The pharmaceutical business has always been very profitable. The advancements in chemistry and technology has led to some major discoveries to increase the quality of health of an average person. With billions of dollars invested, each new discovery brings enormous health benefits to the masses and fuels the industry. Yet ClinTex believes that there is still to be done for humankind.
Pharma is a part of the larger healthcare industry which involves hospitals, clinics, patients and practitioners. Where the pharma industry presents the ultimate in research and technology, there are many issues in the whole healthcare industry that create hindrances in unlocking the hidden potential. This is especially important in today’s context. Time and again, relentless viral uprisings have shown that even with all of their tools, technology and will, the human race is still vulnerable to diseases and outbreaks. The Avian Flu, SARS and now, the dreaded COVID-19, are prime examples of how the industry lacks coordination of resources and data to be able to better withstand these onslaughts.
Hiccups in Healthcare
There are multiple challenges faced by the healthcare industry that need to be addressed to make sure that the new medicines and pertinent data reaches out not only faster, but at lower costs.
Any new medicine or solution to disease and ill health starts with having the right data set. There are two points to consider here. The first is the quality of the data. Advanced analytics can quickly identify outliers and other characteristics that can adversely affect the data. Secondly, the data silo phenomenon can be an issue. Even today, many different medical practitioners are actively working on solving health problems faced by mankind. They work in teams but the teams are themselves isolated from each other. This means that efforts are replicated and lots of precious time is lost.
As more effort and redundant research is done, this can add up to a significant increase in monetary resources spent on finding an effective drug and going through all the processes of making it available for the masses. A new drug can cost up to USD 2.5 billion from discovery to availability. For pharma companies that are for profit organizations, this means that they pass on the cost to patients.
ClinTex is a technology firm that believes it has the answers to the current issues. The project aims at using the latest in the tech sector to support the healthcare and pharma industry to drastically reduce the costs involved. Its Clinical Trial Intelligence (CTi) has been constructed to use blockchain, artificial intelligence and statistical software to make data sharing easy, increase the quality of the data and bring down the cost of research.
The startup hopes to raise funds for the development and roll out of this solution, via the crowdsale of its CTi blockchain-based token. The CTi token is the native medium of exchange on the platform that powers the platform. The token is currently available for backers of the platform at a 50% discount through its token generation event. A total of USD 1 million in CTi are available till the 25th of September in the first round. Tokens not backed will be burnt.
To know more how ClinTex and CTi hope to spark a revolution in the healthcare sector, visit their website.