As the world shifts to a “new” normal, employee and customer screenings will be commonplace and Predictmedix Inc. (CSE: PMED | OTCQB: PMEDF) and its solutions are leading the way.
The recent announcement by Predictmedix, regarding the partnership with McGill University, is another example of the relationships that Dr. Rahul Kushwah, COO of Predictmedix, is developing with major corporations and leading healthcare providers as it rolls out Artificial Intelligence (“AI”) health tech solutions.
Predictmedix aims to improve the healthcare system through innovative and cutting-edge digital health technologies. Currently, Predictmedix AI solutions focus on infectious-disease screenings, impairment detection, and remote patient monitoring.
The Company’s products use facial, thermal, video, and audio recognition technologies to determine when individuals are impaired, suffering from an infectious disease, or mental illness. One solution focuses on mass and rapid AI-based screening for COVID-19 symptoms.
Partnerships, Pilots, Trials and Installs – Where Does Predictmedix Find the Time
Earlier this month, Predictmedix announced partnering with a research group led by Dr. Samira Rahimi from McGill University’s Department of Family Medicine.
Dr. Rahimi’s research group will be working with Predictmedix and its three industry verticals: (1) screening for infectious disease associated symptoms; (2) screening for alcohol or cannabis impairment; and, (3) mental health screening.
Dr. Rahul Kushwah commented, “We are extremely excited with the partnership with Dr. Samira Rahimi’s team. Dr. Rahimi is one of the most recognized AI – healthcare scientists in Canada and we look forward to with her and her research team for our 3 major verticals.”
The announcement with McGill is just the latest in a series of pilot projects, partnerships, and product rollouts that Predictmedix has successfully executed this year. Predictmedix believes that it is well-positioned for growth and to capture the current sales momentum into Q1/2021.
Recently, the Company announced that it will be deploying its COVID-19 screening technology along with alcohol and impairment screening technology at Indian Oil Corporation Ltd (NSE:IOC.NS), a multi-billion dollar India-based oil company, and the deployment of its mass screening technology for COVID-19 with Max Healthcare, one of the largest healthcare groups in South Asia, encompassing 14 hospitals with over 3000 doctors.
Predictmedix also announced a collaboration with India-tech giant Tech Mahindra Ltd (NSE: TECHM), to incorporate Predictmedix’s impairment detection technology and COVID-19 solutions into Tech Mahindra’s suite of technologies offered for workplace health and safety across the globe.
Closer to home, the Company, in conjunction with its partner Juiceworks Exhibits, successfully deployed its infectious disease screening technology at Flow Water in Aurora, Ontario, and a 24-hour pharmacy in Montreal, Quebec.
Used by employees on a daily basis, Predictmedix’s gateway screens individuals, in a non-invasive way, as they walk through and it triggers an alarm if symptoms associated with an infectious disease are detected, such as COVID-19, or signs of impairment due to alcohol or cannabis use.
The screening product consists of hardware, software, multi-spectral cameras, and specialized sensors that are assembled into a gateway, much like a metal detector in an airport, and communicates with Predictmedix’s AI model in the cloud.
Remote Patient Monitoring & Telehealth Enterprise Platform with Mobile Wellbeing Acquisition
In June, Predictmedix acquired Mobile Wellbeing, a remote patient monitoring platform, which is strategic for the Company in creating an enterprise platform and allows Predictmedix to enter the telehealth and clinical trials markets.
According to a recent by study Adroit Market Research, the Remote Patient Monitoring Market is anticipated to reach US$1.9 billion by 2026, growing at a CAGR of almost 13% from 2020 to 2026.
With current stay-at-home orders due to the COVID-19 health crisis, clinical drug trials shifted to remote monitoring from on-site monitoring. The U.S. Food and Drug Administration (“FDA”) now supports remote monitoring for oversight of clinical sites.
In addition, the Mobile Wellbeing platform is equally suited for use in long-term care facilities to care for elderly patients. Big Data features include assisted monitoring that allows for data collection, transmission, evaluation, and notification. Utilizing the latest off-the-shelf wearables, the platform has shown benefits such as improved patient health and also lowered the cost of care through remote monitoring.
Predictmedix anticipates the commercial launch of its remote patient monitoring platform Q1/2021 with some key, large-scale deployments in North America and Asia.
Predictmedix is currently trading at $0.46 with a market cap of $46.5M but with billion-dollar partners and a pipeline of projects in Q1/2021, clearly ready for a re-rating.