Blockchain technology fast tracking drug R&D and manufacturing
Published: 18 December 2017 - Sarah Mead
A lot has been written about the benefits of blockchain technology in the pharmaceutical industry, especially in regards to the supply chain - tracking and stopping counterfeit drugs. But now blockchain technology is helping to fast track drug development as well.
Caywon Pharmaceuticals Group has adopted blockchain technology to equip scientists and drug developers with the necessary IT tools to translate their requirements into a digital workflow by using Crowd Machine. "Although our scientists and managers knew what they wanted, it was hard to communicate with IT to get the ideas across. When we looked at Crowd Machine’s App Studio, we knew it was going to be a game changer for us. Not only can we build the digital workflow we always wanted, we also have the flexibility to evolve our system at minimum cost. It will truly enable our pharma domain experts to lead our digital transformation,” commented Dr. Matthew Lee, VP of Innovations at Caywon.
As well as being able to develop blockchain applications with zero-code, scientists can quickly develop simulations to run on the global network of computers similar to what SETI@Home and the Folding@Home projects of earlier era achieved. But unlike the earlier projects, Crowd Machine’s ability to use blockchain will be able to ensure data integrity, security, and privacy. It also provides an internal economic incentive to source computational resources so that computations can be done with predictable and reliable performance. These attributes make it possible for dApp adoption in computational drug design.
In addition to developing a decentralized platform, Caywon has expanded its operation into China, taking advantage of recent regulation changes that allows a drug developer to hold a drug license without owning a manufacturing facility.