ClinTex works in the development of the clinical trials industry to accelerate the creation of new medicines and make their cost more accessible
The founding company of Clinical Trials Intelligence, ClinTex, created this solution of data management software for the area of clinical trials based on blockchain technology, and in this way, increase the access to medicines and reduce the manufacturing costs of the pharmaceutical industry in the world.
They are currently working to innovate the clinical trials industry, using smart contracts in their private consortium blockchain and also in the public blockchain of Ethereum. In this platform there is a decentralized database that includes clinical data, but will soon add separate Dapps, which will facilitate the management and optimization of clinical trials.
Many of the medical treatments need huge sums of money to be able to go on the market, with an approximate amount of US$ 2,500 million per new drug. The industry as a whole adds US$ 350 billion in the development of innovative medicines.
Data on drug development
The drug development organization, Covance, revealed in 2013 that 80% of clinical trials exceed 10 months in their schedules, generating US$ 8 million of lost revenue per day. In the same way, the number of developing trials is more, which results in a higher cost of the new drug.
The purpose of ClinTex is to decrease the time of the medicines creation and their price in the market, with the application of a predictive analysis and automated learning in said clinical process, to prevent major cost problems, which have affected the industry for decades. If this technology is implemented in pharmaceutical companies, with only 1% savings applied to 1% of global clinical trials, it would save US$ 35 million annually, which can be transferred to different types of patients to help them stay healthy.
Blockchain a solution in medicine?
Blockchain is ideal for the United States Food and Drug Administration Association (FDA) and other medical organizations, because with this technology you can verify the quality of clinical data, record changes in that data, add who made the changes and the date of those changes.
The data stored in the blockchain will allow a decentralized clinical database that the company will use for the development of powerful machine algorithms. With the improvement of technology, this database will yield predictive data more quickly and accurately for clinical research.
Application of the platform
The company organizes a token generation event in Q4 2018, the native token for the CTi ecosystem, which will take place this year in Malta.
Clintex offers the pharmaceutical industry a great solution in reducing the costs generated by the creation of new medicines, it speeds up the insertion of more treatments for patients, which leads them to a lower cost than they currently have. Likewise, it provides automatic learning to be accessible in the process of comprehensive clinical testing, so that users can extract predictive data.