Artificial intelligence continues to emerge as the driving force behind healthcare and when pitted against 157 actual human dermatologists, this technology beat 98% of them in a diagnosis test. It’s why healthtech company MyFiziq (ASX: MYQ) is integrating it into their app.
The tech itself is developed by Canadian company Triage Technology and can identify 588 different skin conditions instantly just from a person’s photo, including categories of skin cancer.
Further adding to the existing range of health-focused functions within their CompleteScan app, MyFiziq has entered into a binding term sheet where they will secure access to the Triage tech in exchange for USD $3 million cash and $3m in MYQ shares. As part of the deal, MyFiziq will also take a stake in Triage Technologies.
“I have identified Triage as a natural fit for the platform and for the expanded interest which MYQ has developed from the medical and remote care communities for triaging users not only in the current COVID situation but also in normal times,” said MyFiziq CEO, Vlado Bosanic.
“Triage brings a complementary offering to our CompleteScan platform, which is assisting in the completion of my vision in creating the “Tricorder” of digital health screening in your hand.
“By bringing in platforms like personal health/wellness and medical checking application, this expansion process not only broadens user/market interest in MYQ capability but also generates better service by combining all these functionalities directly on the smartphone/mobile device.”
Launched at the end of 2019, the Triage web application has analysed more than 160,000 people with 12% of the user base being clinicians to improve their standard of care.
In a recent Canadian study conducted, the app was pitted against 157 dermatologists that were asked to identify skin conditions with the app prevailing ahead of 154 and tying with 3 to outperform 98% of the medical professionals.
Integration into CompleteScan will be especially handy for skin condition sufferers that do not have access to professional dermatologists and can play a role in early screening of deadly skin conditions.
Since 2013, 85 million American have seen a physician to treat a skin disease in the country where 1 in 5 citizens develops a form of skin cancer by the age of 70 which has driven Triage Technologies CEO and Founder Tory Jarmain to develop this technology.
“After losing a close friend to skin cancer, I set out to create the world’s best AI engine that could identify skin conditions in a cheap and accessible manner. I am proud to say we have achieved this with Triage,” said Jarmain.
“We believe our diverse and in depth identification of treatable skin conditions is unchallenged by even the largest companies on the planet.”
MyFiziq did not disclose the end-user cost to access the Triage technology from within the CompleteScan app but plans to demonstrate it within the March 2021 quarter.