ClinTex, the company behind CTi, say it will achieve this by revolutionising how clinical trials are conducted through the innovative use of a combination of smart contracts both on their private consortium blockchain and on the Ethereum public blockchain. The platform is at its core a decentralised database of clinical data, but also will host 7 separate DApps, the primary function of which will be the management and optimisation of the key pain points in the conducting of clinical trials.
Clinical Trial Cost Savings = Affordable Treatments = Saved Lives
Developing new medicines is a $350 billion industry, with each new treatment requiring enormous funding and resources before it can be introduced to the market at an average of $2.5 billion per new medicine (Tufts, 2014). Nearly 80% of clinical trials are overrunning their timelines by an average of 10.8 months (Covance, 2013), which translates into as much as $8m in lost revenue each day a drug is delayed (Cutting Edge Information, 2005). Further to this, the number of clinical trials taking place is rising and along with it the associated costs, meaning the cost of new medicine is soaring.
This is the problem ClinTex intend to solve; by introducing the use of predictive analytics and machine learning to the clinical process, CTi seeks to accurately predict and prevent the costly issues and overruns that have become standard for clinical trials. If CTi delivers savings to pharma of just 1%generated applied to just 1% of global clinical trials, this means more than $35 million in savings per annum that can be passed on to patients so that they can live longer, healthier lives.
Why a Blockchain Solution for Clinical Trials?
As the FDA and other regulatory authorities need to be able to verify the quality and integrity of clinical data, the pharmaceutical company must, in accordance with Good Clinical Practice (GCP), record all changes to the data, who made the changes, and when. A blockchain ledger is the perfect record keeping tool for this use case because it does exactly that.
Further to the immutable nature of the blockchain, having a secure, complete and immutable recorded history of clinical data views stored on a blockchain will allow for the creation and evolution of a decentralised clinical database, which CTi will harness for powerful machine learning algorithms that will increase in potency over time, providing a powerful predictive tool for clinical trials that introduces hitherto untapped opportunities for efficiency and quality in the conduct of clinical research.
Source: Bitcoin PR Buzz
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