Waycen, a company specializing in artificial intelligence (AI) Medtech, announced on the 11th that it has signed a business agreement with Chung-Ang University Hospital to cooperate in medical joint research and academic research projects using AI technology.
Through this business agreement, the two companies plan to seek medical joint research and academic research cooperation using artificial intelligence technology and actively cooperate from joint research to commercialization to develop medical AI software that can contribute to high-quality medical services.
Waycen plans to develop artificial intelligence technologies for the development of medical AI software and healthcare, and to develop technologies in cooperation with Chung-Ang University Hospital's medical staff. Based on the expertise and infrastructure of both companies, they will work together to help the agreement contribute to the development of the medical AI industry.
Starting with this cooperation, Waycen is expected to expand its business portfolio by discovering new joint research topics. It is also expected to secure opportunities for demonstration such as AI-based real-time gastroscopy, colonoscopy video analysis software "WAYMED Endo", and respiratory self-health screening service "WAYMED Cough".
Kwon Jung-taek, head of Chung-Ang University Hospital, said, "Through this agreement, Chung-Ang University Hospital and Waycen will work together to create good services that would greatly help the medical field."
Waycen's best part is to commercialize the topic of joint research with medical staff, said Kim Kyung-nam, CEO of Waycen. "In fact, Waycen's items are producing results by winning the International Consumer Electronics Show (CES) based on close joint research with medical staff." "We will do our best to make good results through cooperation with Chung-Ang University Hospital."
Waycen is the only Korean medical AI company to receive three innovation awards at CES 2024. It has won eight awards in a row.
Waycen, an AI medical technology company, is selected as a "G-PASS" company and is actively targeting the overseas procurement market.
G-PASS (Government Performance Assured) is a system implemented by the Overseas Procurement Information Center of the Public Procurement Service. In order to strategically target the overseas government procurement market, promising companies are selected among SMEs with high potential to enter the overseas procurement market. It provides various support to companies with export competitiveness to target countries and overseas government procurement projects using the Public Procurement Service's overseas network to be competitive in the overseas procurement market.
The main product selected as a G-PASS company is artificial intelligence-based gastric and colonoscopy video analysis software "WAYMED Endo," which occupies a high share of the domestic artificial intelligence gastrointestinal endoscopy market. WAYMED Endo is highly favored by medical institutions because it conducts endoscopy and can quickly and accurately detect abnormal lesions in the examinee's stomach and colon with medical staff.
In July, WAYMED Endo was designated as the Ministry of Food and Drug Safety's 37th innovative medical device in recognition of its innovation in analyzing gastroscopy images in real time to detect the location of suspected gastric cancer areas and provide information on the probability of gastric cancer to medical staff. Industry relatives say that the designation of G-PASS will signal the expansion of overseas markets as the product has already been introduced to medical institutions in seven countries, including Korea, Vietnam, Thailand, and the UAE, and is being used in clinical settings.
"WAYMED Endo is already aggressively pursuing operations in the domestic procurement market, and as a result, good results are being made in domestic procurement," said Kim Kyung-nam, CEO of Waycen. "Since the overseas procurement market is quite large and attractive, we will use G-PASS certification to create a new trend of K-medical AI in the market."
Meanwhile, Waycen was selected for the first innovative product pilot project of the Public Procurement Service for artificial intelligence gastroscopy and colonoscopy software in Korea and supplied WAYMED Endo to Ilsan Hospital, VHS Medical Center, and Gangneung Medical Center.
Waycen (CEO Kim Kyung-nam) announced on the 18th that it has obtained an "excellent" grade in the 2023 artificial intelligence (AI) voucher support project organized by the Ministry of Science and ICT and the National IT Industry Promotion Agency (NIPA).
The AI voucher support project has been in progress since 2020, and it is a program that supports companies that want to apply artificial intelligence (AI) technology and provides opportunities to create new markets for companies that provide solutions.
Through this task, Waycen supplied 'WAYMED Endo', an artificial intelligence-based gastric/colonoscopy image analysis software at Gangneung Asan Hospital in May.
Since then, it has obtained an "excellent" grade in the final evaluation of the project and proved its software technology and effectiveness in the medical field.
Gangneung Asan Hospital introduced WAYMED Endo with the aim of operating high-quality endoscopy with AI technology as a hospital that has been certified as an excellent institution in the evaluation of national examination institutions for the past 12 years.
Through this project, Waycen gained a good opportunity to raise product technology and clinical effectiveness to the next level by supplying WAYMED Endo, a gastric/colonoscopy software using real-time AI technology in Gangneung Asan Hospital's examination center.
CEO Kim Kyung-nam said, "We will do our best to create good cases based on the reference of Gangneung Asan Hospital in Korea and abroad."
Waycen and Korea Pharma announced on the 22nd that they have signed a strategic sales contract for WAYMED Endo, an AI-based gastric and colonoscopy image analysis solution.
