How Does Blockchain Help with Resolving Complexities in CTMS?

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How Does Blockchain Help with Resolving Complexities in CTMS?

By Pharma Tech Outlook | Thursday, October 22, 2020

Clinical trial management systems (CTMS) are proliferating in every shape and texture in order to manage the intricacy. How does blockchain help CTMS in resolving these complexities?

FREMONT, CA: Clinical trials are a costly stage in the development of a pharmaceutical product. As per a recent study, bringing a drug to the market costs more than $2.6 billion. Besides, research and development costs also have a significant role to play.

The different functions for the clinical trial should coordinate and function as a whole for operating seamlessly. This can be performed rapidly with the help of integrated CTMS.

Some Top 10 eClinical Trial Management Solution Companies - 2019 organizations are already making use of integrated systems. However, still, a significant void exists in integrating financials, which is the most intricate part of the clinical trial.

Blockchain can turn up as an answer for integrated eClinical trials

CTMS holds the potential to provide a centralized system where management is able to share payment calendars, billing processes, sponsor invoicing, and subject visit tracking. Payout to investigators, volunteers, vendors, and regulatory agencies can be tracked and handled under one integrated system. In this way, audit trails can be incorporated, and data validity can be improved.

The integrated systems help in decreasing the errors enormously as the data is placed in only once. Moreover, they help in eliminating any kind of fraud that can take place in the clutter of repeated information.

Recently, blockchain technology has evolved as an alternate way for transferring data between the parties that are participating on the basis of a distributed ledger model. This model can afford a completely transparent and immutable record of data transactions. A blockchain comprises consecutive chained blocks that are mimicked on the nodes of a peer-to-peer network. Blockchain consists of records, and every record possesses derails of a transaction between the system’s users. Blockchain is a distributed database, which is anchored by cryptography where data is stored and is less susceptible to manipulation or hacking. 

Integrated eClinical platforms that are based on technologies, like blockchain, are required to provide common functions and features that support various processes and allow for shared datasets so that the data must not be entered multiple times for each part of the process.

If executed correctly, the new eClinical platforms will decrease streamline effort, redundancy, and make the process of taking new drugs to the market much less of a trial.

See also: Top Blockchain Technology Companies

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