Pharmaceutical companies Amgen, Sanofi, and Pfizer are collaborating to develop a new process for testing new drugs utilizing Blockchain technology.
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“The focus is to help each other so that running the engine of clinical research is as optimized as possible for each of us,” said Jaydev Thakkar, Product Innovation Lead for Amgen.
Due to growing government regulations, the complexity of studies has become cumbrous.
Typically, a study will last between six to seven years with approximately 90 percent of the drugs failing.
The average cost of developing a successful drug is roughly $2.6 billion.
“The likelihood of recouping that $2.6 billion investment is much lower today than it was five years ago,” Ken Getz with the Center for the Study of Drug Development at Tufts University said.
With current healthcare systems, most data is accumulated in private data silos with inadequate interoperability and transferability.
“If you see five different physicians, you end up with data stored in five different systems,” said Munther Baara, senior director of development business technology at Pfizer.
Utilizing Blockchain technology, the system would allow individuals who want to partake in trials to amassed their health data and make it discernable to recruiters.
“The beauty with the blockchain is the control is with the individual,” said Baara.
For now, budget analyzers are evaluating the potential of utilizing the technology.
“Like in any industry, we need to make sure the technology is mature enough before making sweeping changes to minimize any potential disruption,” said Dany DeGrave, Senior Director of Innovation Programs and External Networks at Sanofi.
“The costs associated with change in our industry are enormous, so we’d better get it right early on.”