Although cryptocurrencies have gone through periods of highs and lows ever since the last year’s crazy rush, the blockchain has improved massively to where it is today, mature enough to be used in various industries across the world.
An area where the blockchain has constantly been touted as a game changer is in the medical industry. Despite its importance to society, there are still many problems like inefficient resource allocation and biased corporate decisions which brings tons of negative consequences.
For starters, inefficiencies often result in extra costs which then trickles down the system; in other words, patients and healthcare professionals would be impacted negatively as long as these problems remain unsolved.
While many great solutions have been presented to alleviate the situation, the potential for the blockchain to drastically change the medical industry for the better is what makes it so exciting and that’s the case with clinical trials.
To summarize, clinical trials are phases of testing used by biotech and pharmaceutical companies to ensure that new types of treatments are safe and effective in addition to gaining approval from numerous regulatory bodies across the world.
From the explanation of clinical trials, you can already see how important it is to the medical industry as well as patients worldwide. A lack of proper control and regulation could easily lead to dangerous situations but of course, having such tight regulations would lead to higher costs. It is estimated that introducing a new drug to the market costs a massive $802 million on average and in some cases, it could even reach billions.
Hence, there exists a need for a solution to cut down on these costs which will hopefully incentivize the introduction of more helpful treatments and at the same time, reduce the financial burden of patients. This is exactly what ClinTex, a Malta-based company is hoping to achieve with its ClinTex CTI platform.
ClinTex aims to use the blockchain to revolutionize how clinical trials are run. The CTI (short for Clinical Trials Intelligence) platform will give companies an all-in-one decentralized solution for them to share vital clinical trial data with other companies in an effort to save costs and improve efficiency as a whole.
Aside from implementing advanced tech such as machine learning and AI in the platform, ClinTex also hopes to increase collaboration in the industry which benefits all of the people involved in the ecosystem. One of the major goals of ClinTex other than cost reduction is to also improve the speed and quality of new treatments while ensuring that they meet regulatory standards.
Since extremely sensitive data is involved in the platform’s processes, ClinTex integrates advanced security and privacy features to ensure that all information is kept secure thus preventing the possibility of data breaches or leaks.
Included in the platform are 7 interoperable decentralized applications to assist stakeholders involved in handling and managing clinical trials. They are the:
- CTi-OEM: Operational Efficiency
- CTi-PDA: Predictive Analytics
- CTi-CDV: Clinical Data Visualisations (including Statistical Monitoring of Data)
- CTi-PRR: Patient Recruitment & Retention
- CTi-RBM: Risk Based Monitoring
- CTi-SIM: Site Investigator
- CTi-VMM: Vendor Management
Running such an ambitious platform would require an equally world-class team to make sure that the company’s road map is achieved successfully. Leading the team are fellow directors, Neill Barron, Brendan O’Mainnin, and Adrian W. Donoghue. Together, they will help grow ClinTex in disrupting the industry for the better with its groundbreaking CTI platform.
As mentioned in the previous section, ClinTex’s 7 core modules are key parts of the CTI platform; these modules have an end goal of improving data visibility in the clinical trial process among companies so you can consider the platform as a data analytics tool but used for the medical industry instead.
ClinTex’s Operational Efficiency Application (CTi-OEM) gives clinical project managers the ability to quickly view the progress of clinical trials which in turn, helps them to make important decisions quickly. Issues that arise during the trial will be automatically highlighted, verified, and stored on the blockchain to be used in the rest of ClinTex’s applications.
The stored data is then used by the platform’s Predictive Data Analytics Application (CTi-PDA) to highlight future issues or key events that may impact the clinical trial’s performance—a feat that is achievable thanks ClinTex’s machine learning tools. The CTi-PDA is essentially an oracle for medical companies to make informed decisions ahead of time based on the CTi-PDA’s smart forecasts.
The Clinical Data Visualisation Application (CTi-CDV), on the other hand, changes how clinical data is presented by moving away from primarily text-based representations of data to full-on data visualization. As expected, charting data in graphs and charts produces better results in terms of identifying issues in clinical trials and like the CTi-PDA, potential issues are flagged by the CTi-CDV for quick actions by medical professionals.
These three applications work in tandem to form the core of the ClinTex CTI platform but there are other applications such as the Risk Based Monitoring Application (CTi-RBM) which helps to significantly reduce the monitoring costs associated with clinical trials as well as the impressive Patient Recruitment & Retention Application (CTi-PRR), a tool that helps companies to manage their trial patients more effectively while maintaining patient retention levels at an all-time high.
An advantage of the ClinTex platform is its unique pay-per-use model, meaning that companies only use the CTI platform when they need to. This eliminates hardware costs completely which cuts down costs even more—a move that benefits both patients and medical companies massively.
All of these features makes ClinTex one of the most exciting projects to look out for due to the impact it could leave on the industry if the company’s roadmap goes well.
ClinTex will be holding a token sale for the CLX token, the platform’s utility token.
CLX tokens are used as a means to access the platform’s services which will be granted via a 12-month licensing period. It will also be used as a payment method for the CTi-SIM and CTi-VMM applications as well as being staked in the platform’s wallet (the circulating supply reduces as more clients join the platform).
Here are the details of the token sale:
Token name: CLX
Token base: ETH
Token supply: 366,541,667
Token sale duration: Q4 2018
Token sale target: $4,000,000 (soft cap) | $17,000,000 (hard cap)
Token exchange rate: 1 CLX = $0.10