Real-time software company Vection Technologies (ASX: VR1) has signed a deal with a public hospital in Italy to trial its augmented reality healthcare solutions.
The initial trial agreement was signed with the San Guiseppe Moscati Hospital of National Relief and High Speciality, in the Campania region of southwest Italy, and the LUISS Business School, part of the independent LUISS University in Rome.
The three-month trial is critical for the introduction of augmented reality solutions in the ‘Italian Model for Risk Management in Healthcare’, a national model that operators must adopt to manage risk in healthcare.
The trial will integrate Vection Technologies’ augmented reality healthcare solutions within the Moscati hospital, focussing on augmented reality for endoscopic surgery and real-time access to the electronic medical record system through wearable devices.
Vection Technologies managing director Gianmarco Biagi said the agreement represents a “key commercial milestone” and a “globally scalable opportunity” that sets the foundations for long-term growth, providing a “strong opportunity for recurring revenue growth during the second half of FY2021 and into FY2022”.
“This initial trial represents the culmination of a lengthy regulatory process with key public stakeholders enabling Vection Technologies to affirm itself at the forefront of the digital healthcare transformation, introducing augmented reality as a new standard in healthcare risk management,” he said.
Vection Technologies said this first hospital milestone aligns with the company’s six-months objectives to advance its solutions across healthcare, as well as its commitment to annual recurring revenue.
Material impact of the agreement
Vection Technologies said the financial impact of the agreement is “not determinable” at this stage as direct revenue is subject to the successful outcome of the initial three-month trial.
However, it anticipated the agreement will be material for the company based on the high barriers to entry within the public healthcare sector and the direct involvement of key executives of the Italian Model for Risk Management in Healthcare.
Italy an ideal test market
According to Vection Technologies, Italy represents the “ideal test market” for the company to introduce its real-time healthcare focussed solutions given its approximate 1,000 accredited hospitals.
LUISS Business School associate dean for Executive Education and Lifelong Learning, Enzo Peruffo, said augmented reality represents “the key to the digital healthcare transformation, potentially transforming healthcare practices across all critical functions, from training to in-practice usage”.
“We are looking forward to support Vection, and the widespread adoption of these technologies, across the national health system to secure safer outcomes for health professionals and patients alike,” he said.