Wednesday, 17 July 2019

CloudMinds partners with Retail Pharmacy to implement AI

09 May 2019 | News

CloudMinds provides a complete cloud-based AI solution for the medical industry, addressing unmet needs in the pharmacy retail market.

Representative Image

Representative Image

Artificial intelligence (AI) is pioneering a new wave of innovation in the medical industry prompting large healthcare providers to quickly implement AI to adapt to this technological revolution. AI has become a key strategic focal point for retail pharmacies, nursing, and other medical providers to upgrade their service delivery.

CloudMinds provides a complete cloud-based AI solution for the medical industry, addressing unmet needs in the pharmacy retail market. For example, leading U.S. medicine distributors are implementing CloudMinds smart Raman spectrometers to support important supply chain activities including, incoming drug identification, drug sorting, quality control testing and recycling.

Smart Cloud Raman Spectrometer Addresses Unmet Needs in the Medical Retail Industry

Retail sales are a key component of the pharmacy supply chain. Government legislation in both the European and American medical industries has made retail pharmacy the most regulated and important endpoint in prescription drug sales. Pharmacies need to build a strong brand identity with their clients and can use the CloudMinds XI smart Raman spectrometer to ensure pharmacy dispensing accuracy and retention via better drug supply chain quality.

Independently developed by CloudMinds, the XI smart Raman spectrometer uses a patented optical design to improve collection efficiency, increase signal-to-noise ratio and reduced detection times. Through the use of lightweight, smart hardware, and AI technology applications, XI(TM) outperforms competitors, ensuring superior accuracy and reliability in drug identification. XI supports the detection of a mixture of up to three substances and achieves components recognition with ratios in 5 seconds or less, by leveraging deep learning AI for data training. This is a great improvement over the 6-30 second material matching time of traditional smart Raman spectrometers.

Pharmacy distribution and transmission generate massive amounts of data in their detection, sorting and recycling processes. CloudMinds XI(TM) quickly and accurately identifies the types of drugs being processed by leveraging a state-of-the-art cloud intelligence architecture, improving drug sorting and recycling efficiency in pharmacy retail stores. Store assistants can also get correct drug background information by a simple click on the XI interface, minimizing mistakes caused by manual sorting.

Unlike traditional solutions, the CloudMinds XI smart Raman spectrometer not only uses a local information database, but also leverages a large database in the cloud, giving it the ability to continuously update in real-time. The massive amount of drug testing data generated by each device is shared by the cloud brain, and AI algorithms in the cloud synchronize the drug information on each device. This ensures that each XI(TM) device in the supply chain has the same recognition capabilities. For large pharmacy retailers, this is critical, as it significantly reduces equipment maintenance costs and ensures service reliability.

Interest in the CloudMinds' AI technology innovation has been keen. XI won the prestigious 2019 Prism Award in the category of sensors and detectors. The Prism Award recognizes outstanding examples of innovation and thought leadership in photonics research and development. CloudMinds has also signed an initial contract with a retailer giant for several hundred XI units worth over $4 million and has received strong interest from several other retailers. CloudMinds will continue to partner with large pharmacy retailers to expand the XI(TM) business and accelerate the technological transformation and development of the pharmacy retail industry.

 

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