Team Medicine( How life sciences can win with blockchain)

 Who are the first movers in the life sciences industry, and what do they expect?

• Executives in the life sciences sector have shown a strong desire to create blockchain solutions.
• The time span for doing so is likely to be longer than the initial wave of industries.
• According to the research, 10% of life sciences companies expect to have fully functional blockchain solutions in place by 2019.
• By 2020, over 70% of respondents anticipate having projects in production.

Taking steps to reduce the frictions that stifle progress

• The top three friction domains that blockchains can assist solve have been identified by Life Sciences First Movers.
• The most difficult obstacles to overcome were information, interaction, and invention.
• Degrees of separation were listed among the top frictions in only one of the industries surveyed: life sciences.
• The first Movers' objectives, priorities, and investments can provide as a high-level template for others to follow.

Benefits and business concepts that are new

• Because of inefficient, archaic procedures, the life sciences are particularly vulnerable to outside influences.
• Executives in the life sciences industry realize that blockchain technology has the potential to reduce costs, time, and risk.
• Seven out of 10 First Movers believe the greatest combined advantages will occur in three areas.

Compliance and regulation

• As a disincentive to non-compliance, blockchain systems can offer smart contract-based inspections.
• They create a trustworthy audit trail that can be verified in real-time, simplify enforcement, and prevent unscrupulous actors.
• Because rules control what may be viewed and when blockchains provide a framework for automatically enforcing privacy restrictions.

Inter-organizational processes

• Intercompany procedures, financial transfers, services, raw materials, and completed items are the areas where life sciences' first movers expect blockchain to minimize risk the most. 
• Smart contracts can ensure that goods and information are exchanged reliably among firms in the complex life sciences ecosystem.

 Patient participation is encouraged.

• Patients will be able to safely exchange their data thanks to blockchain technology. The US Food and Drug Administration (FDA) recently launched a blockchain project targeted at creating a safe and efficient health data exchange.
• Those Who Move First Patient empowerment is a cost-cutting and business-model-creating strategy.

Serialization from end to end

• E2E serialization is expected to stimulate business model innovation by more than 70% of life sciences First Movers.
• More than 60% of E2Es expect blockchain to help them save money, time, and risk. Every year, counterfeit medicines kill over 100,000 people.
• For the pharmaceutical business, two companies have teamed up to build a serialized track-and-trace pilot.
• The objective is to build blockchain solutions based on GS1 (barcode) standards, with a focus on data protection.
• MediLedger seeks to satisfy regulatory standards in a more cost-effective and time-consuming manner.

Areas of the business that are ripe for disruption

• The sector most likely to be impacted by blockchain, according to First Movers, is gross-to-net revenue management.
• More than 60% of First Movers indicated they intended to improve in this area.
• Other areas where at least half of them predicted the biggest impacts were adverse event and safety monitoring, as well as outcome-based contract management.

Benefits and business concepts that are new

• Compliance and regulation
• Inter-organizational processes
• Patient participation is encouraged
• Serialization from end to end

Areas of the business that are ripe for disruption

Management of gross-to-net revenue

• The sector most likely to be disrupted by disruption, according to First Movers, is gross-to-net revenue management.
• The company is developing BlockChain, a new technology that will allow businesses to identify and pinpoint income loss due to "leakage."

Adverse event and safety monitoring

• First Movers surveyed more than people on internal processes they say will be disrupted by the technology.
• Revenue management, contracts management, and regulation are the top three disruptors for many respondents in the survey.
• Fifty-six percent of First Movers cited blockchain as a potential disruptor for safety monitoring.

Outcome-based contracts

• Blockchain technology can help verify outcomes at the individual level for pharmaceutical companies.
• Drug companies are under pressure to prove the effectiveness of their offerings.
• The technology could be used to pay for new drugs and reduce patient costs in the long term, say experts.
• It is currently being trialed by a number of drug companies.
• A number of pharmaceutical companies are presently testing it.

Recommendations

• I'm not sure how quickly I should go.
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