This business agreement was made through mutual consultations between the two companies to strengthen their competitiveness in the field of gastrointestinal endoscopy. The two companies expect that Korea Pharma, which has secured the exclusive right of "Plenvu" of Norgine, a global intestinal sanitizer development company, and Waycen, which leads the AI digestive endoscopy software market, will open a new game in the digestive endoscopy market.
WAYMED Endo is the first AI gastric and colonoscopy software to obtain approval from the Ministry of Food and Drug Safety in Korea. At the same time as endoscopy, AI analyzes endoscopic images in real time to detect abnormal lesions in the stomach and colon. In particular, gastric software was designated as the 37th innovative medical device by the Ministry of Food and Drug Safety in July in recognition of its innovation as a third-class medical device that provides medical staff with suspected gastric cancer and gastric cancer probability.
Starting with this business agreement, the two companies plan to promote the sales and marketing activities of WAYMED Endo to major general hospitals and medical institutions in Korea that operate gastroscopy and colonoscopy using the sales network and network owned by Korea Pharma. It is also said that they will further cooperate on various AI-based solutions, including digital treatment devices for panic disorder (DTx), which are being developed by Waycen.
Kim Kyung-nam, CEO of Waycen, said, "This business agreement with Korea Pharma, which has more than 40 years of know-how in operating medical institutions, is the beginning of creating new trends in the endoscopic market beyond discovering new business opportunities. We will work together to create a case of collaboration that can be recognized globally." Park Eun-hee, CEO of Korea Pharma, also said, "Through cooperation with Waycen, we will be able to provide clinically improved artificial intelligence solutions to patients diagnosed with gastrointestinal endoscopy in Korea, which is increasing every year. We will continue to contribute to public health by developing and introducing innovative medical technologies in various fields."
Domestic AI medical devices are also entering the Southeast Asian medical industry.
In particular, the Vietnamese government has recently eased regulations on public bidding for medical devices, showing a stronger trend.
I'm reporter Kim Soo-jin for the coverage.
Vietnam, a country that imports more than 90% of medical devices.
The average annual growth rate of the Vietnamese medical device market is as high as 10% due to the aging population and the increase of the middle class,
Due to the lack of production facilities, it is mainly imported from the United States and Japan.
In the past, Vietnam's public healthcare purchase process was based on bidding, and bidding grades were given by country, but Korea was the lowest grade, so it was not easy to target the market.
However, this year, the system was abolished, and last year, it was newly listed in countries where the rapid approval of medical devices was possible.
As these various regulations disappeared, K-innovative medical devices with excellent technology naturally attracted attention in the Vietnamese market.
The leading company is Waycen. Last year, it was selected as a pilot project (a pilot project for overseas expansion of ICT-based medical systems) organized by the Health Industry Promotion Agency, and started to actively target by installing AI endoscopes at St. Paul's General Hospital in Hanoi.
The AI endoscope analyzes gastric and colon endoscopy images in real time by artificial intelligence and immediately displays suspected gastric cancer or colon polyps that are difficult to detect.
The accuracy is around 95%.
Waycen, which also accompanied the Blue House Vietnamese economic mission this year, recently signed an agreement with the Phuong-dong General Hospital in Hanoi to activate AI digestive endoscopy.
An official from Phuong-dong Hospital said, "After the testimonial use of the product from the medical staff, we were able to accurately test many patients in real time," and added, "We plan to actively promote the introduction of AI digestive endoscopy."
[Kim Kyung-nam / CEO of Weissen] The reality is that the social atmosphere and the government atmosphere have changed due to the atmosphere that acknowledges the perception of K-medical in Vietnam. (Vietnam) has so many patients to solve per medical staff, and the medical staff is concentrated mainly in the city center, so the gap in medical services in Vietnam can be narrowed (using innovative medical devices)….]
Meanwhile, Waycen said it plans to expand the introduction of AI endoscopy services not only in Hanoi but also throughout Vietnam by 2026.
Waycen (CEO Kim Kyung-nam), a company specializing in AI MEDTECH, announced on the 16th that is has proved to be the next-generation global innovation company by winning three CES innovation awards ahead of the world's largest IT exhibition "CES 2024" in Las Vegas in January next year.
According to the results of the CES 2024 Innovation Award announced by The Consumer Technology Association (CTA) on the 16th, Waycen won three innovation awards for WAYMED Cough PRO and WAYMED Food Allergy. It won two awards in the artificial intelligence category and one in the software & mobile apps category, showing its leadership in the K-MEDTECH field yet again this year.
This result implies that Waycen has been recognized globally for its innovation in medical big data analysis technology. In addition, both of the winning products are artificial intelligence-based products developed through joint research with professional medical staff in each field. This is significant for the medical industry in that medical experts and AI specialized companies worked together to jointly develop clinically useful products with technical verification and achieve these excellent results.
