Singapore-based HealthTech startup Qritive aims to onboard 4,000 pathologists on its analytics network in the next three years, as it continues to expand regionally, its top executive said.

“In the next three years, we aim to onboard 4,000 pathologists on our Pathology Analytics Network (PAN),” Qritive Co-founder and Chief Executive Officer Aneesh Sathe told TechNode Global in an interview.

“We are constantly working to improve our technological capabilities to support pathologists and patients. We plan to strengthen our regional footprint through strategic hires, and collaborations with key stakeholders in the industry, including hospitals, pathology labs and pharmaceutical companies to advance digital pathology,” he added.

Founded in 2017, Qritive provides artificial intelligence (AI)-powered solutions to help doctors analyze both microscopy images and text from patient data, in a bid to make cancer diagnosis fast, accurate, and affordable. Through its solutions, hospitals will be more efficient in making cancer diagnoses, allowing them to save costs, the company said. Qritive raised an undisclosed amount in its Series A funding round from MassMutual Ventures in January last year, data from Crunchbase showed. Its other investor include Acequia Capital.

Tapping into Asia’s $74 million digital pathology market which is projected to reach $125 million by 2027, Sathe said Qritive is set to transform the histopathology diagnosis of cancer in Asia.

“The adoption of technology in healthcare should complement and support healthcare professionals in patient diagnosis and treatment. It could help to improve patient outcomes, hence elevating their quality of life. In light of current global pathology challenges including the shortage of pathologists, and resource constraints due to Covid-19, we believe that digital adoption will be crucial in supporting pathologists moving ahead,” he said.

According to him, the adoption of AI and Machine Learning (ML) in pathology has been beneficial in minimizing subjectivities in patient diagnosis and improving workflow efficiency for pathologists.

Sathe opined that the digital pathology market in Asia is set to grow at a rapid pace given the rapid adoption of AI and ML. In the last three years, with the acceleration of digital transformation of pathology brought about by the pandemic, more digital pathology-based approaches such as world slide imaging (WSI) and AI-driven solutions have been formulated that can help replace traditional usage of light microscopes.

“Although digital adoption in pathology is still in its nascent stage, the digital pathology market is poised for growth as hospitals and pathology labs would continue to invest in and adopt AI in the future. This allows the market to expand by leaps and bounds to reach billions of dollars in valuation,” he added.

In the interview, Sathe also shared his views on the overall MedTech industry in Southeast Asia. Contrary to the general perception that it is often dominated by the western or advanced nations, he expects startups in Asia and Southeast Asia could completely transform the industry.

“MedTech has made great strides in Asia with the region making up almost 25 per cent of the MedTech industry’s global revenue this year. Moreover, ASEAN countries such as Indonesia, Singapore and Brunei are also seen as promising MedTech markets,” he said.

In fact, the HealthTech sector in Southeast Asia saw its highest funding levels in 2019. In Singapore for instance, S$342 million ($246.78 million) was channeled into Health and BioTech start-ups in the first half of 2020 from S$230 million ($165.96 million) during the whole of 2019.

“The region has also had global investors who have been actively investing in Southeast Asia’s HealthTech landscape in the last few years,” he added.

Below is the edited excerpt of the interview:

1. How has Qritive managed to improve cancer diagnosis? How has adopting AI in pathology help to improve cancer diagnosis?

Tackling APAC’s Cancer Burden

Asia Pacific has one of the fastest-growing number of cancer cases globally, a burden that is exacerbated by changing lifestyles and an aging population. Given the region’s rising cancer cases, and the shortage of trained pathologists (a global phenomenon), AI holds tremendous potential in supporting pathologists by enhancing the efficiency and concordance of disease diagnosis.

For one, AI helps to automate time-consuming tasks (counting millions of cells), improving pathologists’ turnaround time without compromising the quality of analysis.

Qritive was founded with a mission to advance diagnosis for debilitating conditions such as cancer, leveraging the power of AI and innovative technologies. Ultimately, we aim to support pathologists in delivering more confident diagnoses to improve health outcomes for patients.

Power Of AI

Our team of experienced pathologists and data scientists have developed a holistic range of AI-driven solutions that are safe, reliable, and easy-to-use, supporting pathology labs in the research and analysis of cancer. Created by pathologists for pathologists, these solutions are based on our understanding of their core needs, and the pain points they face in their daily clinical workflows.

Our AI modules are trained to identify and grade malignancies and cancer types including breast, prostate, colon, immunohistochemistry, and blood smears, amongst others. In-built into our digital ecosystem, Pantheon, pathologists can access automated AI analysis through a single click.

With key features such as a comprehensive case management system, rich report generation and AI analysis, it serves as a one-stop platform for pathologists, digitizing their entire workflow from start to finish. With Pantheon, integrating AI into pathology workflow is an easy and seamless process.

