The life science sector is applying blockchain technology in its operations to impact drug development, supply chain, and clinical trials.
FREMONT, CA: The blockchain technology is increasing due to the real-time list of electronic records and every block unit with a timestamp and information about the chain and data's previous block. Therefore, the structure of blockchain is resistant to the modification of data or its origin. Fintech has quickly understood the benefits of blockchain due to which, with the help of various cases, it is implemented in areas like financial transactions and service or product lifecycle. In the life science industry, blockchain can improve the cross-industry partnerships, interoperability, tracking of tangible and intangible entities in various service and product pipelines, integrity and trust built on consensus, and tracing.
There are three areas where blockchain has been used in the pharmaceutical sector, which are biopharmaceutical, medical technology, and healthcare. Blockchain can make use of the previous cases and increase efficiency across the pharma, healthcare, and biotech industries.
Blockchain can be utilized in clinical trial management, patient-centric usage, drug development, and supply chain management.
Drug development and supply chain management
Blockchain can efficiently ensure integrity in the areas of drug manufacturing and supply chain management. The two areas under the authorities like FDA with oversight through the Drug Supply Chain Security Act are provenance and tracking of compounds. But with the help of blockchain, the sector can offer immutable batch records of active pharmaceutical ingredients (APIs) in the manufacturing procedure. The technology can also make the reporting systems easy for any adverse events and drug batch recall. Public-private collaboration is also utilizing blockchain for tracing, identifying, and tracking prescription medicines and vaccines distributed worldwide.
Clinical trials management
The blockchain process is also impacting the complicated procedure combined into the management, design, and implementation of clinical trials. The clinical trials are ideal for blockchain technology because they help maintain patient consent, track patient samples, ensure secure communication during trials, and maintain trial protocols.