AI in Healthcare Businesses: From Efficient Uses Cases to ROI Growth

Anusree Bhattacharya | May 30, 2022 | 276 views

AI in

It’s no secret now that healthcare is an in-demand field. Today, business leaders need modern and intelligent decision-making solutions for their customers and clients. They must also focus on the right investment areas and learn the tricks for investing, spending, and setting goals for revenue generation to accelerate business.  

With continuous developments in the healthcare sector, integrating AI into processes can help increase ROI. Therefore, if you, like any other business leader, are looking for solutions to empower your services and products in the healthcare domain, this article will help you through AI’s ultimate use cases and churn out a higher ROI.

What’s with AI in Healthcare at Present?

AI’s role in healthcare is evolving and enhancing traditional business operations, particularly marketing. According to a study by IBM, 71% of customers expect real-time communication. Thus, global demand is fueling the rising adoption of AI marketing solutions. 

The effects of AI in healthcare are evident. Gartner reports increased marketing efficiency and effectiveness (86%), improved decision-making (71%), better data analysis and new insights (79%). Global AI spending will rise from $450 million in 2019 to over $28 billion by 2024 is not surprising.

Similar and further studies are ongoing on various use cases of AI in healthcare at scale. What are the efficient use cases of AI that will help healthcare businesses boost their ROI? Let’s find out. 

How is AI Applied in Healthcare?

The promising applications of AI in healthcare to improve outcomes are very intriguing. While there is still much to achieve in the AI-dependent healthcare business, there is sufficient potential that tech companies are willing to invest in AI-powered tools and solutions.  

Let’s examine the potential examples of AI in healthcare to prepare and support business strategies accordingly and foster higher ROI generation.

Predictive Analytics

AI-based predictive analytics impacts a business by automating administrative tasks, predicting sales outcomes for a year, customers’ behavior and making strategies accordingly. According to a Forbes study, AI-based predictive analytics can save businesses $18 billion in tasks, expenses, and pricing.

To understand this, one example of using AI to automate admin tasks is a collaboration between the Cleveland Clinic and IBM. Cleveland Clinic uses IBM’s Watson to mine big data and provides personalized services for customers and clients on marketing deeds. 

Some of the practical applications of AI and predictive analytics in healthcare are:

  • Monitoring market trends to maximize marketing efforts
  • Organizing datasets 
  • Creating marketing campaigns tailored to each demographic-based client 
  • Mining collective data for future decision-making

Fraud Prevention 

AmerisourceBergen Corp detects fraud and misleading business operations through AI. A sales account team conducts audits with AI to detect usual lea and queries to prevent hefty expenses for businesses.  

The example explains that implementing AI in your process will help detect any significant fraud attempts inside your business operation. This will help your business save huge expenditures. 

Boost Sales

By putting down false leads, AI helps in maximizing sales numbers, resulting in significant ROI generation. For example, AI transforms data into personalized data, which reduces the cost of operations.

Chatbots

Most healthcare businesses leverage chatbots on their websites to engage more and more customers and boost engagement. In this way, businesses tend to gain multiple leads and convert them into clients by providing the best marketing solutions. 

Chatbots are fruitful for AI start-ups in healthcare—small businesses can deploy AI to their websites. By doing so, they can save millions in administrative costs and attract numerous leads. 

The most prominent examples of AI in healthcare hail from giant tech titans such as IBM, Amazon, and Microsoft. They are assisting healthcare providers with AI to create and deploy digital-human employees.

Segmentation of Marketing Targets

Is your target audience not responding to your marketing campaigns (for example, by not clicking a link, subscribing or unsubscribing to a newsletter, or not registering for a medical event)? If that's the case, how should you go ahead?

Using AI-based tools allows your marketing to easily identify target behaviors and reactions based on the type of marketing actions to be carried out. Analyzing these actions can help segment targets based on your company's marketing objectives.

The most significant development took place in April 2022, when Amazon Alexa became fully HIPAA compliant. It works with health developers and service providers that manage protected information for customers. 

AI Leads to Data Modernization

It’s all about the data—not any data! 

There’s a precise association between AI and data management, resulting in data modernization. According to a Cognizant research study, healthcare leaders have made significant progress in modernizing their data. In contrast, most upcoming businesses are expecting to do so by 2024.

