The global blockchain development company HashCash Consultants has its aim set on streamlining the complex process of drug research and clinical trials by collaborating with pharmaceutical companies and other medical counterparts. In the light of the ongoing COVID-19 pandemic, the company recently shared its post-lockdown plans of forming a consortium of pharma and medical goods manufacturers, to address the pain areas within the healthcare industry through blockchain solutions.
Talking about their post-lockdown plans, Raj Chowdhury, CEO of HashCash Consultants commented, “A blockchain network for consolidating the drug research and clinical trial process will be part of our medical supply chain initiative. We are in talks with pharma companies who have expressed interest in augmenting their existing system with DLT to eliminate the roadblocks to drug and vaccine development that they are currently facing. The aim is to make the process more coordinated and less time-consuming so that it can cater better to a global health crisis or in matters of any kind of drug development in the future.”
The process of drug development followed by clinical trials and approval from regulatory bodies for mass production and distribution is both length and complex, not to mention heavily uncoordinated. It might still work, although painstakingly in a normal drug development scenario. However, in the case of a pandemic caused by a novel virus, where vaccine development becomes the only hope for eradicating the disease, the process needs to be well-coordinated and streamlined.
The creation of a new vaccine comprises of clinical research followed by human trials. At present medical infrastructure takes months to develop a vaccine or drug, and then more time is required to mass-produce and distribute. The delay is caused due to the lack of a unified system that would aid in the coordination of all the participants including researchers and pharma companies.
As the vaccine reaches clinical trials, healthcare facilities, human subjects, and regulatory bodies join in as well. There are several stages in the trials which culminate after getting approval from the FDA or any other regulatory organization.
The ultimate stage is mass production and distribution where the responsibility falls upon manufacturing units, distribution networks, and storage facilities. As it can be seen, by nature it is a lengthy process with several participants, which nevertheless can be streamlined through blockchain integration.
Blockchain for Clinical Research and Vaccine Trials:
What HashCash proposes is to build a uniform and collaborative platform with a consortium of pharma companies to consolidate the entire process. The use of a blockchain network will aid in easy coordination among the research participants and other medical counterparts.
While enabling accurate management of all the critical data on the vaccine compounds, DLT will also ensure absolute transparency of the vaccine development process. The use of smart contracts and identity management through blockchain will streamline the clinical trials, by safeguarding the privacy and security of patient data.
Since everything will get updated on a shared and immutable platform, the regulatory bodies will be able to track the development and trial stages in real-time, ensuring fast approval of the vaccine for mass production.
Once the vaccine or drug compound is approved and goes to production, a blockchain-based medical supply chain takes it from there, the outline of which has already been shared by HashCash.
The post-pandemic plans announced by the California based global blockchain firm attests to its focus on addressing the problem areas within the healthcare industry and the resolve to be a significant contributor in its reformation.
About HashCash Consultants:
HashCash is a global software company. HashCash Blockchain products enable enterprises to move assets and settle payments across borders in real-time for Remittances, Trade Finance, Payment Processing, and more. HashCash runs US-based digital asset exchange, PayBito & digital asset payment processor, BillBitcoins. HashCash offers exchange and payment processor software solutions, ICO Services, and customized use cases. HashCash propels advancement in technology through Blockchain1o1 programs and its investment arm, Satoshi Angels. HashCash offers solutions in AI, Big Data, and IoT through its platforms, products & services. HashCash solves the toughest challenges by executing innovative digital transformation strategies for clients around the world.