The new life sciences industry paradigm is a locus shift from product centricity to patient centricity. The ecosystem is now being shaped around the patient, caregivers and providers with payers exerting increased scrutiny on the cost vs. benefit of drugs and devices.
Researchers, patients and volunteers are restricted from sharing and donating their data freely. The root of this problem may lie in the common lack of trust around the usage, security and control of such data.
While data democratization is on the rise, acquiring and securing massive amounts of relevant patient, genomic and research data remains a herculean challenge. The distrust around security, privacy and usage of data is rooted in some of the structural challenges discussed below.
The paper ‘Blockchain: A future-proof enabler of the evolving life sciences industry paradigm” clearly puts forward how Blockchain technology can enable the creation of secure collaborative platforms where the data is immutable, transparent, secure and auditable for provenance in real time