09.01.2018 Blockchain at the service of the pharmaceutical industry

Apparently there has come the moment when in the pharmacological market, even giants, despite the conditions of fierce competition, have to consolidate their efforts due to the fact that the development of new drugs became too long and expensive. Thus, world-famous industrial giants Pfizer, Amgen and Sanofi announced their intention to develop a single blockchain platform, which will reduce the time and costs for bringing a new product to the market.

Now the full cycle of development and testing of a new drug takes about 6-7 years, and this despite the fact that only 10% of them are successful. The costs of research, bureaucratic procedures and bringing of a safe medication for sale are on average 2.6 billion US dollars, which is too much even for monsters like Pfizer and Amgen.

The conceived blockchain project will allow, in addition to reducing costs, to increase the percentage of success at the output. For example, now access to data of potential research participants is difficult, as they are attributed to various medical institutions. The innovation will unite them into a common base, which will simplify the formation of focus groups. In addition, it will combine data on new products and facilitate relationships with regulatory authorities.

In general, the idea is very ambitious and necessary. Expecting that medicines for a final customer will become cheaper, of course is not worth it, as pharmacology is one of the greediest sectors of the economy. However, as an example of the fact that blockchain is changing the approach to business and competition, the news is encouraging. And the fact that the percentage of the success of the drugs under study can ultimately lead to long-awaited ways to treat cancer, AIDS and many incurable diseases at the moment, gives hope to millions of people in need.

In February 12, in Orlando, Florida, the project is planned to be discussed within the framework of the Blockchain for clinical trials, where representatives of the Food and Drug Administration (FDA) are expected to attend.