Pharmaceutical Industry Got A Problem and Here Is How Triall Is Punching It
The world’s medical pharmaceutical industry is faced with a lot of challenges when it comes to clinical trials of drugs. This problem is evident in time to make drugs and vaccines available to the masses during the current global pandemic. One would think that we ought to have learned a lot from the Ebola pandemic that claimed lives of many people in Africa. RIght now, there seems to be improved drug manufacturing technology, but it takes a lot of finance and time to make them available to the masses.
The current issues are fragmented data that are scattered across the site and systems, there is data integrity issue between the regulatory bodies like World Health Organization (WHO) European Medical Agency (EMA) and Federal Drug Authority (FDA) in the United States. Also, there is low patient engagement and poor record keeping is causing delay and increasing overall cost of drugs and vaccines across the globe. If this issue is left unresolved, the pharmaceutical industry will not achieve desired efficiency in next decades.
Blockchain is revolutionizing all industries, and the health sector will not be left out, as it is obvious that existing enterprise and public blockchain have all it takes to improve clinical trials across the globe. According to FDA, lack of traceability is the top data issue in the clinical trial of drugs. Atimes, some drugs are recalled from the market because they lack efficacy and convincing data to justify their entry into the market. This is why the regulators are making tighter policy and it shows that they no longer have enough trust on clinical trials that used to be a noble process that has advanced human health. Lack of trust is increasing job difficulty of clinical trial professionals.
By using the power of blockchain immutability and decentralization, Triall will ensure that all data collected during clinical trials are tamper-proof. Many bad actors tend to alter this data for financial gains, but a decentralized ledger will ensure traceability and integrity of data, and allow auditability in situations where there is suspicion.
According to Wikipedia, A smart contract is a computer program or a transaction protocol which is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement.
Triall’s smart contracts will enforce certain rules in important activities such as patient enrollment, collection of information with consent and reporting safety events. This contract can also guarantee immutability and give permission to the right parties who may need to view data collected from the patients or healthy volunteers
Triall Use Cases
Safety management powered by Artificial Intelligence (AI): The intelligence of this system will improve as the data increases, and it will assist the professionals in detecting problems before it becomes obvious. Its risk-based monitoring approach will give a signal when the health of the patients may be at risk. Because a lot of other Clinical Trial Management Systems (CTMS) will be connected to it, it will continue to feed on these data in order to reduce time and resources.
Contract and budget management powered by smart contract enabled automation: It promises to reduce a great amount of the current manual administrative work and supports clinical trial stakeholders in tracking and managing their payments. Furthermore, it helps to promote trust between trial stakeholders, who will now be assured of their payments arriving according to pre-agreed terms and timepoints.
What most investors look out for in a cryptocurrency project is quality of the team, and in a team that comprises PhD holders in relevant clinical triall and blockchain fields. The potential is endless. Supported by more than 10 partner organizations together with venture capitalists like Dizer and blockchain service providers like Applicature. The Triall proof of concept is live and its Verial eTMF is wide accepted by the market.
How Triall Will Collaborate with Industry Players
There is a lot of digtal solutions already in the life science industry, each of the have unique solution of existing problems in the clinical trial sector, but they are not connected to the blockchain yet. Triall w ecosystem will provide them with the opportunity to blockchain protocols like Ethereun and Factom. So, the project is going to complement the efforts of industry software providers with the smart contract solutions and APIs.
This is a multibillion dollars problem that can only be solved by the blockchaim
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