The ways where Blockchain technology is developing healthcare is an important position. There are a variety of reasons that justify its importance. Health care companies and other industries are currently trying out solutions using Blockchain.
The patient is waiting
The Pharmaceutical industry’s primary objective is to get more efficient drugs to patients more quickly, it’s easy as that. But is it?
If you take off the hood of your car beneath, you will find numerous moving components that need to work in concert. The way these components are able to push the vehicle forward will determine the speed at which you travel as well as the type of fuel you choose to use.
The same principles apply to every Clinical Trial. A Pharmaceutical company that sponsors the study, usually using some or all Clinical Research Organizations (CROs) to manage the study.
various medical sites and Investigators are hired to find and supervise the participants. In order to support this, you will have all the enabling functions, supply of drugs safety reports, security and regulatory requirements to meet.
There are many moving parts and a large amount of information. The more complicated the study in terms of patient’s locations, countries, and partners, the more data you have to manage.
If you begin to extend the model to include several studies in and between Pharmaceutical firms (and CROs) across different Therapeutic Areas and regions, the increase in data is exponential.
The clock is ticking
The majority of people know that patents on drugs in the US are valid for 20 years. However, what people may not be aware of is that once the drug patent is registered and filed the clock begins ticking on the 20 years.
If a drug requires 10 years to pass through the testing phases before it is accepted and then put on the market, the patent has only 10 years remaining.
This is the true cost impact and is the reason why drugs appear expensive since manufacturers often have an extremely short period of time to pay the huge R&D expenses prior to expiring the patent.
It is believed that Pharma companies will lose $600K in potential earnings every day that a trial is held up for a drug that is a niche one or $8 million per day for the blockbuster. Based on the Clinical trials.gov website there are over 350,000 trials being conducted across the globe.
Right time, right place
In the past, Pharma companies have tended to focus on their own requirements and objectives, that is understandable.
However, from an industry standpoint it has created gaps in the effort to tackle common problems and opportunities for improvement that would benefit everyone. Even though this will require initial investment and cooperation, if it is done correctly, it will allow the company to concentrate on benefits.
This is the reason Pharma should be aware of blockchain technology, as it could be a game changer for the sector and should not be considered as a mere technological advancement.
Blockchain isn’t a replacement for the existing technology, but if in the right way, it can be a complement to them, providing a more efficient, faster circulation of information and data.
Can you trust your data?
In the past, to handle this, data from studies is usually duplicated and stored several times across a variety of systems used by a variety of organizations. This isn’t an intentional practice but is often the consequence of circumstances like:
- Inadequate integration between the various applications
- Many years of mergers and acquisitions resulted in many old systems
- Software modifications and internal workarounds
- Inconsistent and outdated processes
Whatever the reason, this could cause major problems when trying to coordinate the reporting and synchronization of information, resulting in a huge amount of revisions, manual verification, and evaluation. This, in turn, leads to delays in studies and increased expenses.
Although the time it takes to launch for drugs is crucial for patients in waiting, but it’s also important for drug makers and not just because it costs more for each study that runs (which is the case).
The blockchain-based transformation platform, accelerators, and services will assist each of our stakeholders create an open future that promotes the safety of patients and adherence to regulations by providing a chain-of-custody record for each individual drug throughout the value chain.
Key Solutions from Blockedge
- Blockchain consulting and advice
- Blockchain network deployment via platforms
- Apps for dApps as well as Smart Contract development and implementation
- Accelerators-enabled Blockchain IT integrations
- Management and operations of global networks
Blockchain as a data enabler
The ability of Blockchain to tackle these issues is one reason Blockchain could transform the game for Pharma.
What if each study’s data was stored in a secured, secure location that has an audit trail? What if industry-wide data were stored in a single repository that is accessible to all who require it. It could also be maintained through a consensus-based model.
What if patients had access to their personal information in one place. What do you think if Pharma companies could concentrate on competitive advantages instead of taking on industry-wide common problems?
These would all reduce time and cost in the long run, both individually as well for Pharma businesses and improve the experience of the study team and patients. This is exactly what Blockchain could do!
In this way, even just one percent of these trials go to market If Blockchain can save just one day for each study by making it easier to find patients as well as pay investigators, check sites or increase compliance that could justify the cost multiple times over.
If used correctly, Blockchain has the potential to yield significantly more benefits. Keep in mind that faster, cheaper studies could also open the possibility of getting more affordable medicines in the hands of patients earlier.
Enhanced Drug Supply Chain Visibility
Blockchain technology is a huge asset in monitoring, tracking, and resolving issues within supply chains for pharmaceuticals. Blockchain technology’s use within the supply chain for drugs provides an auditable trace to ensure the provenance of drugs.
Due to its immutability and traceability, blockchain provides an accurate, end-to-end monitoring of the supply chain.
It also offers the ability to verify and audit your accounts. Blockchain can track unique digital IDs that are assigned to products and pinpoints the whereabouts that counterfeit medicines are located in a matter of seconds and not weeks.