BlockRx is a digital token designed to support life science and the pharmaceutical industry. Here’s our BlockRx review.
What Is BlockRx?
BlockRx, found online at BlockRx.com, is a digital token currently going through its ICO throughout September and October. The company, incorporated in 2014, is seeking to revolutionize the world of drug development.
BlockRx isn’t a single platform or technology. It’s a series of initiatives created by iSolve, a privately-owned blockchain solution provider for the life sciences industry. BlockRx was designed to interconnect systems that do not readily communicate, establishing data provenance that satisfies regulatory and business requirements while creating a network of trading partners that are incentivized to transfer information within a secured environment.
Some of the possible use cases for BlockRx include as a way for drug makers to control their supply chains more effectively while reducing costs along that supply chain. Patients can also use the BlockRx mobile app to control access to patient data, and choose how pharmaceutical companies access that data in exchange for payment.
How Does BlockRx Work?
BlockRx’s platform was designed with the pharmaceutical ecosystem in mind. As mentioned above, BlockRx consists of a series of technologies, including iSolve’s Advanced Digital Ledger Technology (ADLT) and the BlockRx Digital Token (BKRx). The BlockRx platform will use these technologies to provide verification, distribution, and decentralization across the pharmaceutical supply chain.
The BlockRx ecosystem is designed to deliver the visibility and traceability needed to maintain compliance with global regulations while incentivizing trade partners and patients to become trusted participants of the blockchain.
As a patient, you’ll participate with the BlockRx ecosystem through the BlockRx Patient App. When you join the network, you’ll become part of “an international group focused on wellness, prevention, and improving global health.” Patients will receive BlockRx Tokens in exchange for providing data to their healthcare providers and other trusted partners.
Then, BKRx tokens will be used to offset the costs of medication and other medical costs. BlockRx will partner with healthcare providers and retail pharmacies to introduce these discounts.
The end result is that healthcare providers and their partners benefit by dramatically improving patient engagement, leading to improved patient outcomes.
The BlockRx Token Sale
The BlockRx token (BKRx) sale will begin on September 21 at 11am EST, and last until October 19. The company is allocated 40% of its total supply of tokens for early investors and the public sale. 20% will be given to pharmaceutical companies, 30% to the principals, and 10% for future employee incentives.
There will be a total supply of 300 million BlockRx tokens. Any public tokens remaining after the sale will be burned.
Tokens will be used for a number of different tasks and activities inside the platform. Tokens will be used as part of a reward program, for example, where pharmaceutical companies and pharmaceutical retailers can reward users with BlockRx tokens.
Benefits Of Using The BlockRx Token
Why would pharmaceutical companies and healthcare providers use the BlockRx token? Here are some of the benefits outlined in the whitepaper:
- Patient Level Data: As additional information and data is captured by the BlockRx Patient App, more information about the patient can be leveraged to better understand the patient and improve health outcomes.
- Time to Market: BlockRx token allows companies to reduce operational, administrative, and deployment costs, expediting the business and regulatory processes.
- Regulatory Readiness: Using BlockRx within different systems, organizations can better integrate regulatory deliverables and submissions with enhanced functionality.
- Decrease Operational Expenditures: The BlockRx token can be used as a vehicle of exchange for providing data, decreasing operational expenditures and improving efficiency.
iSolve is a Pennsylvania-based corporation established in 2014. The main goal of the company is to assist biotech, pharma, and healthcare companies to create an integrated network allowing them to implement their strategic initiatives.
The company’s management team includes Gordon Tampol (Principal and CEO), Katarzyna Piskorska (Principal and CFO), Darryl Glover (Principal and Chief Clinical Officer), and Carlos Sanchez (Principal and Chief Technology Officer).
Use Cases for BlockRx
Obviously, there’s a lot going on with the BlockRx platform, and it aims to help the pharmaceutical/health industry in a number of different ways. To help make sense of everything, let’s take a look at a possible use case for BlockRx.
The BlockRx whitepaper outlines a situation where a drug manufacturer can use BlockRx to secure their drug supply chain and prevent counterfeit drugs. Here’s the basics behind that use case:
Drug manufacturers do not currently have an effective way to securely, transparently, and rapidly track the provenance of drugs or access data required to combat counterfeit drug sales
As a result, companies are unable to decrease the time and cost it takes to bring life-saving drugs to market
BlockRx works as a secure, transparent, and distributed technology solution
With BlockRx, companies can realize new revenue streams, manage costs, and provide secure and simple access to client and patient data
The end result is enhanced drug development, clinical trials, drug supply chain, and patient outcomes
Other possible use cases for BlockRx include to enable secure data access and patient participation within the blockchain. That’s where the BlockRx mobile app comes into play.
BlockRx is a blockchain-based technology catered towards pharmaceutical companies, patients, and healthcare providers. The platform aims to optimize the efficiency of the global pharmaceutical industry by reducing operational costs and making it easier for companies to meet regulatory and compliance requirements.
You can learn more about BlockRx today at BlockRx.com. The company is currently preparing for its ICO, scheduled to take place between September and October.