Blockchain Testing by Big Pharmaceutical Companies is in the Majority

As is common knowledge by now, over the course of the past year or so, blockchain technology has been incorporated into a host of novel industrial domains such as automation, supply chain management, medical services etc. In this regard, it is worth noting that an all-new study released by The Pistola Alliance recently shows that half of today’s life science and healthcare firms are either seeking to invest in/ already have dabbled in blockchain technology in some form or the other.

For those of our readers who may not know, the Pistola Alliance is a non-profit organization that seeks to help boost innovation within the field of pharmacology as well as enhance R&D taking place within the many niche’ domains associated with ‘life sciences’.

Some Key Findings Worth Bearing In Mind:

  • The study has conclusively determined that over 60 percent of today’s pharmaceutical and health-care practitioners are currently experimenting/ making full-fledged use of blockchain-based technologies so as to streamline their administrative and governance processes.
  • These numbers are quite extraordinary, especially when compared to figures from a similar survey that was conducted in 2017— where only 22% of the interviewed pharma firms said that they were making use of blockchain-based operational tools.
  • As of Dec-2018, 40% of today’s healthcare giants are still of the opinion that blockchain technology seemingly has little to no use for them. This is because they claim that the industry is currently facing a dearth of blockchain experts who can comprehend the technology well and subsequently put it to good use.

More On The Subject

As part of the report, Pistola Alliance Head, Dr. Steve Arlington, was quoted as saying:

“We must ensure that the life science industry has access to the right skills and staff to bring their blockchain projects to fruition, particularly looking to the technology industry to fill the blockchain talent gap.”

He then added that by making use of blockchain technology, health care firms will be able to employ an additional layer of trust that will not only help scientists maintain their records better, but will also help in the faster/easier sharing of sensitive data and information.

He then went on to say:

“We believe blockchain will open up new opportunities for the industry to begin sharing data more securely to advance drug discovery, ultimately making patients’ lives better.”

Final Take

In rounding off this piece, it is worth remembering that mainstream adoption is only the first step when it comes to the total acceptance of technology as powerful as this.

In this regard, Dr Richard Shute, a blockchain expert, believes that as more and more pharmaceutical organizations start to dig deeper into this unique digital offering, its use cases and operational capabilities will only continue to evolve and increase.

The views and opinions expressed in the article Blockchain Testing by Big Pharmaceutical Companies is in the Majority do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.

In rounding off this piece: Blockchain Testing by Big Pharmaceutical Companies is in the Majority. Here’re most prominent words:

  • Blockchain Technology
  • Blockchain Based
  • Pistola Alliance

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