The maximum acceleration of AI in modernizing data will be seen in the manufacturing and marketing of healthcare products and services, respectively. It is because AI helps to churn data easily. The accessibility of data, in particular, becomes simpler with automation than doing it manually, which generates a massive amount of data. Such effects of AI in healthcare can be one of the prime reasons for the higher ROI of your business in the future. 


There has never been a greater need for skilled analytic talent in health care. Because AI is becoming more strategic, organizations must ensure access to this skill set, either by growing their analytic teams or seeking out experienced partners."


Steve Griffiths, CEO of Optum Enterprise Analytics

AI Expenditure is on the Rise

McKinsey says that by 2025, the use of AI in healthcare will be widespread, resulting in significant expenditure by global healthcare leaders.

AI is a significant concern for healthcare decision-makers, investors, and innovators as customers extensively engage and react to AI-powered services and solutions. AI is constantly bringing improvements to almost all processes, including cost savings, management of services and products, and monitoring of multiple operations. Even small businesses in the healthcare industry are proactively investing in AI applications to match steps with the current wave of innovation in healthcare services.  

Accelerate ROI Using AI

AI in healthcare is becoming one of the prime responsible technologies for accelerating ROI. Technology can eradicate multiple business growth challenges. Let’s find out how.

  • Enhanced Performance

As previously stated, use cases of AI in healthcare can relieve stress on employees. This would allow them to devote their time to more value-added marketing activities to churn more ROI. 

  • Emphasize Cost-Effectiveness

Most of the businesses associated with healthcare are concerned about the costs involved. With AI, they now develop policies to spend less on non-essential activities and necessitate profit-oriented actions. 
"We believe in the potential of AI to deliver insights and operational efficiencies that unlock better health-care performance."
Robert Musslewhite, CEO at OptumInsight

Frequently Asked Questions

How is AI used in healthcare?

AI in healthcare automates and predicts processes by analyzing data throughout. It is used to predict potential customers, improve business management workflows, and manufacture medical products.

How does AI drive growth in the healthcare industry? 

AI drives business growth by improving the ability to understand better day-to-day customer patterns and needs based on services and products. 

How is AI changing the Healthcare industry?

AI applications in healthcare have demonstrated their potential to improve analytics and data management and assist service providers in making timely medical decisions.
 

Spotlight

Great Lakes Medical Imaging

Great Lakes Medical Imaging is the premier diagnostic imaging services provider in Western New York. Formerly known as NorthTowns Imaging, Apex Imaging and Northtowns MRI, GLMI is dedicated to providing the highest quality diagnostic imaging services for you and your family.

OTHER ARTICLES
HEALTH TECHNOLOGY

What are the Key Types of Healthcare Supply Chain Management Solutions?

Article | November 18, 2022

Introduction Within the last two years, the healthcare industry saw an influx in patient care as COVID-19 swept through communities across the globe. The widespread shortage of patient care tools, personal protective equipment (PPE), and medical technology amid the pandemic led to an exponential rise in health expenditures and demand for essential supplies. In response to the medical demand-supply imbalance, the governments of numerous countries increased their medical care expenditures to counter the challenges of patient care equipment shortages. For instance, according to the National Healthcare Expenditure Data, federal government spending on healthcare and medical care grew by 36% in 2020 and is estimated to reach US$ 6.2 trillion by 2028 in the U.S. Despite the rise in medical budget allocations, medical facilities are still facing difficulties obtaining enough supplies with the growing prevalence of numerous chronic, infectious, and hereditary diseases. As a result, organizations are focusing on deploying innovative solutions, such as healthcare supply chain management software, to keep track of inventory, procurement, logistics, and others and strengthen their supply chain. Healthcare Supply Chain Management Solutions: Key Types Healthcare systems, hospitals, and other patient care sites require a broad array of supplies to perform diagnosis and treatment, from masks and gloves to catheters and implants. Inadequate supplies coupled with inflation is making supply chain management a crucial but complex component in providing optimal patient care across the healthcare industry. This has shed more light on the role of supply chain management in saving lives. Effective supply chains help various regulatory agencies, including medical goods manufacturers and insurance companies, deliver essential supplies, resources, technologies, and other patient care goods to healthcare establishments. Supply chain management solutions are thus garnering massive traction among healthcare organizations for simplifying and automating manual supply chain and logistics operations. Let’s have a look at the types of supply chain management software that assist healthcare organizations to optimize their supply chain processes: Inventory Management Software Efficient medical inventory management is critical for the running of healthcare organizations. The software provides real-time inventory tracking, assisting organizations in closely monitoring inventory changes, avoiding shortages of both low-value and high-use patient care items, decreasing the wait time for access to medical supplies, and reducing the chances of late delivery. Order Management Software It is crucial for healthcare establishments to have an estimate of the demand and supply of goods to prevent shortages. Order management software enables these organizations to coordinate supply chain demand planning and forecasting. It also assists in streamlining warehouse operations, resulting in faster and more accurate order placement. Sourcing and Procurement Software By tapping into the power of sourcing and procurement solutions, healthcare organizations can develop robust sourcing processes and automate, streamline, and optimize their entire procurement processes. The software also assists establishments in improving their supply inventory levels, identifying the best supplier, and reducing their overall purchasing cost. Shipping and Tracking Software Shipping and tracking software assist in the planning and execution of the physical movement of goods. These solutions are primarily used by medical equipment manufacturers and suppliers during the delivery or relocation of patient care goods. The integration of these solutions enables organizations to track and manage numerous batches of goods in transit. The Bottom Line Growing competition, healthcare regulations, shipping costs, and increased logistics requirements from medical institutions have complicated the supply chain management processes. As a result, life-science companies are investing in cutting-edge supply chain management solutions to reduce numerous errors, improve logistics, and eliminate unnecessary costs spent to fix them. Thus, several companies are now emphasizing the incorporation of cutting-edge technologies, including artificial intelligence and data analytics, into healthcare supply chain management software to reap benefits such as process automation, streamlined inventory, reduced waste, improved decision-making, and lower labor, supply, and operational costs.

