German Blockchain, AI Platform to ‘Democratize’ Drug Development
Germany-based company Innoplexus AG said that iPlexus (one of its subsidiaries) will leverage blockchain technology and AI to resolve inefficiencies in early-stage drug discovery.
The company also has its offices in Pune, India and Iselin in the United States of America.
The subsidiary will give researchers a secure, blockchain-and-AI-based platform for publishing and extending license to use unpublished data from successful and failed experiments. IP will be secured on the blockchain with an immutable timestamp, and AI will analyze all uploaded data to determine its value for ongoing drug development research.
The company in a statement said, all the unpublished data will also be available alongside the published data.
The Chief Executive Officer (CEO) and co-founder Gunjan Bhardwaj said, “Our mission at Innoplexus is to democratize the drug discovery process. We believe that cutting-edge technologies like AI and blockchain are the key to making this possible. After over 6 months of research, we believe that the new iPlexus is a major step forward for the preclinical trial industry and will solve many of the problems that are slowing the industry down. By overcoming these challenges, we will make drug discovery more efficient and bring down the consumer price of drugs.”
This technology update came soon on the heels of a recent study conducted by the company which said consumer perceptions of the pharma industry continue to be negative, with only 20% of consumers reporting a positive view of pharmaceutical companies. However, 64% said that their opinion of the industry would improve if drug prices were reduced.
The original article was published on Crypto News.