ClinTex Lowering New Medicine Costs Through Blockchain Technology
Clinical trials are a crucial step in getting any new medical advancement approved for assisting the public, but it can also be one of the most consuming steps, in terms of both time and money. ClinText looks to change this through its CTi platform, which will use blockchain technology and machine learning to improve the quality and efficiency of pharmaceutical clinical research.
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ClinTex to help a $350 billion industry
Medicine development is a massive industry currently worth $350 billion dollars. Developing a new treatment currently costs on average $2.5 billion, with 80% of clinical trials overrunning their expected timelines by almost 11 months. Not only is that 11 months that medicine isn’t out helping people, but it’s lost revenue for those creating the medicine as well.
CTi looks to solve exactly these problems be applying machine learning and predictive analysis to the clinical trial process. The platform’s goal is to accurately predict and proactively avoid potential issues that are typical of clinical trials using data.
While the platform will function essentially as a decentralized database for clinical data, leveraging smart contracts on both Ethereum’s blockchain as well as its own private consortium blockchain. It will also support seven DApps, which will focus on managing and optimizing key points of inefficiency when it comes to conducting clinical trials.
Small numbers still lead to big savings
Due to regulations required by the FDA and other authorities, such as the Good Clinical Practice (GCP) rule, pharmaceutical companies record all changes made to their testing data as well as who made the changes and when. This means many clinical trials spend a lot of their time carefully guarding the integrity of clinical data. A blockchain-based database like CTi’s is extremely suited well to these high standards.
Keeping clinical trial records will also help the platform, since the more data that machine learning has to analyze, the more efficient it will get at streamlining the clinical trial process. The effectiveness of the platform will only continue to rise as more and more clinical trials are conducted on it, and more pharmaceutical companies begin to use it. Even if CTi helps cut costs of just one percent of clinical trials by one percent, that would still be $35 million saved on an annual basis.
ClinTex will be holding a token generation event in the fourth quarter of 2018 to distribute CLX, the native token for the CTi ecosystem. To learn more, see their website here. Make sure to check out their LinkedIn page to learn more about the team behind the project. To chat with the team and community, hop onto their Telegram channel. For blog posts and updates, check out their Medium, and for social media updates, make sure to follow their Twitter account.