Read More
HEALTH TECHNOLOGY

Can Medical Providers Recommend E-cigarettes for Smoking Cessation?

Article | July 6, 2022

Smoking has a lot of consequences to one’s health. It can lead to cancer, heart disease, and chronic obstructive pulmonary disease—all of which are chronic diseases. This is part of the reason why the Health and Human Services agency reports that 70% of adult smokers want to quit. As a medical provider, adults looking to stop smoking will come to you for advice and treatment. One alternative smoking product you might want to recommend is an e-cigarette, given their prevalence in recent years. In this article, let’s take a deeper look at whether e-cigarettes’ should be recommended for smoking cessation and what other treatment options to endorse to patients. Are e-cigarettes approved for smoking cessation? Electronic cigarettes, more commonly known as e-cigarettes, are devices that vaporize nicotine-based liquid to be inhaled by its user. It almost replicates the experience of smoking a cigarette due to the device’s shape and the vapor it produces. However, the FDA has yet to approve e-cigarettes for smoking cessation because there is currently limited research on their effectiveness, benefits, and risks for the human body. Additionally, scientists at the University of California found harmful metals in the vapor from tank-style e-cigarettes. These e-cigarettes are equipped with high-power batteries and atomizers to store more liquid. These result in high concentrations of metals like iron, lead, and nickel in the vapor. Exposure to and inhaling metallic particles may impair lung function and cause chronic respiratory diseases. As such, medical providers should not recommend e-cigarettes for smoking cessation. What can medical providers recommend for smoking cessation? Smoking cessation medication Presently, two FDA-approved prescription medicines for smoking cessation are Bupropion and Varenicline. Bupropion is an antidepressant that decreases tobacco cravings and withdrawal symptoms. It does this by increasing the brain chemicals dopamine and noradrenaline. This comes in a pill and can be used alongside other smoking cessation aids. Varenicline also reduces cravings and nicotine withdrawal symptoms. It blocks nicotine receptors in the brain, decreasing the amount of enjoyment one gets from smoking. One thing to note about this is that it will take several days for Varenicline's effects to take place. Therefore, it's best to prescribe these pills 1-2 weeks before the patient quits smoking. Like Bupropion, Varenicline may be used simultaneously with other quit-smoking products. Nicotine Replacement Therapy Nicotine replacement therapy (NRT) is a treatment involving nicotine consumption at gradually decreasing levels. This reduces the patient’s desire to smoke without them having to quit cold turkey. NRT involves using nicotine alternatives that don’t produce smoke, such as nicotine pouches and nicotine gum. Nicotine pouches are oral products containing ingredients like nicotine, flavoring, and plant-based fibers. These are placed between the lip and gum, where nicotine is absorbed into the bloodstream. Different variations have different strengths. On! pouches come in different strengths: 2mg, 4mg, and 8mg. Patients may start from 8mg variants and gradually decrease this dosage as their NRT progresses. Pouches also come in a wide range of flavors—including citrus, mint, and berry—to entice users. Meanwhile, nicotine gum is chewing gum that contains nicotine. It is chewed a few times before being parked between the gums and cheek for nicotine absorption. The nicotine gums by Lucy are a significantly better alternative for tobacco users. Like pouches, this gum comes in several flavors, such as cinnamon, mango, and wintergreen, and different strengths ranging from 2mg to 6mg. Counseling The recommendations mentioned above—medication and NRT—are more effective when coupled with counseling. A Primary Care Respiratory Medicine study revealed that successful smoking cessation is best attained through pharmacological treatment and counseling. Sessions typically involve a patient meeting with a counselor and they discuss their smoking habits, possible causes, and how to mitigate them. Medical providers should include counseling in addition to medication and NRT. E-cigarettes have yet to be approved by the FDA as smoking cessation aids. For now, medical providers should provide medication, NRT, and counseling to patients who want to quit smoking.

