Blockchain could accelerate drug development: Bloqcube

Fibo Quantum

The desire to get trials wrapped up more rapidly, and to accelerate the launch of new drugs as much as possible, is not new to life-sciences professionals. Pharmaceutical firms and their development partners are constantly looking for ways to increase the speed and efficiency of their work—and the recent pandemic has increased this pressure.

Rama Rao (RR), CEO of Bloqcube, spoke with Outsourcing-Pharma (OSP) about how blocktain technology can be put to work to accelerate clinical trials, and get pharmaceutical products to market faster.

OSP: Could you please share an ‘elevator description’ of blockchain technology, and how it’s been used to help pharma and clinical trial professionals?

RR: Blockchain technology is a secure way of having one single source of data,  that is shared in multiple locations, in a ledger or transaction register, with an ability to record transactions as they happen, in order to provide a trustworthy and immutable record. This is done via cryptography that ensures that facts are reported consistently to those who need to have access it with speed and transparency

It’s relatively new in terms of application in the pharma industry and has been primarily used for “tracking and tracing” medication through the supply chain. In addition to meeting regulatory requirements, such a digital identity would enable sifting between counterfeits and original medicines

We are amongst the pioneers to apply it for clinical trials. Currently some companies apply it for ensuring the quality of the scientific research, others are using it for ensuring patient data is well managed.