Lotte's healthcare division, a branch of the diverse South Korean conglomerate, has joined forces with iMediSync to jointly develop innovative healthcare services driven by artificial intelligence (AI).
In accordance with an official press statement, the two companies have formalised a memorandum of understanding to collaborate on a substantial and enduring joint venture. This partnership will harness AI technology to enhance wellness and senior care, with a commitment to engaging in joint marketing and branding initiatives to amplify the visibility of their forthcoming technological advancements.
iMediSync, established in 2012, specialises in the creation of AI-powered EEG screening tools tailored for the diagnosis of neuropsychiatric disorders, including conditions like Alzheimer's disease.
Lotte Healthcare, renowned for its mobile health application named Cazzle, is actively contemplating the incorporation of iMediSync's EEG screening capabilities within their collaborative efforts. Cazzle is notable for its utilisation of AI in conjunction with individual health data to offer personalised health recommendations to its users.
In the broader scope, Lotte Healthcare appears to be particularly focusing on mental health initiatives this year. Notably, the company was identified earlier this year as one of the strategic investors in Atommerce, the entity behind South Korea's mental healthcare app, Mind Cafe.
This strategic emphasis on mental health is timely, especially considering the circumstances surrounding the ongoing pandemic. With the closure of clinics and hospitals during the pandemic, individuals seeking mental health consultations and treatments faced significant challenges. The availability of mental healthcare services dwindled to just a fraction of the South Korean population. In this context, telemedicine and mobile health applications emerged as valuable alternatives for accessing vital mental health services, especially in a country where more than 100,000 individuals have received diagnoses for various mental disorders.
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