Competing corporate pharmaceutical giants are showing community spirit as they collaborate on critical issues which will affect the whole industry. The three largest pharma companies, Amgen, Sanofi and Pfizer, are collectively wondering if blockchain could actually save lives. The technology could help to streamline the lengthy processes involved in the development and testing of new drugs, and if it can optimise the process, blockchain would be a benefit for everyone.

Increased pressure has been put on pharmaceutical companies in recent years to introduce new drugs to the market more quickly, more affordably and in a more personalised style. But the process of getting drugs to market has only become longer, as standards get more stringent, government regulations get tighter, and clinical studies more complex. Most such studies last from six to seven years, with a failure rate of about 90%, so that successful development of a single drug costs an average of about $2.6bn.

Blockchain could change all this, with its scope for improving data management and transferability. Instead of storing data in many discrete locations, a distributed ledger system would make it possible to match patient details and drug trial suitability, while still maintaining patient anonymity. In addition, an automated scheduling system could ensure patients keep showing up for testing, as well as enforcing the absolute integrity of data, so no faked results could creep in.