Vancouver, British Columbia--(Newsfile Corp. - October 24, 2023) - Cognetivity Neurosciences Ltd. (CSE: CGN) (OTC Pink: CGNSF) (FSE: 1UB) ("the Company" or "Cognetivity"), a leader in artificial intelligence (AI) powered cognitive assessment technology, is delighted to announce the peer-reviewed publication of the health economic impact of its CognICATM technology in the journal Frontiers in Public Health. The article is available here: https://www.frontiersin.org/articles/10.3389/fpubh.2023.1240901/abstract. This research evaluated the economic impact and clinical benefits of CognICATM compared to standard cognitive tests for dementia screening in primary care and initial patient triage in memory clinics in the UK National Health Service (NHS), showing an initial saving of over GBP £40 million per year if deployed in both primary and secondary care.
In a landscape where healthcare budgets are continually under scrutiny, CognICA's ability to reduce costs has shown to have the potential for substantial positive impact in large healthcare systems. The tool's cost-effectiveness is demonstrable in both primary care and specialized memory clinic settings, outperforming traditional cognitive assessments which require substantial clinician time to administer. Over and above these cost savings, the use of CognICA translates into quality-of-life improvements, as evidenced by the Quality-Adjusted Life Years (QALYs) gains that show the benefits to patients through the use of the technology.
The article underscores the potential for CognICA to yield significant cost savings for healthcare systems like the NHS. These estimates focus solely on immediate savings and do not account for downstream benefits such as reduced caregiver burden, lower lifetime care costs, and other indirect advantages stemming from earlier and more accurate diagnoses of diseases like Alzheimer's. When these broader impacts are considered, the overall financial benefit of incorporating CognICA into clinical practice could increase even more substantially. Currently, the annual cost of caring for individuals with dementia in the UK ranges from £100,000 to as much as £500,000.
Cognetivity's co-founder and CIO, Dr Seyed Khaligh-Razavi commented, "It is always good to build on the high quality of our science and research with further peer-reviewed articles in high-impact journals. These results clearly show the massive potential for cost savings for healthcare payers and providers such as the UK's NHS through the use of CognICA. At such a critical juncture for healthcare systems globally, faced with the dual challenges of an aging population and a surge in dementia cases, it is vital that doctors have the right tools that enable them to help their patients wherever they are and to make healthcare systems more efficient."
He added, "This is particularly timely given the recent approvals of new treatments for Alzheimer's disease, such as Eisai's (TYO:4523) Leqembi along with other upcoming disease-modifying therapies for which it is essential to identify disease at an early stage at scale, something that CognICA can provide."
Currently deployed in clinical practice in multiple countries and diverse settings, CognICA continues to amass compelling evidence supporting its unique capacity for reliable and cost-effective early detection and monitoring at scale, solidifying its role in the ongoing global fight against Alzheimer's disease.
About Cognetivity Neurosciences
Cognetivity is a technology company that has developed a cognitive testing platform for use in medical, commercial, and consumer environments. Cognetivity's CognICATM uses artificial intelligence and machine learning technology to test the performance of large areas of the brain to help detect early signs of cognitive dysfunction. CognICA is currently available for clinical use in the United States, United Kingdom, Europe, Canada and the Middle East, with regulatory approval in other regions expected later in 2023.
On behalf of the Board of Directors
Chief Executive Officer and Director
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