Innoplexus AG recently announced that they are updating their iPlexus platform which will leverage the power of blockchain technology and artificial intelligence to resolve inefficiencies in early-stage drug discovery.
Problems Faced By Drug Industry Presently
The high-risk nature of drug R&D is one of the primary causes of high drug prices. In the US, research and development consume 20% of total pharmaceutical revenues – £41 billion ($59 billion) in 2015. Some problems caused by this high risk/reward ratio are:
- The increase in preclinical timelines
- The longer FDA approval process implemented by the Prescription Drug User Fee Act
- Unreliability and difficulty of access to published data
- Sub-par predictive modeling during preclinical R&D
- The increasing complexity of clinical trials for chronic diseases
- The outsourcing of phase 1 discovery to small organizations, which drives innovation but can result in lower success rates.
How Innoplex Uses Cutting Age Technology To Solve These Issues?
Blockchain: Blockchain can elevate the data collection process for clinical trials through the use of ‘smart contracts’ that provide researchers with real-time patient data in a completely secure and efficient format. Smart contracts can also be used in medical record systems, where they allow healthcare providers and patients to share access to patient records and make payments for services with unprecedented security. Potential applications in the supply chain are also being explored.
Artificial Intelligence: Third-wave AI programs are dramatically expanding the breadth and variety of data that can be analyzed during drug discovery and research, and is accelerating the pace of that analysis to literally superhuman speeds. These programs also have the ability to generate and test novel hypotheses much more efficiently than the traditional process allows, enabling faster and more accurate clinical trial periods.
Big Data: New technologies such as electronic medical record systems, DNA repositories, health and fitness apps, and smart pills are opening the door to nuanced, massive-scale, real-time biological data. Also significant is the fact that this data no longer has to be manually sorted by humans into reporting databases and diagnosis codes. The sorting, structuring, and analysis of biological data are increasingly being automated by the Third-Wave AI programs.
Co-founder and CEO Gunjan Bharadwaj said: “Our mission at Innoplexus is to democratize the drug discovery process. We believe that cutting-edge technologies like AI and blockchain are the key to making this possible. After over 6 months of research, we believe that the new iPlexus is a major step forward for the preclinical trial industry and will solve many of the problems that are slowing the industry down. By overcoming these challenges, we will make drug discovery more efficient and bring down the consumer price of drugs.”
With the launch of iPlexus on June 30, 2018, iPlexus will revolutionize the sharing of research work in preclinical life science research and drug discovery by giving researchers a secure, blockchain-and-AI-based platform for publishing and extending license to use unpublished data from successful and failed experiments.