Pro Medicus (ASX:PME) share price higher on Mayo Clinic deal

This high-flying healthcare technology company is ascending again on Thursday…

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The Pro Medicus Limited (ASX: PME) share price is on the move on Thursday morning following the release of an announcement.

At the time of writing, the health imaging company’s shares are up 1% to $46.75.

This latest gain means the Pro Medicus share price is up 33% since the start of the year.

What did Pro Medicus announce?

This morning Pro Medicus announced that its wholly owned U.S. subsidiary, Visage Imaging, has signed a multi-year research collaboration agreement with healthcare giant Mayo Clinic.

According to the release, the agreement will serve as the framework for collaboration between the two parties to facilitate development and commercialisation in the field of artificial intelligence (AI), leveraging the Visage AI Accelerator platform.

Visage Imaging’s Global CTO, Malte Westerhoff, PhD, said: “Our AI Accelerator program was designed to closely align Visage’s engineering and product development capability with clinical research partners such as Mayo Clinic who have a depth of clinical knowledge and extensive research expertise.”

“It provides a unique set of tools for data de-identification, collection, curation, analysis and ‘path-to-production’ in research projects bringing the efficiency and speed of Visage technology to research, resulting in a unified link between the two domains,” he added.

Dr Westerhoff believes AI will play a major role in the healthcare sector in the future. This is particularly the case in the imaging IT field, which could benefit from the development of innovative AI solutions.

He concluded: “We see AI playing a significant role in healthcare particularly in our field of imaging IT. We have optimized our Visage 7 platform for AI enabling both our own, as well as third-party algorithms to be seamlessly integrated into the clinician’s desktop. We see this research collaboration agreement with Mayo Clinic as another significant piece of our AI strategy, one that has the potential to develop innovative AI solutions that meet well defined clinical goals and ultimately lead to better patient outcomes.”

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James Mickleboro does not own Pro Medicus shares. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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