The Soros Economic Development Fund (SEDF), founded by George Soros, with support from the Bill & Melinda Gates Foundation and several philanthropic investors, has announced the launch of Global Access Health (GAH), a social enterprise that will seek to expand access to affordable medical technology.
As part of this initiative, the group financed the acquisition of the British company Mologic, a developer of lateral flow and rapid diagnostic technologies.
GAH members will invest at least £ 30million ($ 41million) in the deal.
WHY IS IT IMPORTANT
Mologic is developing tests that can help fight tropical diseases such as dengue fever, bilharzia and river blindness, as well as COVID-19.
SEDF’s investments in GAH and GAD are part of a portfolio of recent investments made in support of Open Society Foundations’ commitment to expanding global access to affordable public health products and technologies.
The initiative will aim to achieve this goal through decentralized research, development and manufacturing in and for the countries of the South.
The transaction will give the project the capacity to fill gaps in the provision of global diagnostics in low-income communities and regions.
“Testing, or diagnostics, is essential for daily public health needs, to enable physicians and healthcare professionals to provide patients with appropriate treatment as early as possible,” said Roxana Bonnell, public health expert at the Open Society Foundations. “As we saw during the COVID-19 pandemic, access to testing is absolutely essential to contain the spread of contagious diseases, an issue that ultimately affects us all.”
THE BROADER CONTEXT
Recently, Indian healthcare solutions provider HealWell24, together with actress and philanthropist Gul Panag, launched their latest web platform which provides a space for connection between doctors and patients.
ON THE RECORD
Sean Hinton, CEO of SEDF, said: “The COVID-19 pandemic has painfully demonstrated the fundamental inequalities in global public health, and in particular the critical importance of access in low- and middle-income countries to low and high prices. Quality diagnostic tools that save lives. In this unique transaction, philanthropic funds and investors work together with a knowledgeable and visionary management team in a truly innovative way to address at least part of this failure by allowing a leading commercial enterprise to focus all of its resources on solving one of the world’s most pressing public health problems.
Mark Davis, CEO of Mologic, said: “Mologic’s transition to a social enterprise is a deliberate, logical and natural step for a company focused on delivering affordable diagnostics and biotechnology to places that have been underserved by the world. relentless pursuit of profitability. With the support of our shareholders, donors and partners, we have come a long way; we believe we have the right people and skills for the challenges and opportunities ahead. And we hope this unique transaction will be an example for others to follow.
“Your efforts under bridges were undoubtedly exhausting.”
–Caledon Hockley, Titanic, 1997
I once heard of a patient who developed red, edematous patches on the skin of her face that looked a lot like the lesion in her face. this photo. It was first treated as shingles and got worse. It was eventually biopsied and called cutaneous lymphoid hyperplasia. A number of different treatments have been tried without any improvement. He was biopsied again, same result. This time, they performed molecular genetic analysis by PCR for a rearrangement of the immunoglobulin heavy chain gene. The result, which took more than a month to return: polyclonal cutaneous lymphoid hyperplasia. Eventually, when nothing else worked, it was treated with radiation, responded beautifully like lymphomas do, and never came back.
Previously, his doctors would have looked at the clinical presentation, seen the infiltration of B cells on the pathology, called it cutaneous lymphoma, and treated accordingly, skipping almost 2 years of other management which resulted in no improvement. from this the patient’s condition.
I don’t know what I’m trying to say about this except that sometimes our new fancy tools fail us. Testing with immunohistochemistry and genetic analysis can be incredibly powerful tools in the fight against cancer. They can also lead to weeks of procrastination as the patient’s face falls. They undoubtedly avoid many situations where the patient would get the wrong treatment for what they really got, but if used improperly they can also really delay the right treatment. Time is healing.
It reminds me of a funny story from my days in the Navy. Back when Admiral (then Captain) Hyman G. Rickover was able to convince Congress to put incredibly expensive nuclear reactors in Navy ships, he was faced with a difficult dilemma: Should he take Navy ship operators and try to teach them nuclear physics, or take nuclear physicists and try to make them naval officers? He chose the latter, and to maintain quality control, personally interviewed each of them before hiring him, to the tune of tens of thousands of job interviews over the next 24 years.
The decision caused another dilemma, however. Nuclear physicists tend to get deeply involved in solving the puzzles inherent in their work. Everyone was concerned that those egg heads in the “hole” (engine room) at the bottom of the ship would focus on minor details of their surroundings, such as incoming enemy missiles, in their zeal to solve a mystery of the ship. engineering or another. The result of this concern was that each Nuke had to learn to drive the ship, so that he could imagine exactly how tense the situation on the deck must be as he worked to recover the engines / electrical system / launch catapults. planes. online again. And so it was, comrades, that yours truly learned to steer a ship the size of the Empire State Building and filled to the brim with over 5,000 of his closest friends. Turns out I’m pretty good at it and stayed there for 2 years after that, in addition to my main job with reactors.
The parallel I’m trying to draw here is that I sometimes feel like catching my diagnostic friends for as long as it takes to start treatment, just to jog their memory a little as to the state of affairs in the- above decks. But then the cooler, more rational part of my brain takes over. I would prefer that they do their job without such distractions. They really are a great team and they work very hard.
