Published: September 2023
Blockchain technology in healthcare has emerged as a transformative approach; various healthcare companies are using blockchain to pave way for safe, transparent and efficient data storage solutions.We analyzed more than 50 blockchain companies in healthcare. In this article, discover five promising blockchain healthcare startups that are benefitting from the integration of blockchain for applications ranging from drug discovery to clinical trial management.
The healthcare industry has not been spared from the data and information related challenges, including vulnerability to personal data breach, lack of interoperability, administrative inefficiencies, supply chain management concerns and fragmented medical records. In 2022, eleven healthcare data breaches (of more than 1 million records) were reported.1 Further, the lack of transparency in clinical trial data hampered the trustworthiness of research outcomes and led to the entry of counterfeit drugs into the market. Therefore, it has become important to develop and establish the necessary methods and technologies to effectively help with the processing and analysis of the aforementioned information and for making it easily accessible to practicing physicians, scientists, pharmaceutical companies and other stakeholders. The blockchain technology (generally known as distributed ledger technology) emerged as a promising option having the potential to transform the healthcare sector. Roots Analysis has conducted an exhaustive study on Blockchain in Healthcare Market, featuring the current market landscape and future opportunities for blockchain companies in healthcare industry.
Blockchain technology enhances the trackability and traceability of drugs and other pharmaceutical products, thereby reducing the prevalence of counterfeit drugs and medicine. Further, the platform enhances clinical practice in terms of maintaining patient healthcare data and enrolling patients for trials. It also increases the storage and transparency of medical information, and enhances data security. In addition, the ledger can be used to contain all the updated information along with an encrypted patient identity to secure patient data. In the last few years, recent activities in this field, such as the establishment of strategic partnerships indicate that the approach of using blockchain for healthcare data storage and management is gaining attention in the healthcare industry.
Below, we have listed (in alphabetical order), five promising blockchain healthcare startups.
|Company||Year of Establishment||Employee Count|
Interested in exploring all 50+ blockchain healthcare companies across various regions?
This article highlights the five blockchain companies that are supporting the healthcare industry. These companies were established post-2017 and have been selected based on their capabilities (including type of blockchain, application and end user). It is essential to note that the selection of top players can differ substantially according to the defined criteria(s).
Machine Learning Ledger Orchestration For Drug Discovery (MELLODDY) is a public-private partnership that focuses on harnessing the knowledge of the consortium for drug discovery. Although not a single company, the consortium explored the application of artificial intelligence for drug discovery at industrial scale. Their platform uses machine learning algorithms and privacy management system, to explore efficacious therapeutics and accelerate the development process. Further, the multi-task machine learning practices enhance predictive performance, without any personal data breaches. The project used Hyperledger Fabric, a private blockchain based for distribution of data amongst all the participating pharmaceutical companies. The use of blockchain allowed the pharmaceutical companies to collaborate with each other for drug discovery, while ensuring that their data remains secure and private.
Details on MELLODDY includes:
The consortium comprises of 17 partners:
Recent Developments: In July 2022, MELLODDY demonstrated that collaborating on artificial intelligence (AI) for discovery of new therapeutics is possible at industrial scale. Further information related to the company’s blockchain platform is available in the full report.
ClinTex is a UK-based firm focusing on providing innovative, economical and scalable clinical data analytics services. The company uses a distributed ledger technology platform, Clinical Trials Intelligence (CTI) that identifies and reduces the bottlenecks in clinical trials, and enhances their quality and operational efficiency. Further, it promotes interoperability of data across the pharmaceutical industry (addressing any kind of privacy and security concerns). The Site Investigators (CTi-SIM) application of the company (in combination with Patient Recruitment and Retention (CTi-PRR) / Clinical Data Visualisations (CTi-CDV) applications) investigates the achievement of milestones and automatically provides payments to the investigators, eliminating the need of any manual intervention.
