What Is ClinTex?
ClinTex CTi is a platform that leverages the blockchain to lower the cost of new drugs and improve the lives of patients. This company will use smart contracts to achieve faster delivery of new medicines at a lower cost. These smart contracts will run both on their private blockchain and on the Ethereum blockchain.
At its core, this platform is a decentralized database for the storage of clinical data. However, it will also host 7 separate DApps. These DApps will aim to optimize and manage key points during clinical trials.
The Current State Of Affairs
Development of new drugs is an industry worth $350 billion. Each new treatment usually requires huge amounts of resources before it goes to market. It is estimated that each new drug costs $2.5 billion.
Another worrying statistic is that about 80% of drug trials often overrun their timeline by about 10.8 months. As a result, it leads to an average of $8 million in lost revenue per day that the drug is delayed. Besides that, the number of clinical trials is rising with the associated costs. This means that drugs will only get more expensive in the future.
The ClinTex Blockchain Clinical Trials Intelligence Platform Solution
ClinTex is a company that aims to enhance the efficiency of clinical trials. To do this, it will offer tools that optimize clinical data quality, operational efficiency, and medical review. Besides that, with the help of the blockchain, it will make machine learning accessible to the end-to-end clinical trial process. This will allow users to extract predictive insight from data without the need for expertise to refine the machine-learning model.
To solve the problems mentioned above, ClinTex will introduce predictive analytics and machine learning to the clinical trials. As a result, it can accurately predict and prevent costly overruns that have become standard in the industry.
If the CTi is able to reduce the cost of clinical trials by just 1%, it will mean more than $35 million in savings globally. This will be passed on to patients, which will ensure they live longer and healthier lives.
Why The Blockchain
The FDA and other regulatory bodies usually have to verify the integrity and quality of all clinical data. The pharmaceutical companies must record any changes to data, who made the change, and when it occurred. A blockchain ledger is a perfect way to store such records.
Since it is immutable, the blockchain will make it possible to create a decentralized clinical database. With the power of machine learning and analytics, this decentralized database will grow in potency with time. This will lead to a powerful tool that introduces untapped opportunities for quality and efficiency.
ClinTex CLX Token ICO Details
ClinTex CTi intends to hold a token generation event in Q3 2018. This will be one of the first token generation events to operate under the rules of the Malta Financial Service Authority. The rules were defined in Malta’s Virtual Financial Assets Act, 2018.