Battle of the AI ​​Medical Scribes – .

Battle of the AI ​​Medical Scribes – .
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Augmédix, the only publicly traded AI medical scribe , reported revenue of $13.5 million in the first quarter of 2024, up 40% from the previous year. But as of Tuesday’s close, a day after the earnings release, the stock was down more than 50% to $1.15 per share. The reason? Concours.

CEO of Augmedix To Manny Krakar told analysts that the company was lowering its 2024 revenue outlook to a range of $52 million to $55 million, down from previous estimates of $60 million to $62 million. “There are currently 42 companies in this space offering AI generative medical documentation solutions,” Krakaris said on the earnings call. “So there’s a lot of noise in the market and a lot of trials going on.” He added that he believes Augmedix’s range of options, from a fully automated system to human in the loop will ultimately prevail as different doctors have different preferences.

The company is making a big push to get its fully automated AI scribe used in emergency services, which was placed on general availability last month following a pilot with HCA Healthcare. It’s faster and cheaper than the human version in the loop. Ahead of the earnings release, Forbes sat down with Augmedix founder and chief strategy officer Ian Shakil, who provided insight into how the company plans to differentiate itself.

“No [emergency department] It’s really difficult,” Shakil said, due to terrible acoustics, patient rooms separated by curtains, multiple voices and doctors constantly moving from bedside to bedside. Augmedix offers a hands-free option which includes a lavalier mic, rather than having to place a phone on a surface. The idea is to conquer complex specialties, like emergencies and oncology, Shakil said. “If we can show strength and differentiation there, we can win accounts.”

Augmedix started by trying to create essentially a hands-free system Device based on Google Glasses for doctors and Shakil hasn’t given up trying to make the hands-free experience even better, even though he’s no longer interested in custom hardware. Today he’s thinking about microphones and sensing equipment that uses what’s already in – think smart TVs, fall detection monitors, and other sensing equipment that could be leveraged.

“The other benefit, which is really exciting, is team documentation,” he said. In a hospital, several doctors, nurses, and other clinicians may care for a patient. “To the extent that these hospitals are partnering and innovating and making their rooms smart,” Shakil said, “that allows us to kind of follow those rails.”


This $2.2 billion startup’s GPT-4-powered AI robot demystifies insurance

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Livongo co-founder Glen Tullman introduces a new AI chatbot built on the same technology that powers ChatGPT, as part of his latest venture Transcarent, which announced a $126 million Series D at a valuation of 2, $2 billion earlier this month. The bot will aim to answer health insurance-related questions that more than half of Americans regularly ask, such as: How much will to pay for this doctor visit? But experts say Transcarent’s business could be more of a band-aid than a panacea, even though there is a growing market — Grand View Research estimates it at $10 billion — for helping people find and pay for health services.

Learn more here.


Pipeline and transaction updates

Infectious disease: Bluejay Therapeutics announced a $182 Series C round to advance its clinical pipeline for viral and liver diseases.

Immunology: Attovia announced that it has raised a $105 million Series B round to advance its clinical pipeline for the treatment of immune-related disorders.

Obesity: Metaphore Biotechnologies has signed an R&D agreement with Novo Nordisk to develop two potential obesity drugs in a deal potentially worth up to $600 million.

Capital risk : Sands Capital announced that it has raised $555 million for its new life sciences fund, Pulse III.

Longevity: Retro Biosciences and Multiply Labs announced an $85 million deal to automate the manufacturing of cell therapies for treatments for age-related diseases.

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Pain: Brixton Biosciences announced that it has raised a $33 million Series B aimed at developing new treatments for chronic pain.

Alzheimer: Takeda announced that it has entered into an option and licensing agreement with AC Immune with a potential value of up to $2.1 billion for the latter’s Alzheimer’s disease drug candidate.


Why Lilly and Novo Nordisk will continue to dominate the GLP-1 blockbuster drug market

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The massive interest in GLP-1 drugs has led to a business boom for the two dominant pharmaceutical players in this field, Lilly and Novo Nordisk, who have sold more than $7.3 billion worth of their GLP-1 drugs to the during the first three months of the year. And between increased manufacturing capacity and new drug pipelines, both groups are well-positioned to continue to dominate the market in this new category of drugs, which have generated enthusiasm in the industry thanks to their strong effectiveness against a a number of different diseases while having little security. concerns for patients.

Learn more here.


Other health news

Toddler was able to hear for the first time after being treated with pioneering gene therapy for deafness.

Groupe UnitedHealth has invested more than $1 billion in housing as it scales up an increasingly effective strategy to address the social determinants of health.

If you wish to keep towards out of your brain, here are some tips.

Novo Nordisk semaglutide (the key ingredient in and Wegovy) could significantly reduce the risk of heart attacks and strokes, whether patients lose weight while taking it or not.

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Despite outbreaks of H5N1 bird flu in dairy cattle, raw milk lovers don’t feel intimidated (LA Times)

WuXi Biologics Executives Sign Up to Lobby as Congress Comes in Company’s Favor (Stat)

How to kill the “zombie” cells that make you age (Nature)

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