Details on ClinTex includes:
Recent Developments: In August 2021, ClinTex launched a blockchain clinical trial application, namely Operational Excellence Module to overcome the clinical trials inefficiencies and high expenditure.2 Further information related to the company’s blockchain platform is available in the full report.
Coral Health, aiming to stay on the forefront with innovative blockchain and AI technology
Coral Health, based in Massachusetts, US is a fully integrated blockchain development and advisory firm. Owing to its scientific knowledge and advanced systems, the company develops customized protocols and decentralized applications. As per the company website, its clients include start-ups, enterprises and government institutions (including state and federal).
The portfolio of Coral Health includes:
Coral Heath claims to have an innovative portfolio of blockchain infrastructure components, thereby enabling streamlines integration. Further information related to the company’s blockchain platform is available in the full report.
Coupling its technical expertise and innovative ideas, Hypertrust Patient Data Care contributes to the Advanced and Personalized Therapies Domain
Hypertrust Patient Data Care, a spin-off of CAMELOT Consulting Group claims to offer the first supply chain management solution, namely Hypertrust X-Chain, for innovative personalized therapies. The platform is scalable to support the needs of businesses from preclinical stage to post-commercialization stage.
The portfolio of Hypertrust Patient Data Care includes:
Recent Developments: In July 2020, the company, along with BRIEF-Transgene announced a blockchain solution for clinical trials of personalized medicine.3 Further information related to the company’s blockchain platform is available in the full report.
Leveraging the latest emerging technologies, Triall aims to advance research in the clinical domain
Triall focuses on generating an immutable audit trail of the clinical trial-related documents, through its “Blockchain Proof” platform; the platform prevents corruption / manipulation of the information and secures its integrity. Further, its Clinical Insights Exchange (CIX) platform allows secure exchange of trial insights and analytics, with the biopharmaceutical professionals, clinicians and data scientists. In September 2021, the company entered into a partnership with local blockchain companies, namely LTO Network and Sphereon, to support the decentralized clinical trials conducted during the COVID-19 pandemic.
The portfolio of Triall includes:
Recent Developments: In September 2022, Triall entered into a partnership with Mayo Clinic to integrate the former’s blockchain technology, eClinical in their clinical trial (being conducted for pulmonary arterial hypertension); the platform will support in performing trial related functions, such as data capturing, document management, study monitoring and eConsent.4 Further information related to the company’s blockchain platform is available in the full report.
The above presentation features five promising blockchain healthcare startups selected from a pool of over 50 firms that we have compiled. If you're interested, you can download the Sample Report on this topic by Roots Analysis. For personalized assistance in identifying the most relevant solutions based on your specific criteria, please don't hesitate to reach out to us at firstname.lastname@example.org.
Simran, a Senior Business Analysis, has been an integral part of the Roots Analysis team since 2020. Holding a Master’s and Bachelor’s in pharmacy from a prestigious institution, she embarked on her professional journey with a strong academic foundation and an interest in life sciences domain. Her keenness to learn more about the emerging trends, regulatory dynamics and technological advancements enables her to provide comprehensive analyses. Till date, she has diligently contributed to over 15 comprehensive research reports on trending topics, ranging from anti-aging therapeutics, allogeneic cell therapies, lipid nanoparticles, pre-sterilized pharmaceutical packaging to next generation sequencing kits.
Source 1: https://www.hipaajournal.com/2022-healthcare-data-breach-report/
Source 2: https://www.prnewswire.com/news-releases/clintex-launches-revolutionary-blockchain-clinical-trial-app-operational-excellence-module-301346592.html
Source 3: https://www.reuters.com/article/brief-transgene-and-hypertrust-patient-d/brief-transgene-and-hypertrust-patient-data-care-announce-blockchain-solution-for-clinical-trials-of-personalized-healthcare-idINFWN2EG072
Source 4: https://www.triall.io/articles/triall-and-mayo-clinic-advance-blockchain-in-clinical-trials
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