Read More
HEALTH TECHNOLOGY

Top 5 Ways for Strengthening Healthcare Supply Chain

Article | July 19, 2022

Introduction Healthcare supply chains are highly regulated, high-margin domains with stringent quality criteria, such as the demand for cold-chain storage and shipping. In addition, due to a lack of adequate understanding of the complicated rules governing healthcare products and services, medical aid providers are encountering inefficiencies while outsourcing capabilities to logistics service providers (LSPs). In today's value-based care paradigm, healthcare leaders are tasked with improving patient outcomes while decreasing costs. With surging globalization, the growing cross-border nature of several medical products, and rising complexities in healthcare logistics, the need for building a robust supply chain is rapidly increasing across the healthcare industry. Key Ways to Enhance Healthcare Supply Chain A resilient supply chain plays a vital role in managing supplies, procuring resources, and shipping medical goods, among others, which assists in improving patient outcomes, enhancing service efficiency, and declining costs. Healthcare organizations are aiming to strengthen their supply chain to enjoy these benefits such as increased reimbursement, improved quality control, reduced inventory and overhead costs, and better collaboration with suppliers. Here are some of the key ways to assist medical aid providers in building a strong healthcare supply chain Develop effective inventory management Manufacturers frequently encounter difficulties with timely inventory movement through their supply chains. Revenue is lost, and profit margins are harmed when products expire because they are not used adequately. This is why it is crucial to effectively manage the inventory process. Hence, healthcare executives should deploy a high-quality equipment management system and increase collaboration between organizations, suppliers, and manufacturers to assist them in controlling inventory levels and effective inventory management. Use technology and analytics to make operations run smoother When it comes to supply chain management automation, the healthcare sector continues to lag behind other sectors. This is true for both the enterprise resource planning (ERP) functions and data analytics use for making decisions about forecasting and product choice. Healthcare executives should make use of efficient technologies, such as solid analytics, in order to successfully improve a supply chain. Implementing data analytics and automation tools can assist in making healthcare supply chain management more efficient and effortless. Widen and strengthen the supplier base One of the most effective ways to build a robust healthcare supply chain is by increasing the number of suppliers and enhancing supplier base management. Manufacturers and purchasers should abandon using single-or limited-source supply chains for raw materials and finished goods. This will assist healthcare companies in expanding their network of raw material suppliers and helps in careful consideration of which suppliers to use for procuring which resources. Improve order accuracy and order cycle times to lower costs Healthcare providers sometimes encounter a large number of errors during the ordering process. When incorrect products are ordered, the facilities face losses in revenue and are sometimes unable to deliver specific services due to the unavailability of products they need. Errors in placing orders can also result in medication errors. This can lead to a decrease in patient outcomes and negatively impact the company’s revenue growth. To reduce the frequency of errors, these providers should deploy a computerized provider entry system. This will help improve order accuracy, increase supply chain efficiencies, and shorten turnaround times in healthcare ordering processes. Consistently track and calibrate performance Regardless of the size of the healthcare facility, it is of great importance for medical aid providers to carefully track and calibrate their performance frequently or on a specified timeline. This enables clinically integrated supply chains in healthcare to use key performance indicators (KPIs) to compare outcomes in terms of cost and quality and make decisions about products. What’s Next? The rising integration of novel disruptive technologies such as data analytics, the internet of things, artificial intelligence, and blockchain into healthcare supply chain management software is facilitating smooth operations, transparency, growth, and security across the life-science industry. With a growing need for enhancing supply chains, healthcare providers are focusing on deploying advanced supply chain management solutions, such as healthcare logistics software, to strengthen their supply chains. As the trend continues to grow, the sales of healthcare supply chain management software and services are anticipated to rise from the US$2.2 billion registered in 2020 to US$3.3 billion by 2025.

