Aug 10, 2021
Blockchain-enabled software solutions for data integrity, auditability, and operational efficiency in clinical trials
Introduce
Medicine discovery and development are continuously being made to produce products that are beneficial in the world of health. The stages involved in drug discovery and development are long enough to be distributed at the consumer level.
Increased use of drugs that are not accompanied by an increase in the ability to choose quality drugs will certainly harm the community. At the very least, a drug must pass phase III clinical trials to be marketable. The FDA reports that only about 25–30% of the drugs studied pass through phase III clinical trials. Phase IV clinical trials are conducted to monitor the safety and efficacy of drugs after the drug is launched on the market. To pass a phase I-III clinical trial, an ordinary drug takes a minimum of 5 years.
In clinical trials a large number of test volunteers are also needed. This causes the costs required for clinical trials of a drug to be very large. In addition, the greater the number of countries involved in clinical trials and the longer trial times, the greater the clinical trial costs incurred. Furthermore, drugs that will be marketed in developing countries also require greater costs and a longer clinical trial time.
About
Triall is laying the groundwork for tomorrow’s digital playing field in clinical trials. Triall bring Web 3.0 to medical research by developing a digital ecosystem of blockchain-integrated software solutions. Our blockchain infrastructure makes medical data tamper-resistant. It also enables secure and efficient connections between the many isolated systems and parties involved in clinical research.
Deep Industry Experience, Combined, our team hasmanaged 100+ clinical trials across 30+ countries, and successfully grown companies both in the Life Sciences and Software/Blockchain-as-a-Service industries.
Thought Leaders, Our team has published 250+ peer-reviewed papers on innovation in medical research, featured in top-tier scientific journals such as Nature and Science.
Global Partner & Customer Network, Years of industry operations have gained us a strong value network of partners and potential customers that stretches the globe.
Double-Digit Growth, Our target market is characterized by rapid digitalization, decentralization, and double-digit growth (CAGR of 13.8%). High upside is projected for those that can underpin this emerging digital ecosystem. Our solutions are specifically designed to do so.
Working Product, Our first product Verial eTMF is in production and currently being onboarded by 6 commercial clinical trial projects across 3 countries, involving an approximate total of 2500 participants. More projects are lined up.
Market Validation, Leading stakeholders in our customer domain have expressed interest in our first products, which directly respond to actual customer pain points.
Core solutions
- Verial eTMFClinical document management application with blockchain proofs of data integrity and authenticity.
- Triall CTMSLightweight trial management dashboard with blockchain API-driven data integration.
- Atena PRMVendor selection and management platform with blockchain proofs of fair tender and bidding processes.
Token allocation
Triall will offer 52% of the total TRL token supply to the community through its Initial Token Offering (ITO) and through the Triall Community Fund. This ITO serves to distribute early access to the Triall ecosystem and will support in funding its development. TRL tokens are issued using the ERC-20 standard on Ethereum and are available for anyone meeting our legal requirements.
The 7 growth drivers of the Triall ecosystem
Token value drivers: the token economics of $TRL are designed to limit supply and drive demand. The circulating token supply is limited through various token lock-up mechanics such as staking rewards, memberships, and vesting schedules. Moreover, we introduce a token burn policy to stimulate a deflationary trend where the total supply is expected to decrease over time. The token demand is driven by increasing token utility and adoption through the various growth drivers explained below.
Scalable business model & infrastructure: our tokenized Software-as-a-Service (SaaS)-business model, API-driven infrastructure, and Agile development approach enable fast time-to-market, easy maintenance, and rapid scaling.
Multi-sided platform dynamics: our ‘ecosystem approach’, where we connect, rather than compete with existing solutions, will lead to synergistic network effects where we can tap into the business networks of entities that join our initiative.
International value network: we have an international partner network and global advisory board consisting of industry experts and Key Opinion Leaders (KOLs) that provide us with access to clients, expertise, and know-how all across the globe.
Customer-centric product development: we aim to continuously optimize the product-market fit of our solutions by frequently evaluating user satisfaction on a feature-specific level, enabling us to identify areas of improvement and thereby drive adoption.
Global business development: We are a project with global ambitions. Building on our existing network within the EU & US, we will gradually expand our sales to other geographies (APAC, Africa). Our cloud-based technology can easily be rolled out in other regions and we have an existing network of ambassadors and advisors across the globe that can serve as a steppingstone for expanding our sales channels to these geographies.
Double-digit growth market: the market for clinical trial software is rapidly growing at an estimated 13.8% CAGR, which is likely to be even higher due to the effects of the pandemic.
In conclusion
This platform is a decentralized software which is supported by people who have the best knowledge and expertise in the fields of pharmaceuticals, data analysis, clinical, software developers and blockchain experts. Given that it is very difficult to find new types of drugs that can be used quickly, especially in the midst of the Covid-19 pandemic. Today, every pharmaceutical company will be able to save costs, speed up clinical trials and distribution and meet better drug quality and more efficient operations.
“Blockchain should be implemented in conjunction with ‘traditional’ time-proven technologies, while following industry best practices and quality guidelines the world has so carefully developed over the past decades.”
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A sponsored article written for a bounty reward.
