Predictmedix Inc (CSE: PMED; OTCQB: PMEDF; FRA:3QP) plans to make its AI-powered, non-invasive diagnostics available in mobile applications in the future. The company said Predictmedix has begun production of its mobile application for cannabis and alcohol impairment detection. This involves connecting an AI-driven mobile app with a wearable multispectral imaging camera to detect impairment caused by alcohol and cannabis. The non-invasive solution targets global law enforcement, transportation and other high-risk mobile industries.
AI-powered app already better than conventional alcohol breath test
In a recent study, Predictmedix achieved over 90% accuracy in identifying impaired individuals, with a screening time of less than 30 seconds to identify impairment. This means that the accuracy of AI-based tests is already significantly better than conventional alcohol breath tests, which have an error rate of up to 50%, according to the National Motorists Association.
Alcohol and cannabis impairment is an ongoing problem for law enforcement and high-risk industries around the world - and current testing protocols are lengthy, costly and burdensome. Companies offering drug testing have failed to develop a product that is reliable, fast, cost-effective and non-invasive - all in one product. Predictmedix's portable solution, designed for law enforcement and other high-risk mobile industries, addresses the issues that companies and organizations have struggled with for many years.
The more data, the greater the accuracy
Predictmedix uses a multi-parametric approach to identify unique and specific characteristics based on facial and speech analytics, which are analyzed by AI algorithms to produce an unbiased result. The multispectral camera captures data with non-visible wavelengths from which the AI algorithms extract features associated with alcohol and/or cannabis impairment. AI is inherently self-learning, and Predictmedix's algorithms improve as more data is collected and processed, leading to greater accuracy and speed over time.
Although the combination of multispectral imaging and speech analysis has resulted in over 90% accuracy in identifying impaired individuals, the speech analysis component of the solution alone has achieved impressive accuracy in identifying impairment. Predictmedix recognizes the potential that this particular use case has for the end user and is currently taking steps to protect the rights and intellectual property in the technology for commercialization and shareholder concerns.
Dr. Rahul Kushwah, Chief Operating Officer at Predictmedix commented, "We are pleased to announce to our shareholders that we are making very good progress with our wearable impairment detection solution for individuals. Based on our research and discussions with high-level interlocutors, we believe that our product will be in high demand in various industries around the world. In 2021, the drug screening market was estimated to be over $5.2 billion, and by 2030, it is projected to be over $22 billion."
Bottom line: Predictmedix can fundamentally change the health screening market with its AI-powered, non-invasive diagnostics. Already, the mobile app achieves far better accuracy than conventional alcohol breath tests. Yet it is in the logic of AI-based solutions that they get steadily better as the wealth of data increases. There is a lot to suggest that the days of blowing a tube are coming to an end - something neither police officers nor drivers are likely to regret.
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According to §34b WpHG and § 48f Abs. 5 BörseG (Austria) we would like to point out that GOLDINVEST Consulting GmbH and/or partners, principals or employees of GOLDINVEST Consulting GmbH hold shares of Predictmedix and therefore a conflict of interest exists. GOLDINVEST Consulting GmbH also reserves the right to buy or sell shares of the company at any time. Furthermore, GOLDINVEST Consulting GmbH is remunerated by Predictmedix for reporting on the company. This is another clear conflict of interest.