Lunit cements European presence with Amsterdam-based subsidiary
In mid-February, the South Korean biopharmaceutical company announced its decision to establish a wholly-owned subsidiary based in Amsterdam. Lunit specialises in artificial intelligence (AI)-assisted cancer diagnostic solutions, and with this step they hope to strengthen their positioning in Europe.
Pioneering the next generation of cancer care
Lunit’s new wholly-owned subsidiary, Lunit Europe Holdings, will be based in Amsterdam and replace the branch office which previously acted as a base for European sales and marketing. By establishing a subsidiary, the biopharmaceutical company plans to expand its sales network and fortify existing partnerships with major medical device companies. This move is also expected to increase sales of their Lunit INSIGHT MMG – a mammography AI image analysis solution for breast cancer screening.
Effective AI-assisted diagnostics
In 2019 and 2020, Lunit obtained CE marks and commercial approval in the European Union for its AI radiology solutions, the Lunit INSIGHT CXR and Lunit INSIGHT MMG. Since then, the company has established a presence in the European medical device market through various partnerships with global companies, along with conducting major clinical studies validating the effectiveness of Lunit’s AI in assisting the accurate and efficient diagnosis of patients.
The company is expanding its European offering at the right time. Many European countries require a "double reading" to be performed during breast cancer screening, meaning 2 radiologists must give their input. With an increasing shortage of radiologists, an effective AI-assisted solution is an attractive option to manage workloads more effectively.
Flourishing in Amsterdam’s life science and health ecosystem
Since early 2020, Lunit has chosen the Netherlands and Amsterdam in particular as a base for its European business. This is thanks to the area’s strong reputation for impactful research, well-connected life science and health ecosystem, and proximity to major regulators like the European Medicines Agency.
Chris Land, Lunit’s Sr. Product & Clinical Marketing Manager, said the Netherlands was the only choice when it came to establishing themselves in Europe; “We chose the Netherlands as our European base because of the strategic location, large start-up scene, strong medical research and focus on innovation.”
Of Lunit Europe Holdings establishment, CEO of Lunit Brandon Suh says, “Lunit’s creation of a European subsidiary is a major initiative to boost our business agility and seize new business opportunities within the European market. We expect our establishment of Lunit Europe Holdings to serve as a stepping-stone to increase our profitability by strengthening Lunit’s global capabilities and brand awareness.”