More Biotech companies are starting to see the very real cost savings they can obtain using blockchain for the management of their IP, Clinical Trials and Supply Chain, to name only a few areas of their operations. Investors and management can now very clearly see where they are spending their investments and budgets respectively, with clarity that was previous extremely labour intensive to report on.
“Continuous improvement and effective innovation are key features of pharmaceutics and biotechnology. In addition to offering innovative healthcare solutions, TheraVab looks to implement its IP management on the blockchain to drive shorter drug development cycles and establish secure collaboration with industry and academic partners. We have spent the last 6 months reviewing a number of blockchain solutions, and dClinic’s PHB is by far the best solution we have seen. We are very confident that we will be able to reduce costs significantly using PHB to manage, interrogate, streamline and audit the whole IP lifecycle for TheraVab,” said TheraVab CEO, Dr. Herbert Chow.
“We have demonstrated PHB can bring about real cost savings and transparency for Live Sciences Companies such as TheraVab. This includes offering solutions of their Clinical Trials, Intellectual Property management, Royalties and Licencing, and Supply Chain management and compliance. What makes our blockchain unique is, it has been purpose built for the healthcare sector. It is based on recognised healthcare standards and provides the efficiencies the healthcare sector is after. It is not a retrofitted financial transactional blockchain,” said dClinic CEO, Dr. Richard Satur.
In the next few months, TheraVab will be exploring project opportunities in the ASEAN region and have engaged Deloitte Southeast Asia as its Financial and Business Advisor. Together with dClinic, TheraVab will also explore manufacturing and clinical trial opportunities in Singapore and Indonesia. Leveraging the PHB, TheraVab will serve as a beacon for other Biotechs wishing to use Blockchain to help bring efficiencies and transparencies into their operations.