Survey Report Reveals 6 Out of 10 Pharma Companies are Preparing for the Adoption of Blockchain-Based Solutions
Survey Report Reveals 6 Out of 10 Pharma Companies are Preparing for the Adoption of Blockchain-Based Solutions
The pharmaceutical sector is heavily investing in blockchain technology to improve the global supply chain and secure intercompany transactions. An efficient and transparent system based on blockchain technology might alleviate pricing differences or in the case of Servblock allow for the automation of many quality assurance tasks and processes. For example our proprietary blockchain solution allows for a complete paperless process providing verified data that is automatically checked for compliance.
As per Pistoia Alliance's survey, most pharmaceutical and life science executives feel that blockchain will have the most significant influence in this field (68%). For 60% of respondents, the most significant impact will be on medical records stored on a blockchain. This might be done by using blockchain technology and smart contracts to speed up the insurance application process and claims processing.
In 2018, 60% of pharmaceutical and life sciences experts used the blockchain technology, the number jumping from 22% in 2017. The Pistoia Alliance report further elaborated that over 70% of pharmaceutical and life science executives believe that blockchain would have the most significant influence in this sector. It is the goal of the Pistoia Organization, a global, not-for-profit alliance working to reduce barriers to innovation in life sciences R&D to encourage the pharmaceutical and technology industries to collaborate more on blockchain efforts.
The Pistoia Alliance studied leading pharmaceuticals and found that 83% expect blockchain to be deployed within the next five years. Accordingly, in this early adoption stage, Pistoia Alliance urges all relevant parties to collaborate to develop industry-wide data-sharing standards. Patients will be more willing to share their data with corporations if these guidelines are in place, which will benefit everyone, from researchers to patients.
Nevertheless, the survey found that 40% (170) senior pharma and life science professionals have no plans of utilizing blockchain at this time. The two main obstacles to adapting to blocking are:
· Access to qualified blockchain professionals, i.e., 55%
· Difficulty of understanding blockchain, i.e., 40%
Blockchain is not Future, it is Present
Blockchain is continuously expanding as computers cryptographically discover the next "block" of information in the chain. The data in any specific block is safeguarded because it is impossible to change them retrospectively without also changing the blocks, which requires the agreement of most users on the network.
Blockchain technology, which is most well-known for its application in the administration of the cryptocurrency bitcoin, can also be used to impart a safe repository for sensitive healthcare information such as clinical trial data. According to the survey results, professionals in the life science and pharmaceutical industries are getting increasingly familiar with the potential of blockchain. Respondents indicated that the most promising applications for blockchain technology include:
· The medical supply chain (30%)
· Electronic medical records (25%)
· Management of clinical trials (20%)
· Exchange of scientific data (15%)
A previous study reported, quoted in the survey, says that 73% of professionals in the fields of life science and pharmaceuticals agree that the incorruptibility of data is one of the most significant advantages of blockchain technology. On the other hand, 39% of people say that the blockchain system's transparency is its strongest characteristic, which is an interestingly high number considering the stringent laws that govern the business. However, nearly one-fifth of experts (18%) say that adopting blockchain provides little value beyond what can be achieved with a conventional database. This indicates that there is some resistance in the sector to utilizing the technology.
Richard Shute, a consultant with The Pistoia Alliance, said that "We are currently working on teaching scientists and researchers about the potential benefits of blockchain technology outside of the supply chain, notably in R&D,". The Pistoia Alliance's goals include "providing a safe and secure worldwide venue for partnership and collaboration, as well as providing support for blockchain initiatives undertaken by our members." These findings indicate that blockchain technology may have its greatest impact after R&D. Blockchain technology is here to stay, and it will have a profound impact on the pharmaceutical sector.
References
Chiacchio, F., D’Urso, D., Compagno, L., Chiarenza, M., & Velardita, L. (2019). Towards a Blockchain Based Traceability Process: A Case Study from Pharma Industry. IFIP Advances in Information and Communication Technology, 566, 451–457. https://link.springer.com/chapter/10.1007/978-3-030-30000-5_56
Woods, J., & Iyengar-Emens, R. (2019). Blockchain to Secure a More Personalized Pharma: Digital ledgers can detect fake drugs, enable virtual trials, and advance personalized medicine. Genetic Engineering and Biotechnology News, 39(1), 27–29. https://doi.org/10.1089/GEN.39.01.08
