Is blockchain really the technology that can revolutionise pharma's business?
Rapidly developing Blockchain technology can deliver transparent, secure and reliable data sharing. It also has the prospect of streamlining business processes, saving on costs and building trusted relationships with stakeholders. But what are the risks to healthcare inherent with blockchain technology and how can these be overcome? Where could blockchain really benefit pharma and what are the cultural, investment and operational challenges adopters would face?
In Blockchain: Transformational change for Pharma? we interviewed leading blockchain advocates to help you identify practical applications, evaluate where blockchain could drive transformational change and the key issues pharma must consider.
Experts scan the blockchain horizon
What blockchain experts say…
Blockchain technology has a number of commercial applications for pharma. Those applications might range from streamlining sales operations and implementing outcomes-based contracts to ensuring compliance in sensitive business areas. The question commercial leaders in pharma should ask themselves is this: 'If I'm using a database to solve this problem, could using a blockchain make the process more efficient or secure, or could it enable me to do more with my data?'
Jennifer Hinkel
McGivney Global Advisors
"Blockchain removes the intermediary elements [of pharma processes] because it provides visibility, a full audit trail and the security element. If we look at clinical trials, there are things that we could stop doing once we use blockchain. It could save some costs because we don't need intermediary people or service providers to do additional checks of an activity. This is revamping the concept of how we do things now. Today, we go from point A and go through B and C to reach D. The idea with blockchain is that we go straight from A to D."
Lee Choun
UCB
"You do not need to abandon any existing database. You can integrate the database you use now and link it to blockchain to create a single version of the truth."
Heather Fraser
IBM
What to expect
Expert contributors
The report harnesses critical insights from front line industry experts who understand the potential for blockchain technology and the key areas where pharma can benefit.
Why choose FirstWord FutureViews reports?
FirstWord's FutureViews reports analyse in detail significant emerging technology and market trends that pharma executives need to understand if they are to manage the opportunities and challenges that lay ahead. These concise and highly focussed reports:
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