Chicago, IL: PreScouter, a Chicago-based research intelligence company has released a detailed report on the applications of blockchain in the life sciences (LS) ecosystem. As it is predicted that blockchain will add a $3B value to the LS sector by 2025 and around 70% of LS leaders plan to adopt a blockchain network by 2020, PreScouter believes that this report is invaluable to any organization in the LS sector interested in deploying a blockchain network.

“Blockchain has great potential to improve upon various activities within the life sciences sector, although it still has a number of challenges when it comes to adoption,” says Dr. Charles Wright, co-author and PreScouter Technical Director for the healthcare and life sciences industry. The consensus opinion is that changing the mindset of private, public and political leadership for adopting blockchain technology and the requisite change in management is the single greatest hurdle facing blockchain deployment, adds Dr. Wright. 

The report details the following three areas of blockchain deployment, which are at various stages of maturity in the healthcare, biopharmaceutical, and medical technology sectors: drug development and supply chain management, clinical trials management, and patient-centric usage. The report also presents emerging use cases of blockchain, from proof-of-concept to real-world blockchain implementations, and identifies first movers/early adopters of blockchain, including key collaborations, in the life sciences ecosystem, as well as the challenges in this sector.

Dr. Rakesh Joshi, PreScouter researcher and co-author of the report, believes that, “As the technology matures and early use cases emerge to help mitigate risks, more mainstream adoption is to be expected within the next 5 years, which will enable blockchain technology to bear its fruits in the life sciences ecosystem.” 

About PreScouter, Inc.: PreScouter provides research support services to help business leaders make better R&D, product development and corporate development decisions. PreScouter’s custom-selected teams of Advanced Degree Researchers and Subject Matter Experts connect business leaders with new markets, commercializable technologies, industry-impacting startups, and other actionable data. PreScouter’s growing list of 500+ clients includes GE Healthcare, Coca Cola, BAE Systems, Whirlpool, and Volvo.