Read More

3 Key Considerations in Cloud Security for Healthcare Organizations

Article | February 12, 2020

With medical system consolidation and increasing numbers of medical records created, the need for digital access and storage is gaining steam. Digitizing records allows clinicians to improve accuracy and decrease redundant testing and studies, as well as reduce treatment delays. Greater availability of digitized records has other perks too. With vast amounts of accessible medical data, researchers can move public health studies forward, also potentially improving care and treatment of individual patients. As a result, cloud storage is taking off, though healthcare organizations are adopting it more slowly than other industries. According to a 2019 Nutanix report, 71% of healthcare organizations using cloud were considered the least mature – relative beginners – in that they were using fewer cloud services. Compare that figure to finance or retail, where 13% and 15% respectively were beginners. However, that is changing.

Read More

Spotlight

Great Lakes Medical Imaging

Great Lakes Medical Imaging is the premier diagnostic imaging services provider in Western New York. Formerly known as NorthTowns Imaging, Apex Imaging and Northtowns MRI, GLMI is dedicated to providing the highest quality diagnostic imaging services for you and your family.

Related News

HEALTH TECHNOLOGY

GE Healthcare Announces $80 Million Investment To Expand Contrast Media Production Capacity

GE Healthcare | November 18, 2022

GE Healthcare’s Pharmaceutical Diagnostics business announced an $80 million investment to increase manufacturing capacity by 30 percent at its Active Pharmaceutical Ingredients site in Lindesnes, Norway. The investmentwhich is creating around 100 new jobs – is part of GE Healthcare’s broader commitment to address significant future global demand for iodinated contrast media, used in Xray and Computed Tomography procedures around the world to enhance visualization of organs, blood vessels and tissues across disease pathways. Iohexol and iodixanol API are used in over 100 million patient doses of GE iodinated contrast media annually, equivalent to three patient procedures every second. This new investment, coupled with the recent opening of a new production line at GE Healthcare’s Cork, Ireland, fill and finish facility, aims to enable the production of 30 million more patient doses per year by 2025. “We expect global demand for iodinated contrast media to double in the next 10 years, driven by global prevalence of chronic disorders and significant growth in CT procedures. This investment in capacity expansion at our Lindesnes facility is another example of how we, as an industry leader, are addressing this growing demand to meet the needs of our customers and their patients across the globe.” President & CEO of GE Healthcare Pharmaceutical Diagnostics, Kevin O’Neill The 100-acre Lindesnes site in southern Norway, has been operating since 1974 and employs 450 people, who use multiple chemical pharmaceutical processes to convert iodine into finished API. Recently, GE Healthcare announced a multi-year agreement with SQM, a Chile-based mining company, to secure increasing supply of iodine, the key ingredient in iodinated contrast media. GE Healthcare is the world’s leading supplier of contrast media, used to support patient imaging procedures in 130+ countries globally. All stages of its contrast media manufacturing, from development of Active Pharmaceutical Ingredient (API) to finished product, are managed entirely by GE Healthcare, adhering to current Good Manufacturing Practices. With over 4000 employees globally and seven manufacturing sites, the Pharmaceutical Diagnostics business also develops and supplies radiopharmaceuticals used to support diagnosis, monitoring and treatment selection across Neurology, Cardiology and Oncology clinical pathways. About GE Healthcare GE Healthcare is the $17.7 billion healthcare business of GE. As a leading global medical technology, pharmaceutical diagnostics and digital solutions innovator, GE Healthcare enables clinicians to make faster, more informed decisions through intelligent devices, data analytics, applications and services, supported by its Edison intelligence platform. With over 100 years of healthcare industry experience and around 48,000 employees globally, the company operates at the center of an ecosystem working toward precision health, digitizing healthcare, helping drive productivity and improve outcomes for patients, providers, health systems and researchers around the world.