Rooted in scientific research, our AI-powered solutions have demonstrated effectiveness in increasing the diagnostic confidence of pathologists. In a collaborative study we did with one of Singapore’s largest hospitals, Singapore General Hospital (SGH), our immunochemistry AI module has shown to reduce diagnostic subjectivities and concurrences by 9.4 percent.

2. What is Qritive’s short-term and long-term plan?

In the next three years, we aim to onboard 4,000 pathologists on our Pathology Analytics Network (PAN). On this platform, we elevate digital pathology by facilitating community participation and providing pathologists’ access to high quality tools and services whilst working remotely.

As part of our long-term plans, we are constantly working to improve our technological capabilities to support pathologists and patients. We plan to strengthen our regional footprint through strategic hires, and collaborations with key stakeholders in the industry, including hospitals, pathology labs and pharmaceutical companies to advance digital pathology.

4. Where are the opportunities Qritive sees in Medtech? Especially in pathology? How is the digital adoption right now?

The adoption of technology in healthcare should complement and support healthcare professionals in patient diagnosis and treatment. It could help to improve patient outcomes, hence elevating their quality of life. In light of current global pathology challenges including the shortage of pathologists, and resource constraints due to Covid-19, we believe that digital adoption will be crucial in supporting pathologists moving ahead.

In pathology, the adoption of AI and Machine Learning (ML) have been beneficial in minimizing subjectivities in patient diagnosis and improving workflow efficiency for pathologists.

In Asia, the digital pathology market is set to grow at a rapid pace given the rapid adoption of AI and ML. In the last three years, with the acceleration of digital transformation of pathology brought about by the pandemic, more digital pathology-based approaches such as world slide imaging (WSI) and AI-driven solutions have been formulated that can help replace traditional usage of light microscopes.

Though digital adoption in pathology is still in its nascent stage, the digital pathology market is poised for growth as hospitals and pathology labs would continue to invest in and adopt AI in the future. This allows the market to expand by leaps and bounds to reach billions of dollars in valuation.

5. How is the potential of MedTech in Southeast Asia? How is the MedTech industry in Singapore? Is there a huge gap between Singapore and other countries in the region?

MedTech has untapped potential to make its mark in Southeast Asia. The revenue for the global MedTech industry is projected to reach $575.80 billion this year, of which Asia is responsible for almost 25 per cent of it, reaching $141.50 billion this year. This growth is brought about by the surge in digital acceleration due to COVID-19.

On the investment front, we are also seeing strong appetite for funding in MedTech companies, as consumers and health decision makers are increasingly aware of the accessibility and convenience that digital health services bring.

Amongst Southeast Asia, Singapore is leading the race in MedTech. Home to more than 60 international MedTech companies, this sector has contributed S$13.3 billion ($9.59 billion) to Singapore’s economy in 2018.

Besides being a favourable market for MedTech because of its high-value MedTech manufacturing base and innovative R&D ecosystem, Singapore is also seen as a hub that cultivates new business model innovations which is essential for MedTech companies to thrive. Leading digital economies in the region including Indonesia and Vietnam are also proactively advancing in this arena.

6. When it comes to MedTech, the general perception is that it is dominated by the western or advanced nations. Do startups in Asia or Southeast Asia have a chance?

Not only do start-ups in Asia stand a chance in the MedTech scene, I expect them to completely transform it.

As mentioned earlier, MedTech has made great strides in Asia with the region making up almost 25 per cent of the MedTech industry’s global revenue this year. Moreover, ASEAN countries such as Indonesia, Singapore and Brunei are also seen as promising MedTech markets.

In fact, the HealthTech sector in Southeast Asia saw its highest funding levels in 2019. In Singapore for instance, S$342 million ($246.78 million) was channelled into Health and BioTech start-ups in the first half of 2020 from S$230 million ($165.96 million) during the whole of 2019. Moreover, the region has also had global investors who have been actively investing in Southeast Asia’s HealthTech landscape in the last few years.

One of the reasons for increased MedTech-related investments in Asia could be attributed to the governments in Asian countries such as Singapore, Japan, Taiwan, China, Hong Kong, India, and Korea who have been proactively supporting entrepreneurship and start-ups by
providing incentives and grants to fast-track their growth. Soon, MedTech companies in the west will look east for the best tech and may also start to integrate technologies developed from Asia.

7. What’s more needs to be done to assist MedTech startups/MedTech industry in Southeast Asia?

Financing support is paramount in assisting the growth of MedTech start-ups in Southeast Asia. As solutions providers, they play a pivotal role in accelerating the digital health landscape, boosting our healthcare systems.

However, adopting new technologies such as AI is often costly. From development, integration, amassment of data for training, to upskilling personnel, these processes require substantial time and capital. This is especially taxing for early-stage MedTech start-ups who are just starting out or are in the middle of finding their product-market fit.

This is where key stakeholders such as investors, government agencies and healthcare decision-makers come into play. Aside from providing resource support, more funding should be prioritized to help start-ups pivot to the next level.

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