Medicalgorithmics, a medtech listed on the sWIG80 index, is expanding its presence in the Middle East. The company has signed an agreement with Canadian Cardiac Centre to provide a comprehensive system for heart arrhythmia diagnostics for a new cardiology center in the United Arab Emirates. The system will include PocketECG devices and a diagnostic platform PCClient based on artificial intelligence (AI).
Medicalgorithmics’ new partner is a network of diagnostic centers from Canada, specializing in cardiology. The company, led by the renowned and honored cardiologist in Canada and the Middle East, Prof. Wadea Tarhuni, has chosen the Polish company as a strategic technological partner for its expansion in the Arab countries’ markets. The first Canadian Cardiac Centre in this region was established in Sharjah. According to the agreement, Medicalgorithmics will provide it with comprehensive support in the area of heart arrhythmia diagnostics, supplying PocketECG monitoring devices and AI-supported EKG data analysis software PCClient. As a technological partner, the Polish company will cooperate with Canadian Cardiac Centre in further business development in the Middle East.
– Canadian Cardiac Centre is well acquainted with the capabilities of our technology from the Canadian market and appreciates its high diagnostic and operational efficiency. Medicalgorithmics’ artificial intelligence system improves the efficiency of the EKG signal analysis process, optimizing the technicians’ work time and accelerating the report generation process. It also detects 26 types of arrhythmias, which is one of the best results worldwide. This made Canadian Cardiac Centre want to collaborate with us from the very beginning of its expansion to the Middle East. We are pleased to have the opportunity to support the partner’s business development in this region. Countries like the United Arab Emirates are among the world leaders in terms of demand for cardiological diagnostic services, their financing, or the use of modern technologies,” says Jarosław Jerzakowski, Medicalgorithmics Board Member for Operations and Sales.
For Medicalgorithmics, this is the second partnership in the Middle East. Since September 2019, the company has been providing arrhythmia diagnostic services for a client in the United Arab Emirates and neighboring Oman. Holter monitoring (mobile cardiac telemetry) procedures in the UAE are reimbursed on similar principles as in the USA.
Cardiovascular diseases are the leading cause of death in the Middle East. The epidemic of obesity and a sedentary lifestyle contribute to the increasing number of cases. This causes the expenditures on cardiological procedures and examinations to grow year by year. In the United Arab Emirates alone, the market value of heart disease therapy is estimated at over 800 million USD annually, with about 180,000 people suffering from atrial fibrillation.
According to the development strategy announced in June 2023, created under the leadership of Medicalgorithmics’ main shareholder – Biofund Capital Management LLC – the company changed its business model. It moved away from offering only a closed AI cardiac diagnostic system, linked to its own heart monitoring devices. In the new strategy, it focuses on selling a platform for EKG signal analysis along with a proprietary AI system as a standalone product and integrating them with devices and IT systems of partners. Medicalgorithmics software can be licensed by clients, and the company will receive compensation in various models, including one based on the number of EKG data analyses performed. The medtech is also developing VCAST technology, which will allow non-invasive diagnosis of coronary artery disease using artificial intelligence.
About:
Medicalgorithmics is a global technology provider of non-invasive cardiac diagnostics monitoring software based on artificial intelligence. The company uses its proprietary AI system for ECG arrhythmia diagnostics. AI algorithms enable heart function monitoring analysis, cardiological analysis, and diagnosis. The Polish company’s solutions streamline work processes by optimizing the time and resources needed for cardiological study analysis. Its arrhythmia diagnostic software can detect 26 types of arrhythmias and cardiac abnormalities, one of the best results worldwide. The company also develops and commercializes VCAST technology, enabling non-invasive measurement of blood flow pressure in selected coronary vessels based on computer tomography images.
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