MARCH 2023LIFE SCIENCES REVIEW8IN MY OPINIONBy Silji Abraham, Senior Vice President and Chief Technology Officer, West Pharmaceutical Services hen CIOs think about web 3.0, we envision a next-generation online world where blockchain technologies enable anyone to participate, collaborate, and exchange verifiable information and economic value without centralized intermediaries. The decentralized operating model is the key to recognizing the full potential of Web 3.0. It will allow anyone to leverage the internet's full power and create business models and scale those without depending on banks, online platform providers, and other institutions that have disproportional power to control access to the market.Web 3.0 promises an opportunity to realize and enforce true stakeholder capitalism. In this more inclusive capitalism, refreshing ideas can thrive and scale into business models without barriers of entry that powerful intermediaries can create.For the pharmaceutical industry, this decentralization could improve everything from R&D to supply chain logistics to patient experiences. There's still plenty of work to be done before any industry can fully realize the potential of Web 3.0. But by gaining an understanding now of how these new technologies can be incorporated into the pharmaceutical value chain, CIOs in the life sciences will be better prepared for the significant benefits Web 3.0 will offer the industry.Expanding data integrity across the industry: Right now, efforts to guarantee data integrity happen within the walls of individual companies. No verifiable information-sharing technology today enables trusted collaboration between organizations without MTHREE WAYS WEB 3.0 WILL REVOLUTIONIZE THE PHARMACEUTICAL BUSINESSSilji Abraham
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