The Clinical trial industry, with its estimated USD 350 billion worth, is the most important part of the healthcare industry. Over the years, the trials have been expanded and have become complex, often employing thousands of man-hours and different organizations and individuals. Trials are divided into four phases: Further reading: How AENCO Is Transforming The Healthtech Industry With Blockchain Technology.
- Phase 1: Small-scale trial, usually of up to 100 healthy individuals participate in it. This phase determines effects of the drug on humans, such as absorption rate, metabolism and excretion. Side effects are also noted.
- Phase 2: Testing efficacy of the drug. A sample size of humans can run in several thousands. Placebo effect is also tested in this phase.
- Phase 3: Global, random and blind tests on human subjects for a more in-depth understanding of the drug. This phase can last for years.
- Phase 4: Postmarketing study for anything that was not foreseen or covered in the first three phases. Several years go into this phase since some drugs can take years to manifest a side effect or a reaction. This is the most expensive and time-consuming phase.
The cost of these trials can be judged through Phase 3 financial implications. A Phase 3 trial can cost anywhere from USD 30 million to 70 million. Most of the times, repeated trials are required and that can drive up the cost further.
ClinTex’s CTi
In all the phases of trials, there are multiple parties involved. From pharmaceuticals to laboratories, from doctors to test volunteer. At each level, there is an exchange of data and money. ClinTex is an Ethereum based blockchain platform that leverages the power of decentralization and artificial intelligence to fine-tune the data collection and processing. Through this, the platform delivers increased efficiency. Considering that an average clinical trial costs $ 15 million, even a small percentage of decrease will result in significant savings.
The platform transforms the industry through its dedicated Clinical Trial intelligence board (CTi). The CTi offers some improvements that do not take lesser time, but result in decreased costs:
- Security: With blockchain, there are multiple ledgers and unauthorized data addition in one will result in immediate fraudulent access and rectified.
- Immutable: Since blockchain data is permanent, it cannot be altered or deleted. This also means that all data ever uploaded on CTi will be available for anyone with the right access. This massive collection of data will help the artificial intelligence and machine-learning program to have high-quality data to develop its prediction algorithms.
- Payments: Since traditional banking channels take time to transfer money, outsourced works cannot start until the party has a confirmation of money received. This and the high cost of wiring money is countered by the platform’s native ERC20 compliant token, the CLX.
- Interoperability: With firms, clinics and laboratories in a trial test using different software, data compatibility is a major issue. Blockchain is compatible across different devices using different operating software.
ClinTex Specific Apps
Apart from these generic properties of blockchain that will essentially bring about a change in the healthcare industry, the platform has developed task-specific decentralized applications that will bring increased efficiency in terms of time consumed and cost required for trials:
- Operational Efficiency Application: The application is designed to identify any anomalous issues in a trial and bring it to the immediate attention of the researchers. When appropriate actions have been made, the AI will learn and if future trials have same trends in readings, the AI will alert the trial team even before the issue has arisen, letting them prepare and act on any contingency plans.
- Clinical Data Visualization Application: By creating a graphical representation of the macro data, the application will highlight issues that are of importance or need to be addressed, allowing trial companies to monitor and catch any data that would have been missed in the numerical representation.
- Predictive Data Analytics Application: Using predictive modeling on the massive amount of data that is collected, the machine-learning algorithm will reveal hidden correlations and forecast risks, allowing trial runners to proactively control the issues.
- Risk-Based Monitoring Application: Site monitoring is an important aspect of trials and with many people involved, the risks can be overlooked. The application ensures that all risks are accounted for through workload management and predictive actions.
- Patient Recruitment Application: One of the toughest things in trials is to have access to patients the drug can be tested on. The application will hold a holistic list of patients who are willing to volunteer for testing to find a cure for their disease. This will enable easier access to the right kind of patients.
- Site Investigator Application: For immediate contact with the required site investigator and hiring.
- Vendor Management Application: Since a trial involves a lot of outsourcing of equipment and personnel, the right organization or individual’s accessibility will make all the difference.
ClinTex, with its CTi, will change the healthcare industry by bringing in a system far more efficient than current standards, thereby reducing trial costs and eventually, cheaper medication.