Please join the discussion below, but if you need to communicate with me offline, you can reach me at [email protected]
Kate Hitchcock, MD, PhD, is a retired radiation oncologist, biomedical engineer, and aircraft carrier pilot who grew up as a Wyoming cowgirl. When she’s not in the hospital, you can find her with Carolyn, Mary, Tyler, Nick, Marlee and Colby the barking dog, enjoying the natural splendor of the great state of Florida. She thinks you should visit someday and try to solve the riddle of why the natives so carefully directed all tourists to the House of the Mouse. Join her on Twitter: @hitchcock_kate
Philanthropists George Soros and Bill Gates are part of a consortium that buys a UK developer of testing technology that they plan to turn into a social enterprise capable of rapidly and inexpensively diagnosing tropical diseases in low-income countries.
The group, led by the Soros Economic Development Fund, will invest at least £ 30million in Mologic, a developer of lateral flow tests, including those used for Covid-19.
In an unusual deal, Mologic, a for-profit company based in Bedford in the south-east of England, was purchased so that it could focus on manufacturing low-cost diagnostics for tropical diseases such as dengue and river blindness.
Mologic was co-founded by Professor Paul Davis, one of the creators of the original ClearBlue pregnancy test, and his son Mark. It will be renamed “Global Access Health”.
Mark Davis, Managing Director of Mologic, said it was time for people to put Africa first, not to leave it as “Ariadne’s sons”.
“The only way to do more was to disconnect from the unbridled profits,” he said.
He said a rapid antigen test was a “fantastic piece of very simple technology, where all the intellect is hidden in plain sight”. Precision rates were improving dramatically and could eventually approach those of molecular tests, he added.
Along with SEDF, the investment arm of Soros’ Open Society Foundations, the Bill & Melinda Gates Foundation is also supporting the takeover of the British company whose current owners are Foresight Group LLP and Calculus Capital. Other philanthropists also participate.
Sean Hinton, managing director of SEDF, said the new company would try to address a “classic market failure” in which the industry had failed to make testing widely available in low-income countries. Instead, he had focused on a “high cost, high impact” physician-led model in developed economies that could not be easily replicated across the world, he added.
Describing it as a “buyout for good,” Hinton said the Mologic deal was the first time the foundation has used this model. “We took out the venture capital, removed the need for return on equity, but it will continue to operate like a business,” he said.
Mologic worked with a Senegalese research institute to test a 10-minute Covid-19 diagnostic, with the goal of ultimately doing it for $ 1. Its sister company Global Access Diagnostics, also a stake in the buyout, has received millions of pounds in funding from the UK to expand manufacturing of the Covid-19 lateral flow tests.
The company’s Covid-19 tests have received CE certification, so they can be deployed by a professional in Europe, but are not yet adopted by Public Health England or approved in the United States.
Covid-19 has shown how lateral flow diagnostics can be used far beyond pregnancy tests, inexpensively to track infectious disease.
Dan Wattendorf, director of innovative technology solutions at the Gates Foundation, said the pandemic had been a “bugle call” about the importance of access to diagnostics. He said if Mologic’s social business model is successful, its use could be explored in other areas.
“The community’s lack of access to affordable and effective diagnostics for COVID – or other high-risk diseases – results in an inability to detect the disease and allocate resources to break chains of transmission,” did he declare.
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Market segmentation of AI-based medical diagnostic tools
Global AI-Based Medical Diagnostic Tools Market By Application
Global AI Based Medical Diagnostic Tools Market By Diagnostic Tool
Medical imaging tools
Automated detection systems
Scope of the AI-Based Medical Diagnostic Tools Market Report
Market size available for years
2021 – 2028
Reference year considered
2015 – 2020
2021 – 2028
Revenue in millions of USD and CAGR from 2021 to 2028
Types, applications, end users, etc.
Cover of the report
Revenue forecast, company ranking, competitive landscape, growth factors and trends
North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Scope of customization
Free customization of the report (equivalent to 8 working days for analysts) with purchase. Add or change the scope of country, region and segment.
Price and purchase options
Take advantage of personalized shopping options to meet your exact research needs. Explore purchasing options
Geographical analysis of the AI-based medical diagnostic tools market:
The latest Business Intelligence report analyzes the AI-based medical diagnostic tools market in terms of market size and consumer base in key market regions. The AI-based medical diagnostic tools market can be divided into North America, Asia-Pacific, Europe, Latin America, Middle East, and Africa based on geography. This section of the report carefully assesses the presence of the AI-Based Medical Diagnostic Tools market in key regions. It determines the market share, market size, sales contribution, distribution network and distribution channels of each regional segment.
Geographic segment covered in the report:
• North America (United States and Canada) • Europe (UK, Germany, France and rest of Europe) • Asia-Pacific (China, Japan, India and the rest of the Asia-Pacific region) • Latin America (Brazil, Mexico and the rest of Latin America) • Middle East and Africa (GCC and rest of Middle East and Africa)
Reasons to buy this report:
Assessments 2021-2028 AI-Based Medical Diagnostic Tools Market Advancement Outlook with New Inventions and SWOT Analysis.
Situation of the elements of the market, as well as the chances of development of the market in the years to come.
Investigation of market division, including subjective and quantitative exploration merging the effect of financial and strategic perspectives.
Territorial and national level review incorporating demand and supply powers that affect market development
Competitive landscape comprising the market share of major players, along with new assessments and strategies adopted by players in the past five years.
Comprehensive organization profiles covering product offerings, key financial information, recent developments, SWOT analysis and strategies used by major players.
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