With over 21.8 million coronavirus cases confirmed across the globe and over 750,000 registered deaths, the battle against the infamous pandemic rages on. Despite pooled efforts from agencies and health-care corporations across verticals towards a cure, it appears as though we are yet to arrive at a viable solution with an FDA-approved seal.
Currently, there are about 142 COVID-19 vaccines currently waiting trials and it will be difficult to ignore the eventual cost implication incurred by continuous research and delayed medical trials.
Recently, California-based biopharmaceutical research company Gilead Sciences announced its pricing plans for its leading Covid-19 antiviral medication, which was only effective in limiting hospitalization stays by about 30%. The cost for 6 vials – for a five-day treatment – as per the report, estimated a $3,120 spending for an individual with private insurance, and for those under US government health programs, a total cost of $2,340 per patient.
Although this cost isn’t paid directly by the patient – further depending on their insurance plan — it still eventually boils down to tax money expenditure.
The above scenario is typical of the drug development industry especially in the case whereby cost incurred by clinical trials and the processes in-between drug trialing and regulator-approved versions hit the market. This weighs heavily on pharmaceutical industries and is eventually passed down to patients. As a case in point, it is observed that it could cost over $2.5 billion to get a single drug to the market, with every day clinical trialing costing as much as $8 million dollars, making drug availability extremely expensive to patients.
Advanced software has indeed improved the process of drug development especially in the areas of pre-clinical sciences, where virtual drug testing and sampling play a vital role. However, that remains only valuable to the point where clinical results need to be improved from a constantly increasing aggregate of clinical trial data. According to some within the industry, this is an old thorn in the industry’s side.
The clinical trials market which is estimated to be worth over $350 billion should otherwise be an exciting sector where the opportunity to bring new medicines to the masses abound, given that companies spend an average of $10 billion annually on clinical trials alone.
However, the challenges in time and cost, compounded by fragmented data structures and poor quality of that data, remain. Numerous solutions available in the current market have attempted to address some of these issues but lack the core infrastructure to put an end to the operational inefficiencies in the pharmaceutical industries, especially with respect to drug development.
One blockchain-based clinical trial intelligence firm ClinTex has found that the inability to integrate data has played a significant role in clinical trial inefficiencies.
Decentralized ledger technology or blockchain is a fast-growing technology that introduces some unique properties currently lacking in the current system – smart contracts, decentralized computation with tamper-proof algorithmic models. In the right combination with other emerging technologies such as artificial intelligence, predictive analytics, machine learning, such a system could become robust enough to scale operational practices in drug development in the pharmaceutical industry.
ClinTex aims to be such a blockchain-based turnkey clinical trial solution provider that will increase the speed of drug development and thereby lower the cost and accessibility of new medicines in the market. The startup aims to achieve this through an implementation of blockchain in 7-pillar applications that address the key pain points of clinical trials. These tools would enable pharma companies to improve clinical trials processes and at significantly improved timelines.
Funding the Development of CTi Solution Suite
In order to fully develop this solution suite — which, according to the development roadmap, would take about two years to fully launch all products — the ClinTex team of experts in the areas of business, data science, blockchain, medicine, and law have decided to launch an offering of its native token CTi to early backers to enable them to raise funds to handle the operational cost of building the platform.
The ClinTex CTi token pre-sale with a 50% discount is ongoing and will run through the 25th of September. Prospective backers can take part in the sale here at the issue price of $0.05 per CTi token.