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Blockchain can be implemented in the life science sector as it will help them ease down the process of clinical trials.
FREMONT, CA: Blockchain can be utilized in the life science industry as it can improve cross-industry partnerships and integrity. It can also build trust on interoperability, intangible entities in many services and product pipelines, tracing and tracking of tangible, and consensus. There are three major areas where blockchain can be utilized, they are biopharmaceuticals, medical technology, and healthcare.
In the life science industry, using blockchain can be complicated. Moreover, the rapid transformation of technology can be challenging for organizations that want to adopt it. Although blockchain has numerous potentials to enhance several life sciences activities, there are also several challenges that the companies have to deal with while implementing it. The biggest hurdle which they have to face while applying blockchain is changing the mindset of public, private, and political leadership.
According to the market researchers, the demand for adopting blockchain in life science will increase as the technology matures. Here are some of the fields in the life science sector where the blockchain can have its maximum impact.
Drug development and supply chain management
Blockchain can be useful for ensuring integrity in the field of drug manufacturing and supply chain management.
The two primary areas that come under the authorities like the FDA, with oversight through the Drug Supply Chain Security Act, are provenance and tracking. In the manufacturing, process blockchain can offer accurate batch records for the active pharmaceutical ingredients (APIs). It can also provide an easy reporting system for drug batch recall and adverse situations.
Clinical trials management
Blockchain can also impact the complicated procedures related to the clinical trials' implementation, management, and design. The clinical trials have several stakeholders, including study sponsors, clinical investigators, patients or study subjects, and drug or medical device providers. It also includes healthcare professionals such as nurses, several government regulatory bodies, and physicians.
The sensitive data consist of patients' health records and clinical trial results, and it is necessary to keep such information private and secure. Therefore, blockchain technology is perfect for clinical trials as it permits scalability, traceability, and immutability of the data. The technology can also help the life science companies maintain trial protocols, track patient samples, and manage patient consent. Blockchain can also help the companies to secure communications between the trial sites.