Predictmedix Inc. (CSE:PMED, OTCQB:PMEDF) said it has received a purchase order for its artificial intelligence (AI)-powered Safe Entry Stations from MGM Healthcare, one of the largest government hospital groups in India.
The company said the order is valued at approximately C$500,000 spread over a three-year period.
The purchase order was followed by the recently completed third-party, 400-patient clinical study conducted by MGM Healthcare in which the scope was to determine the effectiveness of Predictmedix's AI-powered screening technology.
"With over 69,000 hospitals in India alone, having our footing in the healthcare space is a major achievement for Predictmedix,” said Dr Rahul Kushwah, the chief operating officer (COO) of Predictmedix in a statement.
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He said the deal puts the company in a position to unlock “immense” opportunities for expanding its cutting-edge healthcare technology in South Asia and ASEAN countries, which present a “substantial” opportunity for Predictmedix to enhance healthcare in regions with large populations.
“Furthermore, our technology has shown promising results with the recently completed 1,600-person clinical study at an Indonesian University,” Kushwah added.
“We strongly believe our innovative tech can play a crucial role in improving healthcare outcomes and easing the burden on healthcare systems, and we look forward to expanding our presence in these regions."
The Safe Entry Station is a walk-thru system where an individual stands in front of the unit for 2-3 seconds while multi-spectral imaging cameras gather the necessary information to determine the physiological state of an individual. Parameters like temperature, heart rate, and respiration rate are collected non-invasively and the AI/ML algorithms compute a result. Vitals hold key insight into an individual's state, whether they're dealing with health complications, influenza, fatigue, or even impairment.
Safe Entry does not capture or store personal identity information, Predictmedix stressed.
Aside from providing a quick and effective method of screening for impairment and infectious diseases, Safe Entry's AI-powered technology also helps healthcare facilities overcome staffing challenges, the company noted.
With limited resources, hospitals need to ensure that their staff is being utilized in the most efficient way possible. By quickly analyzing an individual's vital signs, Safe Entry can reduce wait times and processing times for patients, enabling healthcare providers to focus on providing timely care to patients who need it most.
This non-invasive method of collecting vitals is more comfortable for patients, which can lead to a better overall patient experience. By improving patient care and streamlining operations, Safe Entry offers a comprehensive solution for healthcare facilities looking to enhance their capabilities.
MGM Healthcare has chosen to deploy five Safe Entry Stations to screen patients for infectious diseases and triage purposes.
"Securing a purchase order directly from MGM Healthcare is a major achievement for Predictmedix, as it validates the effectiveness and potential of our technology in the healthcare sector. Our team has been dedicated to commercializing this technology for some time, and the fact that MGM Healthcare has conducted third-party clinical studies with Safe Entry further underscores the confidence in our product. We are excited to continue partnering with MGM Healthcare to provide state-of-the-art healthcare solutions to patients across India," commented Guru Bakshish Singh Sehgal, head of Indian operations at Predictmedix.
Predictmedix is an emerging provider of rapid health screening and remote patient care solutions globally. The company's Safe Entry Stations - powered by a proprietary artificial intelligence (AI) - use multispectral cameras to analyze physiological data patterns and predict a variety of health issues including infectious diseases such as COVID-19, impairment by drugs or alcohol, fatigue, or various mental illnesses.
The company's proprietary remote patient care platform empowers medical professionals with a suite of AI-powered tools to improve patient health outcomes.
Contact the author at jon.hopkins@proactiveinvestors.com