The South Koeran medical artificial intelligence (AI) industry has shifted from technological competition to a full-fledged race for monetization. It’s witnessing a transition from selling simple diagnostic support software to a fierce competition in platform businesses leveraging medical data.
JLK, a specialist in AI for stroke diagnosis, is at a critical juncture in its business expansion. The company has established a comprehensive product line covering the entire stroke diagnostic process, including solutions for brain computed tomography (CT), magnetic resonance imaging (MRI), and vascular imaging analysis. Recently, their brain CT perfusion imaging analysis solution, JLK-CTP, was designated for deferred evaluation of new medical technologies, boosting commercialization prospects.
Industry sources reported on Monday that this deferred evaluation allows non-reimbursable prescriptions in medical settings for a set period. For medical AI firms, this marks a significant step from mere technological validation to potential revenue generation.
JLK-CTP aids medical professionals in decision-making by automatically analyzing core and penumbra, crucial indicators for determining acute stroke patient treatment. The American Heart Association (AHA) and American Stroke Association (ASA) have recently emphasized the use of such imaging analysis technologies, reflecting growing global demand.
JLK’s strength lies in its focused approach. While many medical AI companies diversify into various disease areas like chest, heart, cancer, and ophthalmology, JLK has maintained its focus on stroke since its inception, developing a comprehensive product lineup for stroke diagnosis.
Hospitals prefer integrated platforms supporting the entire diagnostic process over single products, suggesting that JLK’s expanded product portfolio could positively impact future market share.
Recently, JLK has broadened its scope to develop a platform for integrated medical data management. Their multi-modal large language model (LLM) platform JOOMED is designed to integrate and utilize picture archiving and communication system (PACS), electronic medical record (EMR), reports, and test results.
This strategy aims to evolve from a mere imaging analysis software supplier to a comprehensive medical data platform provider.
JLK is also emphasizing business-to-business (B2B) business expansion. Traditionally, medical AI companies sold products through direct hospital visits, an approach with high sales costs and limited adoption speed.
JLK is pursuing a business model that collaborates with medical imaging equipment manufacturers to integrate its AI solutions into their devices.
If successful, this strategy would allow hospitals to access AI features without purchasing separate software, enhancing JLK’s sales efficiency and accelerating market expansion.
An industry insider noted that ultimately, medical AI is likely to shift from software sales to competition in building platforms and ecosystems, adding that JLK’s B2B strategy is a meaningful long-term approach.
However, challenges remain. Demonstrating performance proof is crucial. Even when a product proves its utility in medical settings, significant time passes before hospital adoption and revenue generation.
So far, medical AI companies have built technological capabilities and secured regulatory approvals but struggled with revenue growth and profitability.
JLK is no exception. The company’s value reassessment depends on the successful entry of JLK-CTP into the non-reimbursable market, securing B2B contracts for JOOMED in the pharmaceutical and biotech sectors, and expanding overseas sales.
To expand its market presence, JLK is accelerating international initiatives. Recently, the company obtained approval from Brazil’s National Health Surveillance Agency (ANVISA) for its mammography AI solution, JBD-01K.
Starting with this approval, the company plans to sequentially introduce its stroke AI solutions to the Brazilian market.
A JLK representative stated that it will diversify our business model based on our competitive advantages in stroke AI to drive short-term revenue growth and improve long-term profitability.