WAYMED Cough Pro is an artificial intelligence self-screening app service that allows users to check their respiratory health with only three to five coughs. The service is the result of a joint study with a research team led by Professor Moon Kyung-min of the Department of Respiratory Allergy at Chung-Ang University Hospital and Director Jeon Jin-hee (former Yonsei B&A Clinic).
Since it can analyze users' respiratory health based on artificial intelligence, help them easily manage respiratory health, and expand the input respiratory data to telemedicine services in connection with medical institutions, it has been honored with the innovation award for the second consecutive year following the CES 2023 Innovation Award.
WAYMED Food Allergy, which won two innovation awards this time, is an artificial intelligence-based customized food allergy oral immune digital treatment for children and adolescents with food allergies. The product is a digital treatment using Waycen's medical big data analysis technology and artificial intelligence algorithm, and is the result of joint research with Professor Ahn Kang-mo and Professor Kim Ji-hyun of the Department of Allergy and Respiratory Medicine at Samsung Medical Center.
In recognition of its innovation in predicting allergic reactions with blood test information of pediatric patients and helping them safely and conveniently proceed with oral immunotherapy at home through interactive communication with digital technology through big data analysis, it won two awards in the artificial intelligence category and the software & mobile app category.
Based on its unique technology, Waycen has set an unusual record of winning CES Innovation Awards for three consecutive years, eight awards in total, in just four years since its establishment. While the last CES Innovation Award was recognized for its innovation and technology in real-time video analysis technology, this award can be seen as a global recognition for the technology and innovation of Waycen's new digital healthcare lineup.
Meanwhile, Waycen is exploring the global market with the world's first gastric and colonoscopy video analysis SW 'WAYMED Endo' released last year. This year CES Innovation Award-winning products are also expected to promote full-fledged business targeting the global market.
As interest in domestic medical devices grows day by day in the Middle East, our companies are riding the 'oil money' current.
As well as its excellent technology and price competitiveness, the government's recent trip to the Middle East also contributed to the positive cause.
"A new window of opportunity for the people and businesses".
It is a phrase expressed by President Yoon Suk Yeol after his Middle East visit, saying that the government has opened an era of joint prosperity between the two countries.
In relation to this, the energy sector is attracting attention, but there are other areas that are making progress. It's a medical device.
Companies that use artificial intelligence (AI) to introduce innovative medical devices are also experiencing a "Middle East Boom."
In the case of Saudi Arabia, the government has put healthcare digital innovation as a task.
Lunit, the AI medical representative, has decided to participate in related government projects and supply AI solutions to diagnose diseases such as tuberculosis and breast cancer to the world's largest virtual hospital.
The Saudi government invested about 86 trillion won (66 billion dollars) in building medical infrastructure related to virtual hospitals.
[Oh Jae-min / General Manager of Lunit Business Development: Artificial intelligence is also understood as an essential item for the ‘oil phase-out’ phase.…Currently, the MOU signing has been completed, and about 150 hospitals are connected to public medical institutions. They're doing performance tests there....]
CorelineSoft said it has signed a contract with the largest medical distributor in the Middle East to supply products such as lung cancer AI solutions and is discussing the introduction of the product separately from the Egyptian government.
[Jung Woo-suk / Coreline Soft CFO: It is expected to be adopted as an official solution for Egypt's national lung cancer screening project. There is a movement to compensate for the lack of (relatively) good medical personnel with the power of solutions.]
In addition, various domestic companies such as Waycen and Bertis are making progress in the Middle East.
The reason why Middle East welcomes K-medical devices like this.
An industry official explained, "We are recently beginning to be recognized for the excellence of Korean medical devices in the Middle East, and we possess excellent technology and price competitiveness compared to medical devices in the United States and Europe."
In fact, most Middle Eastern countries have a high economic level, but their healthcare capacity does not reach this level,
The K-medical device boom is expected to continue for the time being as medical devices that are integrated with high-tech are useful to fill medical capabilities, such as assisting complex inspections.
Waycen (CEO Kim Kyung-nam) announced on the 10th that its artificial intelligence (AI)-based digestive endoscopy video analysis software "WAYMED Endo" has been selected as the World-class product of Korea 2023.
The World-class product is a system in which the Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency (KOTRA) select and certify globally competitive products among Korean products every year.
WAYMED Endo, developed by Waycen, was selected as the next-generation Word- class product in recognition of its business feasibility, which is leading technology in the global market and rapidly expanding its market share.
WAYMED Endo is an AI gastric and colonoscopy software that has obtained approval from the Ministry of Food and Drug Safety for the first time in Korea. At the same time as the endoscopy, artificial intelligence analyzes endoscopic images in real time to detect abnormal lesions in the stomach and large intestine.
