ContextVision, a medical technology software company specializing in image processing and decision support tools within digital pathology, announces that the Board of Directors of ContextVision has decided to make a strategic shift and focus its pathology business unit entirely on the establishment of an AI based pathology lab service.
The updated strategy means that the company will continue to develop its machine learning technology for its own laboratory service, and let go of the present business strategy of developing and selling decision support tools for existing laboratories.
“We are convinced about this strategic turn. It is a huge opportunity to create a paradigm shift by making use of the investments we have made in AI-technology and application knowledge. It will accelerate further development with the aim to improve patient care, while creating sustainable shareholder value.” says CEO Fredrik Palm of ContextVision.
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The rationale behind the decision
As recently announced, clinical evaluations with pathology labs in Europe and the United States show that the company’s first product, INIFY Prostate, seems to be one of the most accurate and advanced decision support tools in the world today.
Despite that, reality shows that the transformation from analogue to digital workflow in existing clinical pathology laboratories around the world is highly complex, from a both technical, legacy, and commercial perspective. The current level of fully digitalized labs remains very low, and extensive investigations have not been able to foresee when digital decision support tools reach a stage where they become routine and standard of care, and thereby becoming a sustainable business.
However, the enormous value of a fully digitalized lab, with standardized processes and a common data model, makes the business case for an AI based pathology lab service clear. Here, INIFY will be the core machine learning technology that will be a cornerstone for the new laboratory service.
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Laboratory scope
Expanding the company’s scope by building a fully digital laboratory enables faster implementation of technology and workflow improvements, thus creating maximum value for patients, clinicians and pathologists.
“One of the success factors is our establishment of a cross-functional team with clinical and technical expertise, arranged in the same organization with a common goal – to improve patient care and healthcare service. Recruitment has started, and our international network of highly respectable medical professionals and partners will have the opportunity to be a part of our organization as it is built up,” says Palm.
Standardized data allows for seamless, continuous development of powerful machine learning technology and process optimization within the laboratory. This in turn will provide both employed and consultant pathologists with valuable tools and prerequisites, maximizing diagnosis efficiency and quality.
“To be honest, my greatest challenge before we started this strategic project was to figure out how to transform our investments in powerful technology and valuable know-how into a sustainable, growing business. We not only found a solid solution, but also created a comprehensive strategy for our path forward,” Palm summarizes.
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