Read More

HEALTH TECHNOLOGY

Canon strengthens medical business with establishment of Canon Healthcare USA, INC.

Canon Medical Systems USA | November 28, 2022

Canon Inc. announced that the company has decided to establish a new subsidiary, to be named Canon Healthcare USA, INC. By strengthening its presence in the highly influential American medical market, Canon aims to accelerate the growth of its medical business. The Canon group is currently working towards a grand strategic transformation of its business portfolio in order to realize future growth. With the announcement of Phase VI, the latest in the company’s Excellent Global Corporation Plan series of 5-year management programs, Canon’s primary objective is to “thoroughly strengthen business competitiveness.” Under this slogan, Canon is striving to increase its competitiveness in various spheres of the medical industry, including diagnostics such as CT, MRI, diagnostic ultrasound systems, as well as medical component businesses such as X-ray tubes, X-ray detectors and key MRI components. In addition, the company is making strides in the field of healthcare IT and in vitro diagnostics. One of the most pressing challenges for Canon’s medical business has been the need to strengthen its presence in the American medical industry, which is extremely influential on the global market. Canon has decided to consider the greater Cleveland area, a key hub in the country’s medical industry as a candidate location for establishing Canon Healthcare USA, INC. in order to strengthen the company’s competitive presence in the global market. With the establishment of Canon Healthcare USA, INC., Canon will transfer a portion of its marketing operations, incubated at the Global Headquarters over Canon’s long history. These operations will transfer to the Global Marketing Center, to be established in January of 2023, in order to strengthen upstream marketing1. By establishing a network with medical institutions on the front lines of treatment and achieving a greater understanding of the market, Canon will develop and propose products and solutions that address the trends and needs of the medical market. Among such efforts is the commencement of joint research with American medical institutions on the practical application of X-ray CT systems utilizing photon counting detection modules, with the goal of capturing the No.1 share of the global CT market at an early stage. In addition, Canon Medical Systems USA the U.S. subsidiary of Canon Medical Systems Corporation will transfer a portion of its product sales and service operations to Canon Healthcare USA. This will integrate operations with downstream marketing2, thereby enabling the company to focus on increasing its share of medical diagnostic systems in the American market. The Cleveland area, one of the candidate locations, is home to the headquarters and factory of Quality Electrodynamics, LLC which develops and manufactures MRI key components and was welcomed into the Canon Group in 2019. By placing QED under the umbrella of Canon Healthcare USA, Canon will aim to increase coordination between its system and component businesses. Furthermore, Canon Medical will take over the advanced technology research activities that Canon has been conducting with Massachusetts General Hospital and Brigham Women’s Hospital at the Healthcare Optics Research Laboratory in Boston for 10 years, and will promote joint research aimed at commercialization in collaboration with the Global Marketing Center. In addition, Canon is considering the possibility of expanding U.S.-based development, manufacturing and other capabilities, with the goal of further strengthening its business in the country. The establishment of this new company and expansion of business operations is expected to require USD $300 million of investment capital. This investment will empower Canon’s medical business to grow by deepening its understanding of customer and market needs, as well as redouble its efforts in the American market, thereby contributing to the global medical industry.

Read More

MEDICAL DEVICES

Asep Medical Holdings Inc. Announces Grant of Stock Options

ASEP Medical Holdings Inc | November 25, 2022

Asep Medical Holdings Inc. is pleased to announce that, for recruitment, incentivization, and retention purposes, it has granted to certain officers and advisors an aggregate of 1,080,000 stock options to purchase up to 1,080,000 common shares of the Company of which 200,000 are exercisable at a price of $0.30 per Share until September 29, 2032, 200,000 are exercisable at a price of $0.30 per share until October 1, 2032, and 680,000 are exercisable at a price of $0.30 per share until November 24, 2032. ABOUT ASEP MEDICAL HOLDINGS INC Asep Inc. is dedicated to addressing antibiotic failure by developing novel solutions for significant unmet medical needs. The Company is a consolidation of two existing private companies that are both in the advanced development of both proprietary diagnostic tools, enabling the early and timely identification of severe sepsis as well as broad-spectrum therapeutic agents to address multidrug-resistant biofilm infections. Sepset Biosciences Inc. is developing a diagnostic technology that involves a patient gene expression signature that predicts severe sepsis, one of the significant diseases leading to antibiotic failure since antibiotics are the primary treatment for sepsis. Despite this, sepsis is responsible for nearly 20% of all deaths on the planet. The semester test is a blood-based gene expression assay that is straightforward to implement, and results are obtained in about an hour in the emergency room or intensive care unit. This proprietary diagnostic technology differs from current diagnostic tests in enabling diagnosis of severe sepsis within 1-2 hours of first clinical presentation while other diagnostics only provide diagnosis after 24-36 hours. Asep Inc. believes this will enable critical early decisions to be made by physicians regarding appropriate therapies and reduce overall morbidity and mortality due to sepsis. ABT Innovations Inc.'s peptide technology covers a broad range of therapeutic applications, including bacterial biofilm infections anti-inflammatories, anti-infective immune modulators, and vaccine adjuvants.

