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Blockchain in Pharma and Clinical Trials

Uncertainty in clinical trials

According to an excellent article in Pharmaphorum last year, the risky and unpredictable nature of the clinical trial process is a major driver of high costs for the medical industry. To justify the costs of drug development, most pharmaceutical companies aim to develop 2-3 new drugs per year. However, low success rates and long development timelines with clinical trials diminish the chances of a successful product to nearly zero.

This huge uncertainty translates into higher prices for everyone, from the pharma company to the end consumer. Notwithstanding increased costs, today’s researchers face several challenges. These include accurately reproducing data and efficiently sharing data (including personal data). Additionally, privacy concerns and patient enrollment strategies is another point of contention.

Blockchain in Pharma

Fortunately, blockchain in pharma is attracting significant attention in the research community and promises to provide solutions to all of these problems.

Blockchain in pharma utilizes a distributed computer network platform that enables databases to store time-stamped transaction records and documents. Each server (or node) in the network processes and verifies each data entry. It then archives all transactions, along with the history trail, which is every transaction ever recorded to the network.

The best part about blockchain in pharma is that data stored in a blockchain is virtually impossible to hack, infringe, or steal. This is because the ledger does not exist on a single repository, but distributes across multiple databases in replicate copies. These verification requirements ensure that stored data remains intact and immutable. Blockchain in pharma is emerging as a safe and secure platform for storing and processing all types of valuable information. This information ranges from clinical trial analyses results to business workflow documents to patients’ medical data and blueprints of genetic information.

Key points covered in this webinar

In this webinar, our presenter, Rama Rao, CEO and Co-Founder of Bloqcube, Inc., will share:

  • The value chain in the pharmaceutical world
  • The value in integrated trial systems – the importance of systems that talk to each other is just one system
  • Real-time data (What is taken for granted?  What’s missing?  What are the pain points? And what are the gaps?)
  • Case study: a Financial and Governance model

And by the end of the webinar, Rao will share a potential solution for blockchain in pharma.

Webinar Presenter

Rama Rao, CEO BloqCube, blockchain in pharmaRama Rao says – Delivering innovative solutions to address inefficiencies in the Pharmaceutical value chain, for the benefit of patients, is my passion. My strategic skills, problem-solving approach, inspiring teams, delivering innovative solutions to challenging issues, and proactively identifying solutions to strategic roadblocks makes me unique. As CFO, I have led complex operations in different business environments, in multiple countries ( US, Canada, Russia, Europe, and Africa) with a P&L range up to $3B in challenging environments. I led with integrity, developed talent, delivered innovative solutions, and partnered to deliver top tier performance. Functionally I have covered FP&A, Licensing, M&A, IT, Sourcing, Supply Chain, Operations, Treasury and Clinical Development Finance and the usage of LEAN methodologies to streamline processes. Bilingual ( French/English); schooled at ‘Ivy league schools’ of India (IIT/IIM)and France (INSEAD).

Webinar Moderator

Hemant Elhence, CEO and Co-founder, synerzip.

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