Rama K Rao, CEO
In the pharmaceutical sector, a factor that is often overlooked is the cost to conduct a clinical trial and time to bring the new drugs into market. This is increasing significantly year upon year. Even as the industry spends a whopping hundred billion dollars annually, an issue they face is the inefficiency of operational systems to optimally support the trial which in turn would offer maximum patient-oriented benefits. With a focus on accelerating clinical trials and cost benefits to trial owners, BloqcubeTM, a pharma technology provider, is changing the current state of digital implementations by taking the tests to the patient rather than them being treated at trial sites. As strict regulations come into play in terms of data management, BloqcubeTM uses blockchain to safeguard all information in a secure and decentralized manner, reassuring stakeholders that their information is always safe and well protected. “We are smart, secure, and speedy,” says Rama K Rao, CEO at BloqcubeTM.
For pharma institutions and drug development centers working on areas that need the most medical attention, BloqcubeTM addresses critical pain points that are plaguing their operational workflows. With a lack of an integrated system during the performance of a clinical trial, a problem that individuals working at a test center face is repetitive data entry. Through BloqcubeTM’s comprehensive suite of pharma technology solutions, clients can not only eliminate repetitive data entries, data integrity is also improved, and access to information in real-time enabled. By bringing the operational procedures under a single platform, BloqcubeTM permits intermediaries to take a targeted approach for risk areas and permits remote monitoring with their tools thus minimizing the need for a generalized approach to monitoring trials. The security of distributed ledger technology adds to its innovativeness.
However, due to suboptimal financial systems with limited integrated accounting applications, causes sites to be paid late endangering their financial health and imperiling their solvency.
We have introduced a proprietary financial module into our system that permits for payments to be received and administered within a day or a week, rather than a month and linking an innovative accounting and financial process to it.” C2TATM - Continuous Clinical Trial Accounting
BloqcubeTM covers this problem for its clients as well, and Rao states, “We have created an innovative, proprietary financial module in our system that permits for payments to be received and administered within a day or a week, rather than a month.” The solution can create an accounting record that is integrates with most financial systems, and in turn delivers insights on budgets and actual expenditures. It gives users a picture of their current resource position and enables them to make informed decisions to enhance their business growth strategies. BloqcubeTM anticipate that a client receives may save atleast 5 percent in their trial costs by using their integrated system.
Time is of the essence when it comes to clinical trials, and BloqcubeTM’s innovative line of technology aids clients by saving them precious minutes during patient data collection. The company gathers information directly from a patient’s location, and in turn, enables for its security by storage at a single point of access that is protected by blockchain.
Currently, BloqcubeTM’s priority is to beta test a new solution, and publish a paper on the new functionalities it will bring into the drug development circuit. As funding plays a vital role in the entire project, BloqcubeTM is looking to raise funds through investors to accelerate business growth and commercialization. Moving ahead, the company is looking to further innovate by developing a better way to speed up clinical trials and cut costs that will eventually benefit patients down the chain. “We believe our system would be on the cusp of delivering the efficiency that is required to take the pharma industry forward digitally,” concludes Rao. As traceability and transparency in clinical trials is essential, BloqcubeTM will attend many blockchain healthcare summit events where Rao will share the company’s vision and plans