal pipeline to Recursion's first-in-class focused pipeline spanning rare disease, precision oncology and infectious disease is highly complementary as we look to bring treatments to patients faster," said David Hallett, Ph.D., Interim CEO and planned Chief Scientific Officer of Recursion post-closing of the transaction. "We look forward to bringing our teams together and integrating Recursion's high throughput and target biology capabilities with Exscientia's highly scalable molecular design and automated chemistry synthesis capabilities to truly accelerate the discovery of better drugs for patients."
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