How has Covid19 affected Triall?
COVID-19 is a topic on which we get a lot of queries. What impact has the pandemic had on your business? What impact did the epidemic have on clinical trials? Has there been a comparable drive toward digitization in the clinical trial sector as we’ve seen with video meetings? We’ll answer all of these questions and more in this article.
As a result of lockdowns and restrictions, the clinical trial industry’s digitization has increased.
Patients can now participate in clinical studies from the comfort of their own homes, thanks to mobile technology.
New privacy, integration, and regulatory difficulties arise as a result of the new digital and decentralized operating paradigm.
Triall responds to these issues. Blockchain technology is being used to improve data integrity, auditability, and system integration.
The usefulness of clinical trials to society has been demonstrated by the COVID-19 pandemic. Clinical trials are an important component of the process of developing new medications because they assess the safety and efficacy of new vaccines and treatments before they are released to the market.
This procedure usually takes ten years and involves many diverse parties, including pharmaceutical corporations, hospitals, patients, and specialized service providers. The information gathered in these clinical trials is ultimately used by market authorities such as the FDA to determine whether a new treatment may be approved for sale.
Many therapeutic trials were briefly halted at the onset of the pandemic as hospitals struggled to cope with the inflow of COVID-19 patients. Fortunately, the clinical trial industry has proven to be quite adaptable, swiftly adapting to this new operating environment, and many clinical trial projects were quickly re-started.
In the following parts, we’ll discuss how the pandemic has impacted our sector and how we as a firm dealt with the issue. Finally, we’ll take a look into the future. Continue reading to learn more.
The consequences for our industry
Whereas for decades, paper files (hard copies) were the industry norm, the clinical trial industry has been rapidly digitizing during the last 5–10 years. As a result of the epidemic, many clinical trial specialists have been forced to work remotely and automate critical trial operations.Clinical trials are increasingly adopting mobile technologies for collecting data and are becoming more ‘decentralized’ as a result. While the traditional centralized clinical trial model weighs heavy on patients traveling to sites, the decentralized (also ‘virtual’) trial model leverages mobile technologies to enable patients to participate from their own home.
However, as stakeholders seek to discover solutions that can establish that sending and receiving parties are who they say they are, and that data is not (un)intentionally modified in transit, decentralization of clinical research raises significant privacy, integration, and regulatory difficulties.
The Impact on our businesses
Many businesses and industries around the world were caught off guard by the outbreak. Fortunately, our team’s output has not been affected by the lockdowns and restrictions (apart from missing the social aspects of meeting face-to-face). To give you an example, we were able to continue working on our product as usual because most of our product and development team’s touchpoints were unaffected.
The same can be said for team meetings and marketing, both of which may be done online. Finally, when it comes to sales, video communication technologies make discovery calls and product demos a breeze, and the entire sales cycle may be digitalized.
Where do we go from here.
While the extraordinarily rapid COVID-19 vaccination trials were the product of remarkable development efforts, capital allocation, preceding research, and global alignment, they did show that clinical trials can be improved in terms of speed and rigor.
“While the extremely fast COVID-19 vaccine trials were the result of exceptional development efforts, capital allocation, prior research, and global alignment, they did demonstrate that there are clear opportunities for improving the speed and rigor of clinical trials.”
To accomplish this, data and documentation must be captured and timestamped with extreme precision and tamper-proofing. Furthermore, data fragmentation must be addressed utilizing creative ways in order to improve interoperability.
At Triall, we address this requirement directly by employing blockchain to ensure the integrity and auditability of clinical trials, as well as to combat data fragmentation by facilitating safe data transmission between parties and their systems. We’re building the world’s first blockchain-enabled digital ecosystem for clinical trials with the help of our partners, advisers, and growing community. Our core utility token $TRL, which gives access to all Triall products while also enabling P2P compensation, governance, and community interaction, lies at the heart of this ecosystem (e.g. staking, memberships, grants, etc.).
All of this is in service of our mission: to accelerate the introduction of new vaccines and treatments into society in order to meet society’s evolving medical demands.
Are you on board with our objective to hasten the launch of innovative medications into the marketplace? Participate in the $TRL token pre-sale at triall.io to support our #blockchainforhealth initiative