Lunit looks to create market with AI cancer diagnostics

South Korean cancer diagnostics AI company Lunit Inc. will accelerate its foray into markets plagued by inadequate cancer diagnostic technology and infrastructure, it announced on Monday. Brandon Suh, chief executive of Lunit, said in an interview with The Korea Financial Daily, “Our goal is to use AI to promote early diagnosis of breast cancer and reduce related mortality in developing markets, where health care is limited. There is a lack of infrastructure.”

The folk medicine expert, also known by his Korean name Suh Beomseok, unveiled Lunit’s plan to actively expand the presence of its artificial intelligence technology-powered cancer diagnosis tool in developing countries as part of the aim .

He noted that the Korean virtual healthcare company has drawn up realistic industry plans for those markets in consultation with high-ranking executives from Thailand and Indonesia at the International Financial Discussion Board’s Annual Meeting of Unused Champions (AMNC) held in Dalian, China . , from June 25 to 27.

Suh attended the so-called Summer Davos in China as part of Lunit’s participation in the Workman Companions Family as the only AI healthcare company.

Lunit’s bold ambition to create a market is to then effectively enter developed markets, particularly the US.

Lunit’s AI cancer diagnostics software gets FDA approval

It has won recognition from the United States Food and Drug Administration (FDA) for its AI cancer analysis systems – AI imaging analysis tool Lunit Perception DBT, AI triage resolution Lunit Perception Triage and breast imaging research tool Lunit Perception MMG.

In May, it completed the acquisition of Volpara Condition Technologies Ltd., a New Zealand-based AI device developer for breast cancer detection, for $264.7 billion ($191.3 million).

Volpara has a vast store of firm and multigenerational clinical and medical knowledge and provides breast cancer detection equipment to two,000 clinical analysis establishments in the United States.

The purchase is expected to help Lunit build self-reliant AI models for cancer screening, detection and diagnosis.

In the last generation, it also established its own wholly owned subsidiary in the Netherlands to travel in Europe.

Inspired by the encouraging start in developed markets, Lunit is accelerating its journey into developing markets.

Pilot program within one year

The KOSDAQ-listed virtual healthcare corporate is expected to seize the lucrative expansion opportunities in international locations in South East Asia and Heart East, given the inadequate healthcare infrastructure there.

Thailand has difficulty providing an adequate state-run cancer analysis and evaluation system for its people due to unique infrastructure inadequacies.

Lunit hopes that its AI cancer diagnosis tool can also be used as an effective tool to detect patients with the possibility of serious cancer in the country.

“About 90% of people who get tested for breast cancer at medical screening centers have a normal diagnosis,” Suh ​​said. “Hospitals in developing countries need to assess the remaining 10% of potentially positive tests based on AI testing only.”

The Lunit CEO hopes its AI breast cancer diagnosis program will be more useful, especially in Heart East, where female patients are reluctant to expose their bodies for breast cancer screening for religious reasons.

He said Suh discussed a number of strategies at AMNC with executives from those international locations to reduce systemic and cultural barriers to Patch and its growth in alternative developing markets.

“I got the impression that officials from different countries (in those regions) were extremely interested (in our software),” Suh ​​said. “We will expand our partnership with hospitals there and launch a pilot program within a year.”

Revenue will quadruple in 2025

Lunit’s CEO hopes that its travel to developing countries will increase the company’s income, noting that people in developing countries are more at risk of upper breast cancer than those in developed countries.

“Each government will provide funding as an intermediary between Lunit and each hospital,” Suh ​​said. “Considering the large number of developing countries, that is, a larger market, the potential for growth in our revenues is also high.”

According to the International Cancer Group (WHO), 66,271 breast cancer cases were reported in Indonesia in 2022, three times more than Korea.

“Regular cancer screening significantly improves cancer survival rates,” Suh said, hoping to contribute to the global fight against cancer.

Lunit expects to achieve $80 billion in revenue in this generation and $100 billion in 2025, which is almost 4 times more than the peak generation revenue.

Write Jeong Min Nam at peux@hankyung.com
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