- Volpara Health Technologies is set to expand its footprint in the US lung cancer screening market.
- The partnership with Riverain Technologies will improve access to accurate and efficient lung nodule detection.
- Volpara is seeking further partnerships as part of its growth strategy into the lung cancer screening market.
A global health technology software leader, Volpara Health Technologies Limited (ASX:VHT) has teamed up with Riverain Technologies to drive expansion of its software platform into the US lung cancer screening market. The partnership will serve a bigger purpose of saving more lives from cancer.
For several healthcare organisations, it becomes a challenge to track patients and ensure that they receive screening and follow-up exams on time. But Volpara’s patient reporting, tracking, and risk assessment software can solve the issue by efficiently detecting lung nodules and tracking patients throughout the screening and diagnostic process. Also, Riverain’s effective artificial intelligence solution will build on its lung reporting and tracking capabilities.
Overall, the collaboration will improve access to accurate and efficient lung nodule detection, specifically across the Veterans Integrated Service Network (VISN), where both the firms offer services at multiple sites.
Image source: © Ivelinr | Megapixl.com
Volpara’s role in saving families from lung cancer
With an integrated platform for personalised breast care, Volpara entered the screening market in June 2019. The acquisition of Aspen® Lung from MRS Systems, Inc. was one of its initial steps of progression in the lung cancer screening market.
Volpara Lung software stands out as the finest screening solution for lung cancer, as it helps in keeping a track of patients who are overdue for their follow-up exams or screening. The software allows smooth patient management via advanced, integrated, and adaptable reporting, tracking, and risk assessment at every stage, be it scheduling or diagnosis. It provides customisable reminders, structured reporting, and over 40 statistical reports to monitor and track patients.
Also, Volpara Lung performs the task of collecting and checking patient details and other related information for reimbursement purposes.
Early detection of lung disease with Riverain Tech
Ohio-based Riverain offers solutions for early detection, diagnosis and management of lung diseases using intelligent, enterprise-wide, standard-of-care artificial intelligence tools. Riverain’s ClearRead™ suite is approved for concurrent reading, saving radiologists time and steps in enhanced image review.
It adds to the abilities of a clinician to accurately diagnose a disease using patented vessel (CT) and bone (x-ray) suppression technology in thoracic images—for earlier, more efficient detection of lung abnormalities.
What makes US a potential screening market for Volpara?
One of the prime objectives of the agreement is to establish Volpara’s presence in the US as it has significant commercial potential for the company and its nodule detection and diagnostic platform.
Lung cancer, which is the third most common cancer in the US, accounts for more deaths than any other type of cancer. Reportedly, approximately 130,000 people lose their lives to lung cancer each year. Low screening percentage can be one of the reasons for so many deaths. Early detection can bring a significant rise in survival rate.
Thus, measures are being taken to develop and expand lung cancer CT screening programs. After recent constructive actions, around 15 million people have been registered eligible for a reimbursement of ~US$250 per scan in the United States.
Following the positive trends for lung cancer screening in the US, the ASX-listed company aims to widen its reach in the US market. With its partnership with Riverain, Volpara will focus on scaling up its current reach of 8% in the US lung cancer screening space to higher levels.
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Driven by the mission to expand in the US lung cancer screening market, Volpara is looking forward to collaborating with more lung imagining, diagnostics, and AI companies in the US.
The partnership with Riverain is part of its growth strategy, aimed at increasing market share, adding more revenue, and expanding operations.
Stock performance: VHT stock was trading at AU$1.240 at 12:43 PM (AEST) on 8 September 2021 on the ASX, with market capitalisation of AU$306.65.