The healthcare unit of South Korean diversified conglomerate Lotte has teamed up with iMediSync to co-develop new AI-driven healthcare services.
Based on a press release, the two companies signed a memorandum of understanding to cooperate on a medium-to-long-term joint business venture that leverages AI technology for wellness and senior care. They also intend to work together on some marketing and branding activities to promote their upcoming tech offerings.
WHY IT MATTERS
Founded in 2012, iMediSync develops AI-based EEG screening tools for diagnosing neuropsychiatric disorders like Alzheimer’s disease.
Lotte Healthcare, which operates a mobile health app called Cazzle, is considering offering iMediSync’s EEG screening capability as part of their collaboration. Cazzle harnesses AI and individual health information to provide personalised health recommendations for users.
THE LARGER CONTEXT
Lotte Healthcare seems to be zeroing in on mental health this year. Early this year, the company was reported to be one of the strategic investors of Atommerce, the operator of the mental healthcare app Mind Cafe in South Korea.
Its foray into the mental health field could not come at a more opportune time. When the pandemic shut clinics and hospitals for patients seeking consultations and treatment for mental illness, the rate of accessing mental healthcare services fell to just above a tenth of the South Korean population. Telemedicine and mobile health apps provide an alternative option for accessing such needed services in a nation where over 100,000 have been diagnosed with mental disorders and counting.
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