The rate at which blockchain-based technologies are adopted in the life science has drastically increased in the last one year even with the existence of obvious barriers. Based on Pistoia Alliance, a global nonprofit of life science firms, more than half (60%) of professionals in the pharmaceutical and life science industry are either using blockchain technology or giving it a trial.

Based on the survey, 16% of the participant perceived the blockchain technology as being too complicated for comprehension, and this has been a deterring factor for blockchain adoption. Despite this challenge, it can be asserted that awareness of the ingenious innovation continues to grow.

The Survey Reveals That…

According to the survey, a staggering 73% of the professionals in the pharmaceutical and life science sector have come to the realization of the incorruptibility of data saving protection of the blockchain technology. Over 39% of the participant suggested that the blockchain is indeed transparent, while a relatively low 20% participant still place the conventional database system above it. The Pistoia Alliance wrote in a statement;

 “However, almost one fifth (18 percent) of professionals believe using blockchain adds no value beyond a traditional database, showing there is some reluctance in the industry to use the technology.” 

Life-Saving Benefits of Blockchain Adoption

President of Pistoia Alliance, Steve Arington which boast of founding members including global pharmaceutical stalwarts such as; Pfizer, Novartis, GlaxoSmithKline and AstraZeneca gave his remark on the survey. He is quite confident that the immense and inherent contributions of the blockchain technology to the pharmaceutical and life sciences sector cannot be over-emphasized. He stated that;

“Blockchain provides an additional layer of trust for scientists and their organizations. We hope the security benefits of the technology help to lessen reticence over sharing and transferring data or information, and will facilitate further cross-industry collaboration and knowledge sharing.”

Steve Arlington went further to discuss the opportunities lying in the blockchain technology untapped, he said. “We believe blockchain will open up new opportunities for the industry to begin sharing data more securely to advance drug discovery, ultimately making patients’ lives better.”