27 July 2020
Visiongain has launched a new pharma report Pharmaceutical Blockchain Market Report 2020-2030: Forecasts by Technology (Public, Private), by Application (Supply Chain Management, Clinical Data Exchange and Interoperability, Drug Development, Clinical Trials, (IOMT) & Cyber Security, Others), by Region (North America, Europe, Asia Pacific, RoW) PLUS Analysis of Leading Companies.
The global Pharmaceutical Blockchain market is anticipated to reach US $xx million in 2030 from its previous value of US $xx million in 2020. The overall growth rate for the forecast period 2020 to 2030 is predicted to be xx%.
“The pharmaceutical industry has seen an incredible increase over the last century. Technological, transportation and medical breakthroughs have brought medicine proliferation and the rapid economic expansion of the pharmaceutical and healthcare industries worldwide. Nevertheless, rapid development has not come without its obstacles, the biggest being the lack of shared data architecture and structured inter-system communication protocol.”
Industry Analyst, Visiongain 2020
The failure to check and audit the supply chain has caused the falsified issue to persist, posing new obstacles for compliance with ICH Q7 manufacturing guidelines. Data fragmentation has been recognized as the status quo for decades, and the unavoidable cost of having many players with distinct business positions. There has never been a larger need for standardization in knowledge management across growing stakeholders. Within the industry, there is an urgent demand to create a clear architectural design for communication between systems. Blockchain technology may be one possible solution.
The blockchain can be harnessed to provide or support solutions in the pharmaceutical and healthcare industry. High-level examples of how blockchain could be applied to pharmaceutical & healthcare industry are as mentioned below:
• Empower patients to control and access their data (EMR/EHR, Health Apps, Advocate groups, etc.) and decide who and what data is shared peer-to-peer
• Incentivize and reward patient data sharing, while ensuring trustworthiness and control over the data stream
• Protocol algorithms allow system-agnostic real-time data sharing and availability during public health emergencies across various healthcare systems
• Address inefficiency of the drug development process for patient populations with high unmet patient needs by bringing new drugs early to market and using patient health data consented for: Real World Evidence (RWE) analysis, Safety/Efficacy assessment, Recruitment into clinical trials, Research of the disease and other unmet needs particularly rare diseases
• Provide a longitudinal view of the patient’s health journey by enabling permission access to patient information for healthcare professionals to better assess patient’s health, identify the best course of treatment, and better understand the patient’s disease
• Enhance the drug supply chain process by ensuring the validity and distribution from raw materials to production as well as the controlled distribution of end-product to pharmacies and hospitals (tamper-free and according to drug specifications)
• Provide a mechanism for real-time, secure, transparent, and auditable collaboration in clinical research amongst a group of peers
• Provide a mechanism for secure, efficient, and transparent recruitment of subjects for clinical trials, with the ability to digitally streamline the process
• Improve data integrity of clinical trials with a full audit trail of each record (raw data) to mapping into standards and removing the need for manual quality checks.
• Data transparency for patients, healthcare practitioners, and regulatory authorities to access information in real-time, enabling faster submission for drug applications
• Compliance with data privacy and permissions such as GDPR
• Compliance with the US FDA’s DSCSA (Drug Supply Chain Security Act), and Drug Quality Supply Act in the US and Falsified Medicine Directive in the EU
• Oversight of vendor and third parties’ deliverables in clinical trial/research with nearly real-time data, thus establishing robust processes quickly and efficiently
Currently, strategies such as, acquisitions, mergers, partnerships, collaborations, and launching new products have helped the key players to establish and fortify their position in the global digital clinical supply chain market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the digital clinical supply chain market. For instance, on 13th June, 2019; IBM, KPMG, Merck, and Walmart announced that the companies have been selected by the United States Food and Drug Administration (FDA) to be included in a program in support of the U.S. Drug Supply Chain Security Act (DSCSA) that addresses requirements to identify, track and trace prescription medicines and vaccines distributed within the United States. The program is intended to assist drug supply chain stakeholders, including FDA, in developing the electronic, interoperable system that will identify and trace certain prescription drugs as they are distributed within the United States.
Some of the major companies operating in this market are IBM Corporation, Chronicled Inc., Doc.AI, Embleema, Factom Inc., FarmaTrust, Guardtime Federal, Hashed Health, Medicalchain, and Microsoft Corporation among other prominent players.
Notes for Editors
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