MediThinQ, a company focusing on medical augmented reality (AR) technology, has announced a strategic partnership with Medtronic to introduce the AR wearable display, Scopeye, into the U.S. market.

At a press conference on Wednesday, MediThinQ CEO Im Seung-joon detailed the collaboration's objectives, highlighting the anticipated impact on surgical procedures and the company's growth expectations.

"Scopeye is designed to directly address the physical and mental demands placed on surgeons by traditional surgical processes," Im said. "This head-mounted AR device aims to streamline operations by eliminating the need for surgeons to alternate their focus between the patient and multiple monitors displaying vital data and medical imagery."

Instead, Scopeye projects this information into the surgeon's field of vision, Im added.

Im elaborated on the necessity of Scopeye's development, pointing out the ergonomic challenges faced by surgeons.

"Surgeons have been telling us how turning to look at monitors during operations can lead to physical discomfort, especially during long procedures," he said. "Scopeye aims to mitigate this by providing vital information in their direct line of sight."

Im also stressed that the partnership with Medtronic signifies a major step for MediThinQ, marking it as the first Korean company to have a primary operating room device distributed by a leading global medical device firm.

"Medtronic highly values the safety and effectiveness that Scopeye brings to surgeries, especially those involving critical areas like the spine or skull," Im remarked.

Discussing the company's sales strategy and performance,

The MediThinQ CEO said, "Until now, our sales have been primarily sample-based, and last year, we achieved sales of 1.2 billion won ($896,928), and this year, we anticipate a tenfold increase in sales to between 10 to 13 billion won, with 50 percent of this expected to come from Medtronic."

Beyond this collaboration, Im also commented that his company has secured a $2.1 million investment and exclusive production rights with JLK Technology, a Singapore-based global medical device contract development and manufacturing organization (CDMO) company.

"This move is aimed at strengthening MediThinQ's manufacturing capabilities and facilitating its global market expansion," Im said. "This partnership with JLK Technology is expected to enhance our production capabilities and help in reducing costs, ensuring a stable supply for our expanding market."

MediThinQ is also exploring innovative business models to ensure continuous growth and innovation, with Im suggesting a strategy involving regular upgrades and customization of their devices, similar to the smartphone market, and is considering a rental model to further this goal.

In regards to regulatory approvals, Im stated, "Scopeye has already received medical device approval in several key markets, including the U.S., Korea, Japan, and Europe. We are also preparing to launch a 3D microscope product that builds on existing 2D microscopes with an additional optical solution module."