The medtech giant aims to build upon already realized achievements with the Cosmo Pharmaceuticals subsidiary. Their AI-driven partnership centers around the GI Genius intelligent endoscopy module.
Through the exclusive, global partnership, Medtronic and Cosmo seek to revolutionize endoscopy by utilizing AI to improve patient outcomes. Medtronic said in a news release that the alliance reinforces its position in AI-integrated healthcare. The company also says it represents a “significant leap” in incorporating AI into endoscopic care.
Medtronic and Cosmo partnered on innovative and scalable AI platforms like the AI Access kit. AI Access hosts multiple third-party AI applications to allow for faster innovation and streamlining of AI development.
GI Genius, a computer-aided polyp detection system powered by AI, has been available in the U.S. since 2021.
“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,” said Ken Washington, CTO 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.”
More about the Medtronic-Cosmo partnership and GI Genius
GI Genius aims to redefine GI screening by assisting gastroenterologists performing colonoscopies. Previous evaluations demonstrated an increase in the physicians’ adenoma detection rate by 14%.
Medtronic has seen significant success with GI Genius, continuing growth in the customer install base. The company says combining Cosmo’s AI with Medtronic’s market development expertise created a powerful partnership. They hope to set new benchmarks in healthcare efficiency, accuracy and patient impact.
“Our expanded partnership with Cosmo Pharmaceuticals is a strategic milestone in our mission to leverage AI for enhanced patient care,” said Geoff Martha, chair and CEO 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.”
Under the terms of the expanded agreement, Medtronic plans to pay $100 million to Cosom upfront. The deal also includes double-digit royalties on net sales on par with market standards.
Medtronic could owe an additional $100 million in potential milestones, expected to come to fruition by the end of 2024. Cosmo remains the exclusive manufacturer, granting Medtronic exclusive, global, commercial rights.
Alessandro Della Chà, Cosmo CEO, said the agreement highlights Cosmo’s ability to make GI Genius “a revolutionary force.”
“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,” Della Chà said. “This collaboration is set to unlock significant value, marking a major stride in our journey towards healthcare innovation.”
