When sick, we head towards a pharmacist for medication (Either for OTC or prescription based). Little thought goes into buying them. However, even the most common painkiller has had a long history of trials and regulatory approvals before being allowed to be sold to the public. Further reading: A Review of the Clintex Blockchain Powered Clinical Trial Management.
Having their hearts in the right place, regulatory authorities have strict rules and conduct for medicines. A thorough investigation and trial system are implemented to ensure that there is no adverse effect of any new drug. This means that drug developers invest a lot of money and time into their products. According to estimates, the four phases that a drug must pass through can cost anywhere from USD 800 million to USD 1.7 billion.
ClinTex
Clinical Trial Intelligence (ClinTex) is a blockchain based organization that seeks to reduce the enormous cost associated with clinical trials. A major portion of the costs in drug approval is related to data-driven factors, such as:
- Data Management and Analysis
- Data Acquisition
- Investigators
- Patients and other human test subjects
- Laboratory data
- Studies
ClinTex aims to create significant reductions in these and other aspects of clinical trials by introducing advanced data analytics and machine learning.
How Clintex Works
ClinTex offers to reduce costs of trials through its specialized, decentralized applications:
- Operational Efficiency Application: Through Management by objective principle, this application can define issues that require immediate attention and rectification. These snapshots of issues and their required actions made by professionals will be recorded and analyzed by the machine learning aspect so that if similar issues arise, they will be automatically corrected.
- Clinical Data Visualization: Traditionally, data representation in clinical trials is by facts and figures. This means that each data set has to be carefully read to ensure that no anomaly is left out. Through CDV, a graphic approach will be used to capture out of range readings instantly.
- Predictive Data Analytics: By collecting data and studying their results, artificial intelligence can be applied to future data sets where the application will predict issues and have ready their mitigation options.
- Risk-Based Monitoring: By taking a proactive approach, site supervision costs can be significantly reduced by predicting risks and workload management. Even patients can be evaluated through this, whether a patient will yield in practical results of a trial and therefore, save costs.
- Patient Recruitment And Retention: A cornerstone of a good clinical trial is selecting the right patients. Each human body is unique and has its own level of response to medication. Through a large database of patient records, trial companies can select willing patients who best fit their criteria so that false positives and placebo effects can be minimized.
- Site Investigator Management: By having a database of investigators that can be recruited without traditional advertisement and subsequent payments be released through smart contracts, a lot of hiring costs can be reduced.
- Vendor Management Application: During trials, a lot of third parties and vendors are used for specialized equipment and tests. Through p2p outsourcing to quality labs, results can be achieved quicker, faster and at a cheap rate.
Clintex Background and Team
Currently worth more than USD 350 billion, the clinical trial market works in the same principles set before the advent of modern technologies such as computers and the internet. Though many aspects have been adapted to the digital age, the basic working is the same old one. This means that modern drug trial industry is marred by inefficiencies. ClinTex, with its blockchain properties, brings the industry into the innovative sector of decentralization.
Blockchain technology, with its efficiency, speed of operations and low costs will significantly reduce trial costs. Since these are already running in the millions, even a small percentage will be a significant saving.
ClinTex Team
Neill Barron as the Director of Clinical Data Analytics leads the ClinTex team. More than two decades of clinical development experience under his belt, Barron is the perfect person to bring this sector into the cutting edge decentralization.
Brandon O’Mainnin as the Director of Operations has an extensive marketing, finance and communications experience. He will look after the day-to-day workings of the platform.
Dr. Samandip Dhesi is a medical professional who will be responsible for setting up and running the ClinTex platform and deploying its intelligence platform in academic research settings and demonstrating the value of the platform in clinical trials.
Investing in Clintex
Individuals and organizations who are interested in ClinTex can join their pre-sale, which will start in Q4 of 2018. The CLX token will be sold at a base price of $0.1 per CLX. The presale will carry a 20% bonus and KYC/AML regulations apply for all investors. Unsold tokens will be burnt to preserve the value.
Like all investments, all wishing to take part in the ICO are advised to do so with a proper understanding of the project and ability to take the risk.
Find out more on the ClinTex website: https://www.clintex.io/