The Pistoia Alliance, a global, not-for-profit alliance that works to lower barriers to innovation in life sciences R&D, announced the results of a survey on the adoption of blockchain in the pharmaceutical and life science industries.
According to the survey, 60 percent of pharmaceutical and life science professionals are either using or experimenting with blockchain today, compared to 22 percent when asked in 2017; however, 40 percent are not currently looking at implementing, or have no plans to implement blockchain. The biggest barriers identified to adoption are access to skilled blockchain personnel (55 percent), and that blockchain is too difficult to understand (16 percent).
The survey also showed life science and pharmaceutical professionals are becoming more aware of the capabilities of blockchain. Respondents believed the greatest opportunities for using blockchain lie in the medical supply chain (30 percent), electronic medical records (25 percent), clinical trials management (20 percent), and scientific data sharing (15 percent). Of the benefits of blockchain, life science and pharmaceutical professionals believe the most significant is the immutability of data (73 percent). Significantly, for an industry with tight regulations, 39 percent also believe the transparency of the blockchain system is its best feature. However, almost one fifth (18 percent) of professionals believe using blockchain adds no value beyond a traditional database, showing there is some reluctance in the industry to use the technology.
The Pistoia Alliance is a global, not-for-profit members’ organization made up of life science companies, technology and service providers, publishers, and academic groups working to lower barriers to innovation in life science and healthcare R&D. It was conceived in 2007 and incorporated in 2009 by representatives of AstraZeneca, GSK, Novartis and Pfizer who met at a conference in Pistoia, Italy. There are currently over 80 member companies; members collaborate on projects that generate significant value for the worldwide life sciences R&D community, using the Pistoia Alliance’s proven framework for open innovation.