Introducing the Clinical Trials Intelligence Platform
Clintex is a medically driven blockchain startup with the sole aim of reducing the cost of medicine for people in anywhere around the universe. The minds behind Clintex came to the conclusion that this can be achieved through making new medicines research process faster and effective for pharmaceutical companies.
Clintex will be among the first companies to use blockchain technology on data analysis and machine learning. The platform has a number of key features which includes;
A Unique Selling Point: Clintex provides an affordable clinical data and analytical services to allow pharmaceutical companies gain insight on both operational and clinical aspect without huge investment.
A Clinical Trial Data Hub: Clintex will facilitate an inter-company collaboration through the creation of a clinical data hub, powered by clinical source system.
Data capture and Management: Clintex is working on expanding the Clintex ecosystem to support pharmaceutical supporting industries such as data cleaning, statistical analysis and electronic health among other services.
Clintex has a targeted market which is primarily the clinical trial industry, particularly the pharmaceutical companies, clinical research organization and academic institutions. They conduct test for safety and efficacy of new drug. Clintex also has a partnership for Academic research settings.
An introduction to The Current Landscape in Global Clinical Trials
Biotechnological and Pharmaceutical companies conduct clinical trials in various arms of the health sector. The purpose behind clinical trials is to demonstrate the level of safety while using a new treatment with the intention of obtaining approval from the relevant government health management agencies such as Europe Medicines Agency ‘EMA’, Food and Drugs Administration ‘FDA’ among several other related agencies in different geographical regions. The process basically involves a number of phases which I highlighted below; 70% of experimental drugs pass through this phases of trial.
This will usually take several months to get completed, where healthy people are being sourced out and paid to be subjects for the study. After the process is completed, the observations and findings will help to determine the effect of the drug, it side effects as well as the required dosage level.
Testing the efficacy of drugs takes even more than two years, which will usually include hundreds of patients. This process is carried out randomly, where the first group is given experimental drugs while the second group will receive treatment. The researcher or scientist cannot recognize those that receive experimental drug. This helps investigators with information on safety and effectiveness of new drugs.
The next phase involves testing the drugs on hundreds to thousand patients, this process usually last for many years. The purpose of this phase is to detect the effectiveness and benefit of a drug. It’s mostly after this phase that companies seeks for FDA approval for drug marketing.
After a drug has been approved for sales to the public, companies have their individual objectives to further look out for, such comparing their new drug with others currently in the market and different government restrictions among others.
Problems Related To Huge Cost
Conducting any clinical trial is very cost effective, especially in the case where multiple trials are required to be conducted before treatments can get approval from regulatory authorities. The under listed are a number of requirements that considered when conducted clinical trials;
- Data management and Analysis
- Data Acquisition
- Investigator Site
- patient Recruitment
- Central Laboratory and other related services.
The Opportunity That Clintex Saw in Clinical Trials
Clintex group of minds saw that the demand for clinical trials will steadily increases as time goes on, thereby Clintex developed a revolutionary trial Intelligence that empower pharmaceutical companies with the opportunity of running their trials without high cost, rather than a data driven and risk based medical trials.
The Clintex CTI Approach
Data is very critical when it comes to clinical trials, as it is used to determine the safeness and effectiveness of a drug and data also determine whether if marketing of a drug will be granted. Clintex will utilize blockchain technology for proper decision making, reduced operational cost and facilitate data sharing among all pharmaceutical industries.
Why Utilize Blockchain Solution For Clinical Trials
Clintex group of minds identified that blockchain will offer solution to clinical trials in quite a number of ways which includes;
Clinical Data Security: Clintex will utilize the power of blockchain to power a secured way of storing data and accessing them for analysis.
Immutable Transaction Ledger: with the blockchain solution, ledger records changes in data to be verified by the FDA and other related authorities.
Smooth transaction processing: Clintex will facitate the settling of payments and the execution of contracts in a smooth, fast and transparent way with the help of blockchain.
Privacy Protection: With the idea brought forth by Clintex, transactions are verified without seeing the contents. This will help humans and machines to act on sensitive cases without showing the contents of the data.
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Conclusion
Clinical trial market is a growing market that has a huge economic potential. Although the today clinical trial market is saturated with a lot of difficulties that consequently makes the cost of drugs and medications very high, with the power of blockchain technology, Clintex is building an intelligent system that will assist in facilitating quick clinical trial process with a low cost that will consequently leads to low cost of drugs in the market. The team has a great idea that with the current level of dedication they have been putting on the project, one can be certain that with more support, they can deliver.
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