Read More

HEALTH TECHNOLOGY

GE Healthcare Announces $80 Million Investment To Expand Contrast Media Production Capacity

GE Healthcare | November 18, 2022

GE Healthcare’s Pharmaceutical Diagnostics business announced an $80 million investment to increase manufacturing capacity by 30 percent at its Active Pharmaceutical Ingredients site in Lindesnes, Norway. The investmentwhich is creating around 100 new jobs – is part of GE Healthcare’s broader commitment to address significant future global demand for iodinated contrast media, used in Xray and Computed Tomography procedures around the world to enhance visualization of organs, blood vessels and tissues across disease pathways. Iohexol and iodixanol API are used in over 100 million patient doses of GE iodinated contrast media annually, equivalent to three patient procedures every second. This new investment, coupled with the recent opening of a new production line at GE Healthcare’s Cork, Ireland, fill and finish facility, aims to enable the production of 30 million more patient doses per year by 2025. “We expect global demand for iodinated contrast media to double in the next 10 years, driven by global prevalence of chronic disorders and significant growth in CT procedures. This investment in capacity expansion at our Lindesnes facility is another example of how we, as an industry leader, are addressing this growing demand to meet the needs of our customers and their patients across the globe.” President & CEO of GE Healthcare Pharmaceutical Diagnostics, Kevin O’Neill The 100-acre Lindesnes site in southern Norway, has been operating since 1974 and employs 450 people, who use multiple chemical pharmaceutical processes to convert iodine into finished API. Recently, GE Healthcare announced a multi-year agreement with SQM, a Chile-based mining company, to secure increasing supply of iodine, the key ingredient in iodinated contrast media. GE Healthcare is the world’s leading supplier of contrast media, used to support patient imaging procedures in 130+ countries globally. All stages of its contrast media manufacturing, from development of Active Pharmaceutical Ingredient (API) to finished product, are managed entirely by GE Healthcare, adhering to current Good Manufacturing Practices. With over 4000 employees globally and seven manufacturing sites, the Pharmaceutical Diagnostics business also develops and supplies radiopharmaceuticals used to support diagnosis, monitoring and treatment selection across Neurology, Cardiology and Oncology clinical pathways. About GE Healthcare GE Healthcare is the $17.7 billion healthcare business of GE. As a leading global medical technology, pharmaceutical diagnostics and digital solutions innovator, GE Healthcare enables clinicians to make faster, more informed decisions through intelligent devices, data analytics, applications and services, supported by its Edison intelligence platform. With over 100 years of healthcare industry experience and around 48,000 employees globally, the company operates at the center of an ecosystem working toward precision health, digitizing healthcare, helping drive productivity and improve outcomes for patients, providers, health systems and researchers around the world.

Read More

HEALTH TECHNOLOGY

Canon strengthens medical business with establishment of Canon Healthcare USA, INC.

