Blockchain Technology to Revolutionize Clinical Trial Procedures, An Industry to Benefit From it the Most
Clinical trial research has become problematic over the course of time, as it not only costs nearly 80 folds to come up with an appropriate medication proposal, but also lacks proper use of collected data. The severity of the problem at hand is supposedly so bad that patients are negatively affected the most. In particular, delayed research results in delayed treatments to patients and ultimately compromises a life for every 14-second delay, as per Coin Announcer.
So, what now? It appears that blockchain technology serves the most use in the healthcare industry, especially when it comes to compiling and using data in a private and transparent manner. According to a McKinsey June 2018 report, the innovative technology not only has the potential to revolutionize the healthcare industry, but also others like that of financial and governmental services.
As per pharmaceutical tech firm, PhUSE’s April 2018 paper titled, “How Blockchain Can Transform the Pharmaceutical and Healthcare Industries” … “blockchain is a disruptive technology” and it should be incorporated across different industries.
When considering the association between blockchain and its usefulness within clinical trial research, the paper found that patients were more likely to get treated three to five years earlier than procedures directed through traditional means.
Who will get the lead within this respective sector? It appears that UK-based medical professionals of the ClinTex will be overseeing the use of various technologies to address every stage of clinical trials. ClinTex is working towards a platform called “Clinical Trials Intelligence” (CTI), which aims to bring together all the parties involved in clinical trials.
As for the role of CTi, it appears that the platform will house a “clinical trial datahub”, which contains the necessary data for such trials with permission for distribution among different companies. Ultimately, the platform will help to promote efficiency within clinical trials, while ensuring that each procedure is done with utmost quality.
Neil Barron from Clinical Data Analytics is aware of the big money pharmaceutical companies are willing to put into clinical research, adding that, “they need to know that their investment remains proprietary, so they can recoup their considerable upfront costs.”
Furthermore, such companies emphasize the need for a proper data collection and implementation system that does not compromise a patient’s privacy. Through CTi, Barron trusts that “researchers [can] safely collect and analyze data used in clinical trials. This is something that big pharma has been demanding for years.”
While ClinTex’s CTi project is still under progress, according to Coin Announcer, many firms and professionals have since been watching. Michael Kolovetsios, a pharmacist from the Clinical Commissioning Group Medicines Optimisation previously shared that,
“Running clinical trials today requires more effective data insights and better resource utilisation. […] CTi will deliver both the operational and clinical efficiency to the testing of new medicines, leading to faster data extraction and analysis. This will ultimately benefit patients, the pharmaceutical company and society.”
What are your thoughts on blockchain technology being more useful in one industry over others? Share your thoughts below!