ClinTex ICO Review : Blockchain Powered Clinical Trial Management
Clinical trials are conducted by pharmaceutical companies to test the safety and efficacy of new medicines and treatments in order to get approval from the regulatory authorities of the concerned regions. There are mainly four stages of these clinical trials:
- Stage 1: Where the drug is tested on healthy volunteers.
- Stage 2: Where the drug is tested on selected patients to assess its success rate and efficacy.
- Stage 3: The drug is then tested on large scale on the patients.
- Stage 4: After the drug has been approved for consumer use, it is tested to compare its efficiency in comparison to similar drugs in the market and also its long-term efficiency and cost effectiveness.
All these stages are very time-consuming and the operational costs are also very high. The average cost of introducing a new drug into the market can go up to $802 million as well. Furthermore, most of these trials are reactive instead of being proactive and the patient selection and recruitment process can also be tiresome and inefficient. There is lack of proper data and nonadministrative quality which often hinders the functioning of the clinical trials.
The ClinTex Solution
The ClinTex CTi is a decentralized platform, which with its distributed ledger technology will provide more efficient and advanced technological features and applications to leverage the clinical trial processes of the new medicines. In fact, it is one of its first kinds to bring Blockchain technology and end-to-end decentralized solution with the use of smart contracts into the clinical trial process.
The ClinTex CTi Platform
The ClinTex Clinical Trials Intelligence Platform or ClinTex CTi will provide Tools and features to run improved and quality clinical trials through advanced clinical data review system and AI. The modules of CTi are:
- CTi-OEM or Clinical Efficiency Application: This module provides snapshots to the clinical trial professionals to identify the areas of concern that needs immediate action of the clinical trial process.
- CTi-CDV or Clinical Data Visualization Application: CTi-CDV will use data visualizations for improved monitoring of data quality and also point out the issues that need correction.
- CTi-PDA or Predictive Data Analytics Application: This module will predict and forecast the hidden risks and issues that can happen during the clinical trials so that the pharmaceutical companies can take action beforehand. This is supported by the FDA, but it is yet to be administered in the clinical trial process.
- CTi-RBM or Risk Based Monitoring Application: This feature will monitor current and historical data to assess and predict risks and warnings that will allow pharmaceutical companies to take the necessary action beforehand.
- CTi-PRR or Patient Recruitment & Retention Application: Recruiting the patients is a major part of the clinical trials process. CTi-PRR will provide research sites for sharing patient details for participation in the trials. It will help the companies to track and select their patients and also the patients can express their interest in taking part in the trials.
- CTi-SIM or Site Investigator Application: The interested clinical investigators register in the research sites and the companies hire them for their work and payment is done through tokens.
- CTi-VMM or Vendor Management Application: The CTi-VMM takes control and regulates the third-party vendors who play a crucial role in many activities required in the trials.
Features of ClinTex:
- A single platform which, collaborates the whole pharmaceutical industry and share and distributes important information and knowledge about the industry.
- A pay-per-use model for clients which will decrease the hardware cost and operational cost as well.
- All personal and sensitive data are protected in the system.
- It is based on the Ethereum platform and CLX will be its native utility token that will be widely used in the ecosystem.
ClinTex ICO Details:
- Schedule: 2018-10-01 to 2018-11-05
- Token: CLX
- Price: 1 CLX = 0.10 USD
- Platform: Ethereum
- Accepting: BTC, ETH
- Soft cap: 4,000,000 USD
- Hard cap: 19,000,000 USD
ClinTex will definitely revolutionize the global pharmaceutical industry by bringing down cost of medicines, developmental cost and leverage the speed of clinical trials as well.