Incorruptible Evidence: Blockchain's Promise for Faster Drug Approvals w. Dominik Lysek
Description
Dominik Lysek, CEO of PharmaTrail, explains how blockchain technology can solve trust issues in clinical trials by providing an incorruptible audit trail that verifies data integrity. This solution could significantly accelerate the time required for regulatory approvals, partnerships, and acquisitions, ultimately getting treatments to patients faster.
• Blockchain provides a complete, unchangeable audit trail where data can only be added, never deleted
• Most clinical data (99.9%) has integrity, but proving this to outsiders is time-consuming and costly
• PharmaTrail uses private blockchain technology alongside traditional databases for optimal security and functionality
• Blockchain verification can maintain momentum through due diligence processes, preventing deals from stalling
• The technology creates trust by enabling independent verification of data integrity
• Current systems face challenges with data credibility that delay patient access to treatments
• Private blockchains protect patient data while still providing the benefits of immutable record-keeping
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