Alibaba Group Holding’s research arm, Damo Academy, has received a significant endorsement from the U.S. Food and Drug Administration (FDA) for its artificial intelligence (AI)-powered cancer detection tool. The FDA granted the ‘breakthrough device’ designation to Damo Academy’s Damo Panda model, according to a report cited by SCMP.
Background on Damo Panda
Damo Panda is an AI model designed to identify pancreatic cancer. Alibaba revealed its capabilities in a paper published in Nature Medicine in November 2023. The company has already deployed Damo Panda in trials across China, screening 40,000 people at a hospital in Ningbo city.
Strategic Partnerships and Future Plans
Damo Academy plans to promote the AI model by partnering with firms such as Ankon Medical Technologies. This development comes amid a broader context of increasing AI spending in China, which has drawn attention from industry leaders and investors.
Industry Context and Implications
The advancement of AI in healthcare has significant implications for the industry. Former Alphabet Inc chief executive Eric Schmidt noted that Beijing’s surge in AI spending could help it outperform the U.S. unless Washington redoubles its efforts. Meanwhile, Alibaba’s Quark AI app has surpassed ByteDance’s Doubao, reaching 150 million monthly users in March.
Market Reaction
BABA stock was up 0.25% at $109.14 in premarket trading on Monday. As AI technology continues to advance in the healthcare sector, companies like Alibaba are positioning themselves at the forefront of this innovation.
