More Biotech companies are starting to see the genuine cost savings they can obtain utilizing Blockchain for the management of their IP, Clinical Trials, and Supply Chain, to mention only a few areas of their operations. Investors and management can now clearly see where they are consuming their investments and budgets, respectively, with evidence that was previously extremely labor-intensive to report on.

“Continuous improvement and effective innovation are key features of pharmaceutics and biotechnology. In addition to offering innovative healthcare solutions, TheraVab looks to implement its IP management on the Blockchain to drive shorter drug development cycles and establish secure collaboration with industry and academic partners. We have spent the last six months reviewing a number of blockchain solutions, and dClinic’s PHB is by far the best solution we have seen. We are very confident that we will be able to reduce costs significantly using PHB to manage, interrogate, streamline and audit the whole IP lifecycle for TheraVab,” said TheraVab CEO, Dr. Herbert Chow in a statement.

“We have demonstrated PHB can bring about real cost savings and transparency for Live Sciences Companies such as TheraVab. This includes offering solutions to their Clinical Trials, Intellectual Property management, Royalties and Licencing, and Supply Chain management and compliance. What makes our Blockchain unique is, it has been purpose-built for the healthcare sector. It is based on recognized healthcare standards and provides the efficiencies the healthcare sector is after. It is not a retrofitted financial transactional blockchain,” dClinic CEO, Dr. Richard Satur said in a statement.

In the next few months, TheraVab will be examining project opportunities in the ASEAN region and have employed Deloitte Southeast Asia as its Financial and Business Advisor. Together with dClinic, TheraVab will also investigate manufacturing and clinical trial opportunities in Singapore and Indonesia. Leveraging the PHB, TheraVab will assist as a beacon for other Biotechs wishing to utilize Blockchain to bring efficiencies and transparencies into their operations.