July 22, 2024
It is no exaggeration to say that artificial intelligence, or AI technology, is driving cutting-edge scientific and technological innovations around the world. Korea, an IT powerhouse, is also developing AI technology rapidly, competing for the top spot in various fields. Among them, the recent progress of Korean medical AI companies has been remarkable.
Not only have they broken through the research and development stage and reached commercialization, proving their success, but they are also leading innovation in the era of cutting-edge medicine. Medical AI companies are expanding their scope of activity into various fields, including the diagnosis, treatment, and follow-up management of various diseases, and are pursuing commercialization with advanced strategies, raising expectations for the development of the domestic medical industry.
The government’s move to establish guidelines and improve regulations is also welcome. Such government efforts are expected to speed up commercialization. The Ministry of Food and Drug Safety announced its plan to promote “Food and Drug Regulatory Innovation 3.0” at a public briefing held last month.
The plan also includes the world’s first approval of internationally applicable AI-based digital medical devices and a review of regulatory guidelines in order to strengthen the international competitiveness of domestic medical AI companies, which is expected to accelerate the activities of medical AI companies in the future.
Ray’s AI-based “RAYDENT SW” receives FDA approval… green light for global sales
RAY recently announced that its AI-based software, RAYDENT SW, which revolutionizes the digitalization and maximizes efficiency of dental care, has been approved by the U.S. Food and Drug Administration.
RAYDENT SW is an AI-based SW platform designed to establish customized treatment plans based on patient information and provide optimal treatment solutions through comparative simulations before and after treatment. It consists of a total of six SWs.
Ray expects this approval will strengthen its position in the global market as a leader in digital dental solutions and accelerate sales growth both domestically and internationally, including in the U.S. market.
LifeSemantics is in hot pursuit of leadership with success after success…
As a personal health record (PHR)-based medical and healthcare artificial intelligence company, LifeSemantics is expected to shed new light on its corporate value, and has continuously demonstrated the achievements of its medical AI solutions, attracting the attention of the industry.
Life Semantics’ hair density analysis AI, Canopy MD HDAI, has received approval from the Ministry of Food and Drug Safety and is preparing for testing at general hospitals. Following this, the company has also received approval for its skin cancer diagnosis support AI, Canopy MD SCAI. Canopy MD SCAI is a software medical device that uses images to diagnose skin cancer.
Life Semantics participated in the health industry expo “Bio Korea 2024” in May last year, where it conducted a technology demonstration of “CanopMD SCAI” and “CanopMD HDAI” and confirmed the possibility of collaboration with leading domestic companies.
Life Semantics has also completed the product approval application for its blood pressure prediction AI solution “CanopyMD BPAI,” which predicts the next blood pressure of hypertensive patients and helps them establish disease prevention and treatment management plans. In addition, the company is preparing clinical trials for AI to support prostate cancer diagnosis and AI to predict cardiovascular disease risk.
JLK provides AI solutions to health checkup centers…Realizing increased sales with overseas results
JLK is expanding its business area based on its core product, the lung disease detection AI solution, and its track record in conquering overseas markets.
The chest X-ray-based medical AI solution “JVIEWER-X,” jointly developed by a healthcare platform company and JLK, will be provided to health checkup centers through KMI (Korea Medical Research Institute). “JViewer-X,” designed to enable medical professionals to accurately and quickly test for diseases, will be used in over 800 network screening centers linked to KMI’s direct centers.
In addition, JLK plans to add AI solutions for stroke and dementia-related screening to its lineup in the future.
The company continues to achieve great results in overseas markets as well, recently signing a business contract to export medical AI software with the aim of improving public medical services in Indonesia, and plans to begin supplying its in-house developed medical AI solutions to Siloam Hospital, which operates multiple hospitals and clinics.
In addition, JLK completed its application for approval of its AI solution “JLK-LVO” to the U.S. Food and Drug Administration last month, and plans to complete the application for FDA approval of its FiveStroke artificial intelligence solution products within this year.
Vuno completes non-reimbursement evaluation of new medical technologies with “Vuno Med DeepCass”
Vuno has been growing its sales for five consecutive quarters, and its AI-based cardiac arrest risk monitoring medical device “Vuno Med DeepCass” has rapidly established itself in the medical field, further strengthening its position. In addition, the company has recorded a remarkable improvement in performance due to increased sales in overseas markets such as Japan.
Vuno Med’s DeepCass is the first medical AI solution in Korea to receive a non-reimbursement evaluation as a new medical technology, and has been introduced in many hospitals, including tertiary general hospitals, demonstrating its high marketability. Vuno applies a pro-rata billing method in proportion to the user’s actual usage, and has been driving sales growth for five consecutive quarters since the first quarter of last year.
Expectations for future sales are rising as the period for which non-insurance claims can be made is expected to be extended due to changes in related systems. According to the “2024 Implementation Plan for the Second National Health Insurance Comprehensive Plan” recently announced by the Ministry of Health and Welfare, the period for the use of new medical technologies with evaluation grace period has been extended from two years to four years, and with VunoMed Deepcas’s entry into the non-insurance market, the period for non-insurance claims is expected to be extended to about five years, including the evaluation grace period.
Success in conquering overseas markets is also boosting the potential for sales growth. Buono completed its U.S. trademark registration in April and received U.S. Food and Drug Administration (FDA) approval for BuonoMed Deepcas, allowing it to enter the local market.
In October of last year, the ViewnoMed DeepBrain, an AI-based brain quantification medical device, was approved by the FDA and is scheduled to be unveiled for the first time at the Alzheimer’s Association International Conference in July.
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