Article at a Glance
Lunit, a medical AI startup that develops diagnostic and treatment software using artificial intelligence (AI), used the following strategies to secure a foothold in the medical field, which is known for its high barriers to entry.
1. It pivoted into the medical field, where deep learning technology plays a key role in competitiveness, and improved the accuracy of data analysis by identifying differences in X-ray screening environments across hospitals, countries and cultures.
2. In the early stages of the business, it avoided excessive expansion into new business areas and indiscriminate participation in government-funded projects, focusing instead on advancing its software technology.
3. It supplemented its expertise by operating the industry’s largest medical team and bringing in expert advisers.
4. It secured initial sales channels by collaborating with existing market participants, including global medical equipment companies, and strengthened direct marketing to individual customers and overseas markets.
X-ray, which is routinely included in physical exams and health checkups, is a diagnostic method so widely used that almost everyone has experienced it at least once. On the other hand, such X-rays do not always guarantee high accuracy. Because X-rays render the three-dimensional structure of the body in two dimensions, cases can arise in which a lesion is hidden behind bones that appear white or is too small to be seen clearly. In fact, according to medical professionals, about 30% of lung cancer lesions are missed during X-ray screening. Despite these limitations, X-rays can be used on many people and are therefore commonly used in clinical settings.
A method has emerged to help address these problems. “Lunit INSIGHT CXR,” an artificial intelligence (AI) software program that assists X-ray diagnosis, is the solution. Launched in 2017, Lunit INSIGHT CXR can detect 9 major lung diseases, including lung nodules and lung cancer, and raise the accuracy of chest X-ray diagnosis to nearly 97%. “Lunit,” the startup that developed Lunit INSIGHT CXR, is a medical AI company that develops solutions to help diagnose and treat diseases through medical imaging. “Lunit INSIGHT MMG,” introduced by Lunit in 2018, is used to diagnose breast cancer. Lunit continues to release upgraded versions of its two products, CXR and MMG.
Lunit’s advanced technology has also attracted attention at international academic meetings and conferences. Lunit was the only Korean company selected for the 2017 “AI 100” announced by global market intelligence firm CB Insights, and it was included for 2 consecutive years in 2019 and 2020 in “Digital Health 150,” a list of the world’s most promising digital health companies. In June 2020, it was also named one of the “Technology Pioneers” selected by the Davos Forum (World Economic Forum). In international AI competitions such as ImageNet, Camelyon and VisDA, it proved its technological prowess by ranking at the top, beating global companies such as Google, Microsoft and IBM as well as the Harvard Medical School team.
Recently, it has been adding expertise by moving beyond diagnosis to provide treatment services. “Lunit SCOPE,” which Lunit is developing with the goal of launching in the second half of 2021, predicts responses to anticancer treatments. It helps determine which immuno-oncology drugs will be effective for cancer patients.
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