Market Insight from

Blockchain-enabled hospital can provide real-world data to understand drug outcomes

In October 2020, Renji Hospital in China announced a partnership with VeChain and DNV GL to launch the world’s first blockchain-enabled Tumor Treatment Center. The technology facilitates long-term monitoring of drug outcomes, potentially increasing companies’ understanding of products and improving their reputation.

Renji Hospital’s adoption of blockchain will demonstrate its benefits for pharmaceutical companies, with success leading the way for further investments.

Blockchain has been among the most discussed technologies over the past five years, with its supporters making increasingly bold claims about its potential and detractors condemning it as an overhyped innovation that will fail to deliver.

According to GlobalData’s 'Emerging Technology Trends Survey 2020', blockchain is the least understood disruptive technology in the pharmaceutical industry, with 59% of respondents stating they have little to no understanding of it and more than half not currently investing in it. However, with applications of the technology finally being implemented in practice, pharmaceutical companies will be able to observe its potential benefits.

Blockchain technology and its use in the pharmaceutical industry

Blockchain is a digital ledger that allows for the decentralised storage and sharing of securely encrypted data, making it theoretically tamper-proof.

In the pharmaceutical sector, this could allow, among other things, the secure storage, sharing and analysis of sensitive patient data.

Renji Hospital unveils first blockchain-enabled Intelligent Tumor Treatment Center

Blockchain, which was amongst the most publicised technologies in 2017, seemed to have lost its momentum when China’s Renji Hospital announced its partnership with VeChain and DNV GL.

According to the hospital, the technology will allow patients to have complete control over their medical records. Additionally, it will enable research institutions to easily access the data of consenting participants to improve the efficiency of clinical trials.

The importance of real-world data for pharmaceutical companies

Using electronic medical records as the primary source for clinical trial data would enable pharmaceutical companies to monitor thousands of patients over longer periods of time.

Although drugs already undergo extensive testing before they are approved for distribution, randomised controlled trials have limited samples, are usually relatively short-term, and are done under specific conditions that might differ from real-life scenarios. Monitoring patients in the longer term could provide key evidence in improving clinical results and increasing brands’ trust and reputation.

Collecting and analysing real-world evidence is fundamental to understanding the long-term efficacy of drugs and their effects on patients’ health and wellbeing. If Renji Hospital’s experiment is successful, pharmaceutical companies should work on developing strategic partnerships with hospitals around the world, promoting their uptake of blockchain, and negotiating the sharing of relevant data.

For pharmaceutical industry data, comment and analysis, visit GlobalData's Pharmaceuticals Intelligence Centre.

Go to article: Home | The logistics of delivering a global vaccineGo to article: In this issueGo to article: ContentsGo to article: MimotopesGo to article: SHL MedicalGo to article: BriefingGo to article: Industry newsGo to article: The pharma industry briefingGo to article: Covid-19 executive briefing by GlobalDataGo to article: Solvias Company Insight Go to article: SolviasGo to article: HOF Sonderanlagenbau Company Insight Go to article: HOF SonderanlagenbauGo to article: SwiftpakGo to article: CommentGo to article: Long HCC pipeline marks change for a previously stagnant marketGo to article: Pfizer and BioNTech’s Covid-19 vaccine candidate shows 90% efficacyGo to article: Blockchain-enabled hospital can provide real-world dataGo to article: The increasing influence of industry sponsors along the pandemic timelineGo to article: Digitalisation in pharmaceutical manufacturingGo to article: VEGA AustraliaGo to article: KugelmeiersGo to article: Unither PharmaceuticalsGo to article: In DepthGo to article: Special delivery: the logistics of curing Covid-19 Go to article: Will there ever be an HIV vaccine?Go to article: Predicting Covid-19 vaccine approvals with OpylGo to article: Unequal access: understanding cancer treatment disparity in EuropeGo to article: ‘Trustpilot’ for medicines: can DrugsDiscovered help pharma be patient centric?Go to article: Q&A: investing in innovative biotechs with Novo VenturesGo to article: Gold standard: why are Phase III trials so critical?Go to article: Brewprint: using yeast to make plant-based drugsGo to article: Air FranceGo to article: Zenatek Company Insight Go to article: In DataGo to article: Inside the dealGo to article: Deals analysisGo to article: The pharma industry key listGo to article: Global markets and indicesGo to article:  Macro-economic indicatorsGo to article: Macro-economic indicators (page 2)Go to article: EventsGo to article: Next issue