Clinical trial management generates loads of data, which implies keeping accurate records by the administration to meet the regulatory requirements.
Blockchain tools, together with electronic data belarus phone number data capture, can allow automatic aggregation, replication, and distribution of clinical data among researchers and practitioners.
“There are more than 8,000 healthcare publications each day. Nobody can keep up. We need a system to translate all the data into key insights that can be applied to a patient…”
— Kyu Rhee, Chief Health Officer at IBM
Benefits of blockchain in clinical trials:
- Provide an immutable record of trial history
- Eliminate data manipulation
- Smart contracts can act as trusted administrators
- Cryptographic validation of data by the network
Here’s a great TED talk by Sile Lane on why clinical trials are such a huge issue right now:
Likewise, healthcare blockchain solutions can push medical innovations forwards by providing access to medical research data for all interested parties.
Pharmaceuticals invest a lot into finding patients that are willing to undergo a clinical study. At the same time, patients might be desperately searching for a new drug to no avail. Patients have minimal or no traceability of the types of research that could play a positive role in their health improvement.
Blockchain implementation can streamline this matching david davidvassett process between drug manufacturers and patients. It may also incentivize researchers and drug manufacturers to make research results available to the public.
E-Nome is an Australian company that has developed a patent-pending system based on blockchain technology that allows patients to control their med history on smartphones.
Patients can also anonymously share their data to participate and assist in medical research. E-Nome and The Garvan Institute of Medical Research signed a memorandum to enable the collection and management of research data across Garvan’s six research divisions.
Pain Point #3. Pharmacy Supply Chain
Blockchain technology may prove indispensable for tracking drugs on their way from a pharmaceutical company to patients. Drugs become a complete list of unit phone numbers traceable as they move across the supply chain.
This could help reduce the counterfeit drug implications that currently cost pharmaceutical companies up to 431 billion in losses annually.
“While difficult to quantify, studies that have attempted to measure this large illegal market estimate that total global sales are between $200 billion and $431 billion annually.”
— Fraud in Your Pill Bottle: The Unacceptable Cost of Counterfeit Medicines
Industry experts single out 4 major use cases for implementing blockchain solutions into pharmacy supply chain infrastructure. Shahram Ebadollahi, Сhief Science Officer at IBM Watson Health, mentions the following use cases:
– Drug Quality and Security Act compliance and track-and-trace
All prescription drugs distributed in the United States should be trackable as required by the Drug Supply Chain Security Act.
– Controlled substance monitoring
The federal government is closely monitoring drug manufacturers for the occurrences of the illegal and out-of-pattern ordering of opioids and other Schedule II drugs.