80% of all clinical trials
are estimated to experience delays
$600K to $8M
Delays cost sponsors between USD 600.000 to USD 8 million each day that a trial delays a product
$600B to $1T
In the US, administrative expenses account for approximately 15% to 25% of total national healthcare expenditures, representing an estimated USD 600 billion to USD 1 trillion per year.
10% of medicines
sold in the world are counterfeited, with this figure reaching 70% in some countries
Due to its highly regulated framework, the life science industry involves several players which contribute to its complexity.
Approximately 80% of all clinical trials are estimated to experience delays, costing sponsors between USD 600k to USD 8 million per day. Data in this industry has a huge unexploited potential, since privacy concerns, siloed information systems and non-automated processes pose challenges that hinder its use.
In addition, regulatory authorities need to frequently verify the quality and integrity of pharmaceutical or clinical data to guarantee process effectiveness.
Hence, companies must struggle with multiple operational challenges while ensuring data accuracy and security, auditability, and regulatory compliance.
That’s why we have created a novel solution based on interconnected functional blockchains that enhances coordination and data sharing across stakeholders while ensuring data security and accuracy.
Enhance coordination and real-time collaboration across multiple participants and different locations
Reduce paperwork and increase process efficiency though workflows, automations and IoT integration
Ensure data integrity across the clinical trial process though a single immutable shared source or truth
Ensure compliance with industry protocols and enable more efficient monitoring and auditing
Streamline informed patient consent management
Share relevant data while ensuring privacy protection and regulatory compliance through cryptographically protected granular data disclosure