In particular, the stomach is the only third-class medical device in Korea that provides suspected gastric cancer sites and the probability of gastric cancer to medical staff, and was designated as the 37th Breakthrough Medical Device by the Ministry of Food and Drug Safety in July in recognition of its technological innovation.
Currently, it is targeting the global market at a rapid pace by steadily increasing the reference of WAYMED Endo operating hospitals not only in Korea but also in various countries such as Vietnam, Thailand, and the Middle East.
An official from Waycen said, "In Korea, we have secured Gangneung Asan Hospital and three public hospitals as references and are actively pursuing operations, and we are building a solid global business portfolio by operating pilot hospitals in five Southeast Asian and Middle Eastern countries."
Waycen, an artificial intelligence (AI) MedTech company, announced on the 26th that CEO Kim Kyung-nam received the ‘2023 Minister Commendation of Corporate Research and Technology Promotion’ at the 2nd Technology Developers Day Ceremony held at LG Science Park on the 25th.
Technology Developers Day is an anniversary established by the Korea Industrial Technology Association to promote the dedication, efforts, and achievements through technological innovation of technology developers and to create a social atmosphere through preferential treatment of companies that contribute to the development of the Korean industry. At the event, Waycen CEO Kim Kyung-nam received a commendation from the Minister of Science and ICT for his contribution to winning four innovation awards at CES, the world's largest electronic and IT exhibition, pioneering domestic and foreign digital healthcare markets, and promoting K-medical technology innovation to the global market.
Waycen's real-time gastrointestinal endoscopy image analysis software "WAYMED Endo" has been designated as the 37th Breakthrough medical device by the Ministry of Food and Drug Safety for its successful commercialization in the domestic and global markets. In addition, research and development on real-time medical image analysis technology and medical big data analysis technology have been conducted, laying the foundation in the medical AI industry with high growth potential.
Kim Kyung-nam, CEO of Waycen, said, "As a technology developer for more than 30 years, we are constantly challenging the development of the IT industry. We will focus on technology management to lead the global medical AI market with Waycen's innovative technology in the medical AI industry."
Waycen is preparing a digital treatment that combines artificial intelligence (AI) technology as a new business to succeed the AI endoscopic image analysis device "WAYMED Endo." There are two digital treatments that have been approved in Korea so far: Aimmed's Insomnia Treatment "Somzz" and Welt's Insomnia Treatment "Welt-I." The goal is to introduce Korea's first digital treatment that combines AI technology in Korea next year.
To this end, Waycen submitted an empirical clinical trial plan (IND) for the panic disorder treatment "WAYMED Panic" to the Ministry of Food and Drug Safety on the 28th of last month. Digital therapeutics only need to go through two-stage clinical trials: empirical and confirmatory clinical trials, and considering the precedent, it is expected to be approved during the second half of next year if the clinical trials proceed smoothly. The goal is to start clinical trials from December.
Although Waycen is making sales with WAYMED Endo, an AI gastroscopy video analysis device, Waycen CEO Kim Kyung-nam has been deeply involved in the digital therapy industry since the beginning of the business, serving as an industry-academic cooperation director of the Korean Digital Therapy Association. CEO Kim said, "So far, digital treatments have only dealt with cognitive behavioral therapy (CBT), but Waycen will create competitiveness by adding AI to digital treatments based on its know-how in developing medical AI products." It is expected that institutional experience and clinical trial experience through medical AI such as WAYMED Endo will also help WAYMED Panic.
It is a challenge for WAYMED Panic to prove its marketability as a digital treatment. Fair Therapeutics, which introduced the first digital treatment approved by the U.S. Food and Drug Administration (FDA) as an industry leader, sold the remaining technology after bankruptcy to four companies at the beginning of the year. Color Health, a U.S. digital therapy developer invested by SK Biopharmaceuticals (326030) with SK (034730) Group, also laid off more than 100 employees in May, citing the financial crisis. Even in the United States, where more than half of the patents related to digital treatments are applied, some question the effectiveness or marketability of digital treatments as companies have struggled.
CEO Kim said, "If any of the three purposes of prevention, management, and treatment are met, the significance of existence as a 'therapy' can be recognized. Through biofeedback and accompanying services based on AI technology, we will create a different technological difference from other digital treatments and increase treatment efficiency."
The "Biofeedback" service that Waycen is developing helps patients breathe properly when symptoms of panic disorder appear by measuring inhalation and exhalation through sensors on their smartphones. The "companion service" that combines Chat GPT allows patients to communicate with chatbots and provide psychological stability when they visit crowded places. For the patient's continuous participation (retension), a method of making step-by-step prescriptions through an application was devised as if a doctor was giving a prescription.
CEO Kim said, "It will be a case like a best practice when digital therapeutics are combined with AI technology," adding, "The goal is to be first AI digital therapeutics and first overseas export digital therapeutics."