Blockchain technology makes use of a distributed computer network infrastructure, which allows databases to store time-stamped transaction records and documents. Each network server (or node) analyses and validates each data entry before archiving all transactions and the network's history trail, which includes every transaction ever recorded.
Data management and Blockchain
Pfizer, Amgen, and Sanofi, three of the world's largest pharmaceutical corporations, are collaborating to identify the most effective methods to use Blockchain technology, from keeping secure data to speeding up clinical trials and, ultimately, decreasing drug development costs. With massive amounts of clinical trial data being produced day after day, as well as constant pressure from advertising and regulatory agencies to conquer big data challenges, it's becoming clear that legacy database management systems are not strong enough to handle and maintain the information retrieved from all existing studies, act as barriers for patient privacy and data integrity in general. Blockchain secures QR code integration as well as Blockchain document security for improved data management.
Clinical trials and Blockchain
The research was recently undertaken to better understand and raise awareness about the difficulty of recruiting individuals for clinical trials, and the findings were dismal. Researchers assessed how many patients were aware of ongoing and accessible clinical trials and discovered that just 16% of patients were aware of relevant clinical trial choices while contemplating treatment options.
That indicates that about 85 percent of patients were unaware that valuable clinical trials were taking place or that they would have benefited from the medication given out by the studies. It's mind-boggling that so much money and effort are spent on medication development but practically none is spent on recruiting people for clinical trials, and the public should be made aware of this. In a variety of ways, Blockchain technology will be able to directly enhance the number and quality of participants recruited for clinical trials.
It may also help to improve communication between doctors and patients during the experiment. Blockchain technology can enable smart contracts that provide transparency and accountability over clinical trial sequences, as well as financial incentives for patient involvement and data exchange.
The Blockchain's Future
There are several beneficial benefits to incorporating Blockchain technology into clinical research, ranging from data monitoring and sharing to patient openness and privacy issues. Implementing this technology will have a worldwide impact that is both historic and current. The co evolution of Blockchain and clinical research studies is still in its early stages, but researchers are constantly cooperating to develop new ways to decrease costs and save time for a wide range of clinical trial applications. Their efforts will eventually result in cheaper medications for everyone.