Canon Medical Systems USA | November 28, 2022

Canon Inc. announced that the company has decided to establish a new subsidiary, to be named Canon Healthcare USA, INC. By strengthening its presence in the highly influential American medical market, Canon aims to accelerate the growth of its medical business. The Canon group is currently working towards a grand strategic transformation of its business portfolio in order to realize future growth. With the announcement of Phase VI, the latest in the company’s Excellent Global Corporation Plan series of 5-year management programs, Canon’s primary objective is to “thoroughly strengthen business competitiveness.” Under this slogan, Canon is striving to increase its competitiveness in various spheres of the medical industry, including diagnostics such as CT, MRI, diagnostic ultrasound systems, as well as medical component businesses such as X-ray tubes, X-ray detectors and key MRI components. In addition, the company is making strides in the field of healthcare IT and in vitro diagnostics. One of the most pressing challenges for Canon’s medical business has been the need to strengthen its presence in the American medical industry, which is extremely influential on the global market. Canon has decided to consider the greater Cleveland area, a key hub in the country’s medical industry as a candidate location for establishing Canon Healthcare USA, INC. in order to strengthen the company’s competitive presence in the global market. With the establishment of Canon Healthcare USA, INC., Canon will transfer a portion of its marketing operations, incubated at the Global Headquarters over Canon’s long history. These operations will transfer to the Global Marketing Center, to be established in January of 2023, in order to strengthen upstream marketing1. By establishing a network with medical institutions on the front lines of treatment and achieving a greater understanding of the market, Canon will develop and propose products and solutions that address the trends and needs of the medical market. Among such efforts is the commencement of joint research with American medical institutions on the practical application of X-ray CT systems utilizing photon counting detection modules, with the goal of capturing the No.1 share of the global CT market at an early stage. In addition, Canon Medical Systems USA the U.S. subsidiary of Canon Medical Systems Corporation will transfer a portion of its product sales and service operations to Canon Healthcare USA. This will integrate operations with downstream marketing2, thereby enabling the company to focus on increasing its share of medical diagnostic systems in the American market. The Cleveland area, one of the candidate locations, is home to the headquarters and factory of Quality Electrodynamics, LLC which develops and manufactures MRI key components and was welcomed into the Canon Group in 2019. By placing QED under the umbrella of Canon Healthcare USA, Canon will aim to increase coordination between its system and component businesses. Furthermore, Canon Medical will take over the advanced technology research activities that Canon has been conducting with Massachusetts General Hospital and Brigham Women’s Hospital at the Healthcare Optics Research Laboratory in Boston for 10 years, and will promote joint research aimed at commercialization in collaboration with the Global Marketing Center. In addition, Canon is considering the possibility of expanding U.S.-based development, manufacturing and other capabilities, with the goal of further strengthening its business in the country. The establishment of this new company and expansion of business operations is expected to require USD $300 million of investment capital. This investment will empower Canon’s medical business to grow by deepening its understanding of customer and market needs, as well as redouble its efforts in the American market, thereby contributing to the global medical industry.

Read More

MEDICAL DEVICES

Asep Medical Holdings Inc. Announces Grant of Stock Options

ASEP Medical Holdings Inc | November 25, 2022

Asep Medical Holdings Inc. is pleased to announce that, for recruitment, incentivization, and retention purposes, it has granted to certain officers and advisors an aggregate of 1,080,000 stock options to purchase up to 1,080,000 common shares of the Company of which 200,000 are exercisable at a price of $0.30 per Share until September 29, 2032, 200,000 are exercisable at a price of $0.30 per share until October 1, 2032, and 680,000 are exercisable at a price of $0.30 per share until November 24, 2032. ABOUT ASEP MEDICAL HOLDINGS INC Asep Inc. is dedicated to addressing antibiotic failure by developing novel solutions for significant unmet medical needs. The Company is a consolidation of two existing private companies that are both in the advanced development of both proprietary diagnostic tools, enabling the early and timely identification of severe sepsis as well as broad-spectrum therapeutic agents to address multidrug-resistant biofilm infections. Sepset Biosciences Inc. is developing a diagnostic technology that involves a patient gene expression signature that predicts severe sepsis, one of the significant diseases leading to antibiotic failure since antibiotics are the primary treatment for sepsis. Despite this, sepsis is responsible for nearly 20% of all deaths on the planet. The semester test is a blood-based gene expression assay that is straightforward to implement, and results are obtained in about an hour in the emergency room or intensive care unit. This proprietary diagnostic technology differs from current diagnostic tests in enabling diagnosis of severe sepsis within 1-2 hours of first clinical presentation while other diagnostics only provide diagnosis after 24-36 hours. Asep Inc. believes this will enable critical early decisions to be made by physicians regarding appropriate therapies and reduce overall morbidity and mortality due to sepsis. ABT Innovations Inc.'s peptide technology covers a broad range of therapeutic applications, including bacterial biofilm infections anti-inflammatories, anti-infective immune modulators, and vaccine adjuvants.

Read More

Events