How Far Has Korea's AI Technology Come? Medical AI Companies, 'One After Another' with Visible Results

July 22, 2024

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It is no exaggeration to say that the cutting-edge scientific and technological innovations that span the globe are being led by artificial intelligence, or 'AI technology'. AI technology in Korea, an IT powerhouse, is also developing rapidly enough to compete for the world's top position in various fields. Among these, the recent progress of domestic medical AI companies is remarkable.

They are not only proving their results by going beyond the research and development stage and reaching commercialization but are also leading innovation in the era of cutting-edge medicine. Medical AI companies, which are expanding their scope in various fields including diagnosis, treatment, and follow-up management for various diseases, are commercializing it with advanced strategies and are raising expectations for the development of the domestic medical community.

The government's move to establish guidelines and improve regulations is also welcome. Expectations are high that such efforts by the government will accelerate the commercialization process. The Ministry of Food and Drug Safety announced its plan to promote 'Food and Drug Regulation Innovation 3.0' through a public briefing session held last month.

The plan also includes the world's first internationally applicable AI-based digital medical device approval and review of regulatory guidelines to enhance the global competitiveness of domestic medical AI companies, which is expected to accelerate the activities of medical AI companies in the future.

Ray, AI-based 'RAYDENT SW' FDA approved… Green light for global sales

Ray recently announced that the US Food and Drug Administration has approved 'RAYDENT SW', an AI-based software that maximizes the innovative digitalization and efficiency of dental treatment.

RAYDENT SW is designed to establish customized treatment plans based on patient information and provide optimal treatment solutions through comparative simulation before and after. It is an AI-based SW platform and consists of a total of 6 SWs.

Ray expects that this approval will strengthen its position in the global market as a leader in digital dental solutions and accelerate its sales growth domestically and internationally, including in the U.S. market.

LifeSemantics is in hot pursuit of the leader with successive achievements...

LifeSemantics, a personal health record (PHR)-based medical and healthcare artificial intelligence company expected to shed new light on corporate value, is attracting industry attention as it continues to showcase medical AI solution achievements.

LifeSemantics has obtained the Ministry of Food and Drug Safety’s approval for ‘Canopy MD HDAI’, a hair density analysis AI, and is preparing for verification at a general hospital. Following this, it has also obtained approval for ‘Canopy MD SCAI’, an AI for assisting in skin cancer diagnosis. Canopy MD SCAI is a software medical device that uses images to diagnose skin cancer.

LifeSemantics, which participated in 'Bio Korea 2024', a health industry expo last May, conducted a technology demonstration of 'CanopMD SCAI' and 'CanopMD HDAI' and confirmed the possibility of partnering with leading domestic companies.

In addition, LifeSemantics has also completed an application for product approval for 'CanopyMD BPAI', a blood pressure prediction AI solution that predicts the next blood pressure in patients with high blood pressure and helps prevent disease and establish treatment management plans. Additionally, clinical trials are being prepared for AI to assist with prostate cancer diagnosis and AI to predict cardiovascular risk.

JLK supplies AI solutions to health screening centers… Achieving sales growth by adding overseas performance

JLK is expanding its scope based on its main product, AI solutions for detecting lung diseases, and its performance in conquering overseas markets.

JVIEWER-X, a chest X-ray-based medical AI solution jointly developed by a healthcare platform company and JLK, is supplied to health examination centers through KMI (Korea Medical Research Institute). JViewer-X, designed to enable medical staff to accurately and quickly screen for diseases, will be used in over 800 network screening centers associated with KMI's direct centers.

In addition, JLK plans to expand its lineup with AI solutions for stroke and dementia-related screening in the future.

Significant results are continuing in overseas markets. Recently, the company signed a business agreement to export medical AI software to improve public medical services in Indonesia and will begin supplying the medical AI solution it developed to Siloam Hospital, which operates several hospitals and clinics.

In addition, JLK completed the approval application for its AI solution 'JLK-LVO' to the U.S. Food and Drug Administration last month and plans to complete FDA approval applications for five stroke artificial intelligence solution products within this year.

Vuno completes non-reimbursement evaluation of new medical technology with ‘Vuno Med DeepCass’

Vuno, which has grown in sales for five consecutive quarters, is further solidifying its position as 'Vuno Med DeepCass', an AI-based cardiac arrest risk monitoring medical device, is rapidly becoming established in the medical field. In addition, with the increase in sales in overseas markets such as Japan, a noticeable increase in performance is being recorded.

Vuno Med's DeepCass was the first medical AI solution in Korea to receive a non-reimbursement evaluation as a new medical technology and was introduced to many hospitals, including tertiary general hospitals, and was recognized for its high marketability. By applying a method of billing on a daily basis in proportion to the actual number of users' usage, Vuno has been driving sales growth for five consecutive quarters since the first quarter of last year.

Due to changes in related systems, the period during which non-benefit claims can be claimed is expected to increase, adding to expectations for future sales. According to the '2nd National Health Insurance Comprehensive Plan 2024 Implementation Plan' recently announced by the Ministry of Health and Welfare, the period of use of new medical technology with deferred evaluation has been extended from 2 years to 4 years, leading to VunoMed Deepcas' entry into the non-reimbursement market. The period is expected to extend to approximately 5 years, including the evaluation grace period.

The success of overseas market conquest also adds strength to the possibility of sales growth. Viewno completed the registration of the US trademark in April to obtain US Food and Drug Administration (FDA) approval for ViewnoMed Deepcas and enter the local market.

In October of last year, the AI-based brain quantification medical device, 'ViewnoMed DeepBrain', received FDA approval and is scheduled to make its debut at the Alzheimer's Association International Conference in July.

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