Innoplex iPlexus Aims To Utilize Blockchain, AI & Big Data For Drug Discovery

Innoplexus AG recently announced that they are updating their iPlexus platform which will leverage the power of blockchain technology and artificial intelligence to resolve inefficiencies in early-stage drug discovery. The high-risk nature of drug R&D is one of the primary causes of high drug prices. In the US, research and development consume 20% of total pharmaceutical revenues – £41 billion ($59 billion) in 2015. Blockchain: Blockchain can elevate the data collection process for clinical trials through the use of'smart contracts' that provide researchers with real-time patient data in a completely secure and efficient format. Smart contracts can also be used in medical record systems, where they allow healthcare providers and patients to share access to patient records and make payments for services with unprecedented security.