Blockchain provides Collaboration in the Medicine Industry!

The global drug industry is worth hundreds of billions and is comprised of major players across several countries. Massive volumes of resea...

The global drug industry is worth hundreds of billions and is comprised of major players across several countries. Massive volumes of research data flow through the data silos of any given pharmaceutical and this data unlocks the potential to develop new life-saving drugs. Moreover, each pharmaceutical has developed its own understanding of how to go through the drug development and deployment process; this effort is dedicated to speed up drug deployment.

The data that each pharmaceutical possesses includes critically proprietary information. This data is heavily secured as millions of dollars are spent to acquire it and this is the key to developing a new medicine. But a pharmaceutical is more than just a drug research laboratory—it is a business that incorporates many operational functionalities.

If pharmaceuticals begin to share some of the operational advancement data, each of them can benefit in improving the drug deployment process.

Strength in Numbers

A new blockchain project is facilitating collaborative solutions for pharmaceuticals. Specifically, ClinTex is developing a platform that will allow pharmaceuticals to fight the inefficiencies in one of the most costly aspects of drug deployment: clinical trials.

Many pharmaceuticals are well-established and possess their own unique understanding of countering certain barriers that come up in drug deployment and clinical trials. Each pharmaceutical has acquired its own data and approaches to countering inefficiencies. ClinTex provides the facility to store this data in a permissioned environment, thereby enabling the seamless sharing of any data that does not provide a competitive advantage

As some data in the possession of any pharmaceutical is of incredible value, this can be stored with permissioned access to whoever the pharmaceutical aims to provide access to (most likely exclusive access to only its clinical trial managers).

The other operational data, which remains siloed across many industry players, can be kept in a storage accessible to anyone; as a greater network of pharmaceuticals do so, it will become possible to analyze this aggregate data in order to counter the inefficiencies in drug deployment and clinical trials for all the pharmaceuticals that are within the ClinTex ecosystem.
The shared information does not provide any proprietary drug-development or medicinal research data to competitors and instead benefits the entire industry by providing the means to reduce costly inefficiencies, while also reducing the time needed to conduct successful clinical trials by ensuring any operational delays are avoided.

Through collaborative efforts, the industry players will benefit one another without giving up any competitive edge.
Utilizing Machine Learning
As non-proprietary data will be open to access, ClinTex will provide pharmaceuticals will decentralized applications that will analyze the aggregate data to feed machine learning algorithms. As a direct benefit of this, each pharmaceutical will be able to access automated solutions for the inefficiencies that occur during its clinical trials. The scale of solutions and their impact will become magnitudes greater as the machine learning gains access to aggregate data from a growing number of pharmaceuticals. Therefore, ClinTex’s team will allow initial free access of its ClinTex Intelligence (CTi) resources.

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