Survey Reports 60% Of Pharmaceutical Companies Are Already Using Or Experimenting With Blockchain Technology

We’ve already discussed the monumental applications of blockchain technology when it comes to the world of healthcare and science, but now a study conducted by The Pistola Alliance confirms that more than half of life science and healthcare firms are seeking to invest and experiment in the blockverse.

The Pistoia Alliance is a non profit organization that seeks to decrease barriers to innovation that come between the progress of pharma and life sciences R&D to help make healthcare more accessible and efficient. Via a survey that was conducted in late 2018, they established that a whopping 60 percent of pharmaceutical and health care practitioners and  professionals are currently experimenting and/or already employing blockchain based technologies.

This is a massive shift from the results of a similar survey in 2017, where only 22% agreed to make use of the tech. Not all the results are positive, however as a considerable 40% maintain that they have no plans to implement blockchain based solutions. The survey also highlighted that factors like failure to comprehend the technology (16%) and a lack of availability of skilled blockchain experts (55 %) are among the main reasons why pharma adoption is low in some regards.

In the release, President of the Pistola Alliance, Dr. Steve Arlington states,

“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. This knowledge will be particularly useful for the 18 percent of life science professionals who admitted to knowing nothing about blockchain. The potential to enhance collaboration and, therefore, innovation is huge“

Talking about the security benefits of blockchain for health care professionals he added, “Blockchain provides an additional layer of trust for scientists and their organisations. We hope the security benefits of the technology help to lessen reticence over sharing and transferring data or information, and will facilitate further cross-industry collaboration and knowledge sharing. 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.”

According to Dr Richard Shute, a consultant for the organization, adoption is only the first step as understanding the technology is as important and that’s where the Pistola Alliance comes in, “As life science and pharmaceutical organisations are beginning to look at implementing or experimenting with blockchain, The Pistoia Alliance is working hard to inform organisations on how to implement it safely and effectively.”

Komal Zaheer

Writer. Procrastinator. Bra Burning Feminazi. Likes to make people laugh. Student of Journalism.

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