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Pharma Tech Outlook | Monday, October 01, 2018
Blockchain—the digital ledger technology and a buzzword in the current technological ecosystem—has spread across a broad array of verticals with a wave of security, transparency, and reliability. So how exactly does this underpinning digital ledger drive innovation through the pharmaceutical space? The answer emphatically is related to the high rate of tangible benefits it brings to pharma companies. Blockchain is a crucial factor in facilitating electronic health records (EHR) sharing between various pharma companies with unparalleled data security. However, the root of a pharma company’s success rests on its ability to collaborate with a vast pool of global talent and harness the skills of the employees. The real value of collaboration is experienced in the innovation and the efficiency of business intelligence (BI) it proffers. With the coherent partnership with peers across pharmaceutical organizations, drug manufacturing, development times, and costs can significantly be reduced.
Despite all the benefits of blockchain driving collaboration, pharma companies still have not come to terms with the same to maximize their capabilities and bring innovation into the pharmaceutical market. What is the reason for this reluctance? Researchers do not wish to share their intellectual property—research findings and insights, even within the same company, let alone with other pharma companies. The major challenge for pharma companies embracing collaboration today is: how to protect the intellectual property during the alliance? While there are numerous intellectual properties ownership rights for manufacturing, developing and distributing medicines and vaccines, blockchain technology protects patents and proprietary data. It may take a few levels of collaboration, but, intellectual properties can be shared between pharma researchers via blockchain with intellectual property rights compliance.
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Although the compliance with intellectual property rights is now handled effectively, there is still the issue of the time lag between finalization of a preclinical pharmaceutical study and its publication in the academic journals. The time duration between the peer-review of the article and its publication can roughly take four or five months, making it a huge barrier to innovation. With the use of blockchain, researchers can have a platform on which they can upload and share their unpublished findings in real time without having to worry about the intellectual property rights. As the pharmaceutical market keeps changing, the pharma companies look to leverage blockchain to bring in precision, personalization, and innovation for its customers. The benefits of apt collaboration and intellectual property protection drive blockchain all the way to the top of the factors that give pharma companies a significant competitive advantage.
CIO Review Client: Flagship
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