Rama K Rao, Co-Founder/CEO
Currently, clinical trials require large numbers of intermediaries, are largely driven via semi-automated processes, and are slow. Additionally, data integrity and delayed payments to sites, physicians, and patients has led to mistrust from those involved in the trials. These issues and more result in trial delays that are expensive (costing up to $10 million per day)—increasing drug development cycle times and costs.
BloqCube, founded in July 2017, built an integrated clinical trials management and financial system that automates processes, optimizes intermediaries, and integrates siloed systems. The platform has a proprietary built-in financial module that permits rapid payments to sites, physicians, and patients that in turn triggers off an accounting record. Called C2TA™ (Continuous Clinical Trial Accounting), this minimizes reconciliations and integrates into existing financial systems and closes the loop with a financial planning record indicating the budget and actuals.
Both financial and patient activity data are delivered in real time, and the use of blockchain enhances data integrity in order to ensure a more secure storage of information and minimizes the vulnerability to malware attacks. Additionally, its smart contract and supervisory nodes help to decrease the emphasis of manual site monitoring and administrative checks to cut costs. The platform is built on an iPad with one-time electronic data entry, which helps to take the trial to the patient in order to facilitate greater access by patients who are unable to travel to sites.
While the company is still pre-revenue, the platform is a fully functioning prototype that has been tested in a mock international multi-center metastatic melanoma trial setting. Currently, its being used in a diabetes clinical study assessing patients’ adherence to physicians’ instructions in rural and urban India. Their plan is to launch the platform to market in 2020.