ClinTex to Reduce Medicine Trial Costs for Affordable Healthcare
The clinical trial industry is one of the most heavily regulated ones and it can take years, even decades of tests and retests before a new medicine is declared fit enough for availability to the public. Even a simple painkiller has thousands of hours and millions of dollars worth of research put into it in the forms of trials to ensure that the formulation is safe enough to be used by human beings. The cost of getting one medicine approved can range anywhere from $800,000,000 USD to $1,700,000,000 USD.
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The above figures have a lot of potential to be brought down. A Covance report in 2013 revealed that nearly 80% of all trials are overdue by more than 10 months. Each 24-hour delay means $8,000,000 USD lost in revenues.
Clinical Trial Intelligence
ClinTex, the company behind Clinical Trial Intelligence (CTi) has created a blockchain platform specifically to address issues and aspects within the trial industry in order to reduce the cost and time it takes to run all the tests necessary for regulatory approval.
The platform does this by using the inherent efficiency of blockchain technology and fusing it with advanced data analytics and machine learning. The major focus is on:
- Data acquisition.
- Data management and analysis
- Hiring of Investigators and medical professionals.
- Patient and test subject recruitment.
- Further studies.
The artificial intelligence imbedded in the platform collects and analyzes the data and not only provides existing data to clinical trial companies (reducing repetition of work by independent studies), but also proactively warns and highlights possible issues and other correlations that would normally be missed or take significant time to correct.
The platform has created seven distinct applications that are aimed at different aspects of clinical trials, bringing efficiency and cost savings:
- Operational Efficiency Application: Bringing speed and efficiency to tests by highlighting immediate action issues. As more data is uploaded, the AI gets smarter and has the potential to point out issues even before a trial starts (subject to similarities in tests).
- Clinical Data Visualizations: Graphical representation of data would lead to a higher chance of detecting anomalies and issues since the human eye is more adept to shapes than long lists of figures and numbers.
- Predictive Data Analytics: Machine learning algorithm will be used to predict results and notify possibilities so that mitigation and corrective actions can be prepared in time.
- Risk Based Monitoring: Site supervision and workload management handling to reduce risks and control deviations in parameters for consistent results.
- Patient Recruitment And Retention: Selection from a predetermined list of patient and volunteers, with complete medical record for suitability and compatibility for drug trials.
- Site Investigator Management: Independant and Freelancing site investigator recruitment database.
- Vendor Management Application: Third party, specialized laboratories and equipment supplier database for quick selection and hiring.
The CTi platform, by leveraging blockchain intends to significantly reduce medication trial costs. Even a little saving of even 1%, in 1% of all clinical trials done would result in a massive USD 35,000,000 savings a year.
For more information on ClinTex and its CTi, visit their website.
Image via ClinTex
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