Scientist.com, the popular online marketplace for research services, has revealed that is about introduce a blockchain-powered platform designed to track and protect pharmaceutical data.
The new program, Data Smart, will be the site’s first foray into using blockchain applications which provide tracking and protection of medical data. It is a sector which is beginning to entice companies looking to apply blockchain as a replacement for current systems which are fast becoming outmoded.
Online market researcher BIS Research estimates that blockchain in healthcare will reach over USD 5.6 billion by 2025, and some of the biggest beneficiaries of this technology will be pharmaceutical companies, which lose an estimated USD 200 billion to counterfeit drugs each year.
Data from Statista.com shows that in 2017, only 15% of healthcare applications stated their intent to adopt blockchain for commercial deployment, although 50% were still undecided.
Companies such as Pfizer, BlockRx, and Genetech now use the technology to improve security, while more recently, DHL and Accenture have linked to create their own blockchain-based prototype in March to “track pharmaceuticals across the supply chain”.
Data Smart will do exactly this, ensuring “the integrity of information”, stated Scientist in their press release, “In biopharma research, we need blockchain technology to verify and validate the supply chain and to ensure the integrity of research data.”
Another hurdle that Data Smart will overcome is the cost and time adhering to current regulations, which will now be overcome by validating the integrity of the supply chain. Scientist maintains that the application will help to reduce the current pressure being put on biopharma businesses, due to strict US data regulations.
Currently, a number of healthcare institutions are successfully using blockchain technology around the world, ranging from constant tracking in clinical trials, healthcare information, and pharma supply chain solutions.
Dr Christina Czeschik, a physician and specialist in medical informatics argues that there are “few other industries in which so many different viewpoints and agendas need to be reconciled to achieve a common goal” – which, in this case, is good patient care.
image source: https://pixabay.com/en/pill-capsule-flying-many-horde-1884777/ – qimino