PreScouter Research: Blockchain Adoption in Life Sciences Wanting
According to a report by PreScouter, a research company that assists business leaders make better corporate and product development decisions, the mindset of leadership in the life sciences sector is hindering blockchain adoption.
According to a report by PreScouter, a research company that assists business leaders in making better corporate and product development decisions, the mindset of leadership in the life sciences sector is hindering blockchain adoption.
This is despite the fact that widespread blockchain adoption could propel $3 billion-worth of value to life sciences companies by 2025.
Explicitly, blockchain has the potential for transforming the delivery of healthcare to patients, clinical trials management, supply chain, and drug development in this industry.
What are Life Sciences?
Life Sciences are a collection of disciplines that investigate the function and structure of living things from molecules to entire ecosystems. They are, therefore, involved in the study of living organisms, such as human beings, in various subjects like biochemistry, botany, biology, microbiology, zoology, and physiology.
Blockchain Application in Life Sciences
The research notes that even though 70% of life science leaders plan to implement a blockchain system in 2020, there are still a couple of challenges when it comes to adoption.
These are sentiments echoed by Dr Charles Wright, Prescouter’s technical director for the healthcare and life sciences industry and co-author of the report.
He acknowledged: “The consensus opinion is that changing the mindset of private, public and political leadership for adopting blockchain technology and the requisite change in management is the single greatest hurdle facing blockchain deployment.”
Blockchain application in supply chain and manufacturing areas of life sciences could help in waste reduction. For instance, the tracking of a temperature-sensitive drug could be propelled by checking whether it has been stored or transported with appropriate refrigeration.
On the part of the clinical trials arena, blockchain records could enable real-time monitoring of a whole trial ecosystem, including any protocol deviations, milestones met, and patient health status.
Blockchain also promises to offer patients considerable flexibility and security for sensitive data. For instance, it will enable them to only disclose the required information through blockchain-enabled smart contracts.
Additionally, blockchain is touted to help in the delivery of personalized therapies to patients.
Despite the slow adoption in life sciences, PreScouter speculates that the value pumped by blockchains will increase to $176 billion by 2025. This will include non-financial usages in life sciences representing approximately 5% of the total value.
Image via Shutterstock
Image source: Shutterstock
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