In July 2019, ALTEN CalSoft Labs and BlockApps launched BioPharma Ledger, a blockchain clinical trial platform focused on resolving many of these inefficiencies.
STRATO digitizes the bulk of clinical trial procedures by providing a single ledger within which data can be stored, communicated, and updated in real-time, saving pharmacy companies 25% of an average ten-year drug development or $273 million.
As such, participants in trials can transmit data through wearables or remotely, as well as complete consent processes digitally. Moreover, STRATO encrypts data so that patient privacy is ensured and patient and trial data can be stored in the same place. This could radically increase incentive to participate, which in turn would decrease costs of recruitment, increase clinical trial efficiency and drive faster production of new drugs, with far-reaching implications for society.
Researchers, clinicians, patients, and the drug industry could all massively benefit from such innovation, with a rapid onboarding promising to save up to 6 months or $54 million on average.