May 6, 2020 (Source) – Predictmedix launches its COVID-19 screening technology in healthcare
Predictmedix Inc. (CSE:PMED)(OTCQB:PMEDF) (“Predictmedix” or the “Company”) is pleased to announce that the company has begun deployment of its artificial intelligence (“AI”) technology for mass screening of COVID-19 with Max Healthcare. Max Healthcare is one of the largest healthcare groups in South Asia, encompassing 14 hospitals with over 3000 doctors.
COVID-19 has emerged as one of the biggest burdens for healthcare and the identification and tracking of an outbreak is a critical element of controlling the spread across geographical areas. Healthcare facilities tend to be the prime places where an outbreak can occur and with a large movement of people in such places, mass screening technologies are needed to help mitigate the risk of further spread. The current deployment is for no financial consideration at the time and both parties have conducted their due diligence.
“Screening stations in airports, shopping malls and staff entrances to hospitals etc. are based on questionnaires. Screening questionnaires are ineffective because they depend on honest and accurate answers from people that are either unaware or unforthcoming of their symptoms. The process is potentially harmful because the screening itself causes a bottleneck of foot traffic and the accumulation of people in proximity, creating the potential for disease transmission. AI powered cameras in airports, travel hubs and staff entrances of hospitals and factories etc. could divert infected individuals to self isolation and treatment while allowing healthy individuals to proceed unimpeded.” said Dr. Alexander Bardon, an Emergency Medicine physician in Ontario and an advisor to Predictmedix.
“Deployment of our COVID-19 AI screening technology with one of the largest healthcare groups in South Asia is a testament to the need for our technology and is a major step towards the global launch of our technology”, said Dr. Rahul Kushwah, COO of Predictmedix.
Predictmedix has developed a proprietary technology (patent pending) to screen for potential cases of COVID-19 and other related infectious diseases. The AI powered technology utilizes multispectral imaging with a focus on visual spectral imaging along with infrared thermography to identify cases which are suspected of COVID-19. The technology can be deployed using multispectral cameras in facilities where there is large movement of people to identify potential COVID-19 cases and limit exposure, thereby limiting infection. The data collected is brought into a central server / cloud for analysis and alerts are sent in case of a positive detection to the surveillance department within the facility where the technology is deployed within seconds.
Disclaimer: “The Company is not making any express or implied claims that its mass screening product has the ability to eliminate, cure or contain the Covid-19 (or SARS-2 Coronavirus) at this time”.
About Max Healthcare
Max Healthcare is one of South Asia’s leading comprehensive provider of standardized, seamless and international-class healthcare services. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education. Max Healthcare has 14 hospitals in India, offering services in over 30 medical disciplines. Max Healthcare has a base of over 3,000 doctors, 10,000 employees and over 2.2 million patients from over 80 countries, across its network of 14 hospitals.
Max Healthcare is controlled by Max Group. The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance and Healthcare industry. It has ventured into high potential sectors – Senior Living and Real Estate. In FY2019, the Group recorded consolidated revenue of approximately $4 billion CAD. It has a total customer base of 11 million, over 350 offices spread across India and employee strength of more than 27,500 as on 31st March 2019. The Group’s investor base includes marquee global financial institutions such as New York Life, KKR, IFC Washington, Vanguard, Ward Ferry, Briarwood Capital, Nomura, Aberdeen, First State Investments, First Voyager, Eastspring, Target Asset Management, Baron, Jupiter and Doric Capital.
For additional information, visit the company’s website at www.maxhealthcare.in
About Predictmedix Inc.
Predictmedix Inc. is an artificial intelligence (“AI”) company developing disruptive tools for impairment testing and healthcare. It is intended that the Company’s cannabis and alcohol impairment detection tools will be used across various workplaces and by law enforcement agents. Its technology uses facial and voice recognition to identify both cannabis and alcohol impairment by utilizing multiple features along with numerous different data points. Testing does not require any body fluids or human intervention, thereby helping to remove human error and the potential for discrimination and prejudice. The Company has partnered with Tech Mahindra and Hindalco to help expedite the launch of its impairment technology, as well as the prestigious Indian Institute of Technology.
The Company is also developing AI based screening for the healthcare industry. The recent advent of COVID-19 pandemic has placed unprecedented stress on the global economy and highlights the need for tools to help screen mass populations for infectious diseases, with the hope of preventing pandemics in the future. In turn, Predictmedix Inc. is expanding its proprietary AI technology to screen for infectious diseases such as influenza and coronaviruses (COVID-19). Our current partners along with advisory board members have played a key role in gathering data pertaining to COVID-19, which has allowed us to develop a predictive mass screening tool for COVID-19. The technology is for mass screening and is to be used to predict and identify individuals who have the highest likelihood of being infected with COVID-19.
Additionally, psychiatric disorders such as depression, dementia and Alzheimer’s disease can carry a significant burden and early identification is the key to better management. To help address this, the Company is also expanding its proprietary AI technology to screen for psychiatric and/or brain disorders such as depression, dementia and Alzheimer’s disease. To find out more visit us at www.predictmedix.com
Caution Regarding Forward-Looking Information:
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. The Company’s securities have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or “U.S. Persons”, as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence on obtaining regulatory approvals; the ability to obtain intellectual property rights related to its technology; limited operating history; general business, economic, competitive, political, regulatory and social uncertainties, and in particular, uncertainties related to COVID-19; risks related to factors beyond the control of the company, including risks related to COVID-19; risks related to the Company’s shares, including price volatility due to events that may or may not be within such party’s control; reliance on management; and the emergency of additional competitors in the industry.
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