The process of discovering a potentially new drug until it becomes available to patients takes around 10 years and costs about 1.3 billion euros on average. A blockchain platform where the process is more efficient and therefore faster offers a solution. The patient owns his or her own data, enabling them to register and confirm additions and changes themselves. This will increase transparency. The patient knows at any time which data is available and can be viewed by the parties involved.
Blockchain increases efficiency because information flows to all parties more smoothly and reliably. In case of important new information for patient safety, it can be taken, confirmed and signed directly via the application by the patient. The reliability and data integrity is increased by Hyperledger Fabric. This results in faster and better recruitment (reliable, increased efficiency).
Not only does this have enormous advantages for the patient, but hospitals can join the consortium as well. By keeping hospital and patient profiles on the blockchain, it is easier to find the right hospitals for the right study more effectively and thus recruit the right patients and get the medicine to the patient more quickly.
Interested in how we used blockchain for our solution? Read our blog post for a more in-depth look.