Integrated e-Clinical platforms driven by blockchain technology are highly secure because the ledger is not kept on a single repository but in multiple databases.
FREMONT, CA: Clinical trials part of the development of a pharmaceutical product costs an arm and a leg. The industry spends over $150 billion a year, of which clinical development consumes around 70 percent, which clearly shows that R&D costs have an essential role to play.
Massive data is utilized in clinical trials, out of which, participant data, billing information, deadlines, and financial management are only a few sources. It is getting more and more tedious for organizations to manage every data, particularly as the volume of clinical trials multiplies.
There is a growing requirement of apparent, transparent, and real-time data for every step of a clinical trial. Numerous specialist firms envelop the elements.
Doctors, patients, and pharmaceutical companies are active stakeholders. These partners might utilize their respective systems to collect and store data. Also, various stages of the implementation have systems that are separated from each other. Many times it results in repetitive data, and a few cases; the data are transcribed from one system to another, resulting in a drawn-out strategy and possible errors.
There are possibilities for clinical trial management systems (CTMS) to render a centralized system where management can utilize mutual payment calendars, billing processes, sponsor invoicing, and subject visit tracking. An integrated system monitors and manages disbursement to volunteers, vendors, and regulatory agencies. Whenever there are issues, organizations can locate it without searching within the entire system. Also, the audit trails can be incorporated better, and the data validity can be enhanced.
When data is fed into various software systems, errors are common. With the help of integrated systems, errors can be reduced to a great extent since the data once put cannot tamper. This, in turn, eliminates the number of frauds that might possibly take place in the overlapping and crowded repetitive information.
The value of blockchain strategy lies in cost efficiency by avoiding the need for mediators and other associated administrative efforts of record keeping and transaction settlements.