Place/Date: Valletta, Malta - August 22nd, 2018 at 10:42 pm UTC · 3 min read
Contact: Adrian O’Donoghue, Source: Clintex
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.
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.
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.
ClinTex is a solution provider to the pharmaceutical industry. ClinTex aims to enhance clinical trial processes by providing tools to optimise operational efficiency, clinical data quality, and medical review. Furthermore, their innovative use of blockchain technology makes machine learning accessible for the end-to-end clinical trial process for the first time, allowing users to extract predictive insights from data, without needing expertise in refining machine learning models.
ClinTex CTi, a blockchain powered data management platform for the clinical trials industry, will hold a token generation event (TGE) in Q4 2018 to distribute CLX, the native token for the CTi ecosystem.
The ClinTex CTi token generation event will be one of the first to operate under the regulated environment of Malta’s Financial Services Authority (MFSA), under Malta’s Virtual Financial Assets Act, 2018.
Disclaimer Clintex is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high-risk tolerance. Only participate in a token event with what you can afford to lose. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.