In October 2020, Renji Hospital in China announced a partnership with VeChain and DNV GL to launch the world’s first blockchain-enabled cancer treatment center. The technology facilitates long-term monitoring of drug results, potentially increasing companies’ understanding of products and enhancing their reputation. Renji Hospital’s adoption of the blockchain will demonstrate its benefits for pharmaceutical companies by successfully paving the way for further investment.
Blockchain has been among the most talked about technologies over the past five years, with its proponents making increasingly bold claims about its potential and detractors condemning it as an overrated innovation it will fail to deliver. According to GlobalData’s Survey on emerging technology trends 2020, blockchain is the least understood disruptive technology in the pharmaceutical industry, with 59% of respondents saying they have little or no understanding of it and more than half currently do not invest in it. However, with applications of the technology finally implemented in practice, pharmaceutical companies will be able to see its potential benefits.
Blockchain technology and its use in the pharmaceutical industry
Blockchain is a digital ledger that allows for decentralized storage and sharing of encrypted data in a secure manner, making it theoretically tamper-proof. In the pharmaceutical sector, this could allow, among other things, the secure storage, sharing and analysis of sensitive patient data.
Renji Hospital unveils first blockchain-enabled Intelligent Cancer Treatment Center
Blockchain, which was among the most publicized technologies in 2017, seemed to have lost its momentum when China’s Renji Hospital announced its partnership with VeChain and DNV GL. According to the hospital, the technology will allow patients to have complete control over their medical records. It will also allow research institutions to easily access data from consenting participants to improve the efficiency of clinical trials.
The importance of real world data for pharmaceutical companies
Using electronic health records (EMRs) as the primary source for clinical trial data would allow pharmaceutical companies to monitor thousands of patients for longer periods of time. Although drugs are already thoroughly tested before they are approved for distribution, RCTs have limited samples, are usually relatively short-term, and run under specific conditions that may differ from real-life scenarios. Long-term patient monitoring could provide key evidence to improve clinical outcomes and increase brand trust and reputation.
Collecting and analyzing real-world evidence is critical to understanding the long-term efficacy of drugs and their effects on patient health and well-being. If the Renji Hospital experiment is successful, pharmaceutical companies should work on developing strategic partnerships with hospitals around the world, promoting their blockchain deployment and negotiating the sharing of relevant data.
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