Blockchain powered clinical trial management, ClinTex will implement its innovative Clinical Trials Intelligence to lower the costs of medicine.
Malta-based ClinTex has developed Clinical Trials Intelligence (CTi) in a bid to lower the costs of medicine while making access to new drugs faster. Cognizant of the high costs of research and development across the international pharmaceutical industry, CTi will change the way clinical trials are done using smart contracts on private and public Ethereum blockchains.
Its own private consortium blockchain will be a decentralized database storing clinical data and hosting 7 separate decentralized applications (Dapps). These Dapps will primarily manage and optimize key points of concern during the stages of clinical trials.
The industry of developing new medicines is estimated to be worth $350 billion, with immense funding and resources required to bring the medicines into the market. Tufts (2014) estimates that each new drug costs $2.5 billion.
Four out of five clinical trials also take much longer than estimated, with the average delay being 10.8 months (Covance, 2013), resulting in lost revenue that can climb to as high as $8 million for every day’s delay (Cutting Edge Information, 2005). But with more and more clinical trials being authorized and costs increasing, new medicine is only becoming costlier.
ClinTex directly tackles this issue, using predictive analysis and machine learning in clinical trials to better the accuracy of tests and reduce the delays that are the norm. If only 1% of savings can be delivered by CTi to the pharmaceutical industry, in only 1% of clinical trials, this will already translate to $35 million in savings. Passed on to the patient, this can only mean cheaper access, and better quality and length of life.
The verification of integrity and quality of clinical data is the primary concern of regulatory authorities. As part of Good Clinical Practice (GCP), trials must record all data changes.
A blockchain ledger meets all these record-keeping needs: it is secure and immutable. Records cannot be tampered with, allowing for a secure, decentralized clinical database that can be easily accessed by powerful machine learning algorithms. The more data stored, the more potent it can be, resulting in a highly capable predictive tool that clinical trials can use. This will usher in a new age of efficiency and quality during clinical research.
As a pharmaceuticals solution provider, ClinTex aims to provide tools that can optimize efficiency and quality of clinical data and medical review.
By introducing end-to-end clinical trial processes to machine learning via blockchain, users can utilize data to extract predictive insights, without having the technical know-how for machine learning models.
ClinTex CTi is the blockchain-based data management platform for clinical trials, powered by its native CLX token.
The CLX token generation event will be launching in Q4 2018, in accordance with the regulatory requirements of Malta’s Financial Services Authority (MFSA), under Malta’s Virtual Financial Assets Act, 2018.
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