Trends 2018: Blockchain Technology in Biotech

By SiliconIndia   |   Friday, 15 June 2018, 13:05 Hrs
cmt right
Comment Right
cmt right
cmt right
Printer Print Email Email

According to the forecasts made by Statista, the size of the Blockchain technology market worldwide is estimated to exceed $2,312.5 million in 2021. And that is explained by the increasing demand from Small and Medium Enterprises and large companies as well for Blockchain Solutions due to the cost-effective and time-efficient features. These solutions are welcomed by SMEs, where the economic budget is limited. However, less prepared and immature startup projects are condemned, since they are burning capital faster than learning their prospective market. With many sectors already facing exhausting competition, a challenging market open to innovation and with significant growth trends is the healthcare domain. it is truly worth keeping an eye on biotechnologies and healthcare, since they are great partners in building a more transparent and effective business.

Biotechnology is called the applied knowledge of biology in order to alter a living cell so it will work in a more controllable way. The biotechnology industry manages using advances in genetics research to develop pharmaceutical and other products for human diseases, conditions and manipulation of crop. According to Morgan McKinley the revenue of the industry stood at $328 billion in 2017, noticing an annual growth rate of 5.3% between 2012 and 2017. The global investment in the industry has increased consistently, with the majority of funds funneled into medical applications targeting at providing care for the aging global population. It is expected the expansion to be continue overall the next years (five years could be a small term for few investors), with the Asia- Pacific region investing the most and gaining a foothold in the market.

Numerous states and international companies such as Google, Alibaba, and others have made a substantial investment in research and development (R&D) of life-sciences and biotechnology. Particularly, Google is a truly supporter of European biotech companies to deliver innovative drugs by investing alongside Swiss company Novartis in a new $300 million fund run by leading firm sciences investment firm Medicxi.

Moreover, the importance of biotech for the global economy is becoming more critical considering the effects on radical industries like health & well-being of the citizens, the flood supply and the ability to produce clean energy. Almost every major country or region such as Cambridge and Munich has invested in making a homegrown biotech sector. A large number of firms have started to build up in various areas from the Medicon Valley in Denmark and Sweden. While European companies at the time being lead the way in some areas of biotechnology, there is a significant investment interest in emerging economies. Also, Chinese scientists who had worked with US and European colleagues have gone back to China to start leading biotechnology efforts there. A considerable amount of venture capitals has enabled several biotechnology start-ups in Israel; while the Japan?s corporate sphere is lagging behind with fewer than 100 Japanese biotech companies have venture capital funding.

Even though biotechnology is not in infancy, it is not saturated yet. Talking with numbers according to Grand View Research Inc., the biotech sector registered a total market value of $369.62 billion and by 2025 that figure is expected to double and cross $727.1 billion.

By definition, relentless innovation is a feature of biotechnology. In addition to offering innovative products, the industry also fosters the evolution of technologies that form the base and launching pad for smaller, more agile firms. As a key in driving development pipelines, collaboration and synergies with universities is the weapon for large firms, while small-sized firms tend to cutting-edge technologies to bolster their own pipelines with success.

Technology challenges traditional processes and conventional beliefs and provides innovative solutions for obsolete and redundant ways of doing things. Blockchain technology holds immense promise for the imminent future and a lot of applications of this technology are already under development. Blockchain helps to energize and unlock the sharing economy by making it cheaper to create and operate an online platform. The key is growing trust credit between partners. Blockchain is an absolute immension for biotech industry. First, the pharmaceutical distribution will be seamless, as anyone involved in it will be able to track the supply chain for each batch of any drug, eliminating fraud and counterfeit products. At the same time, the speed of smart contracts completion and the safely process of payments will make access to the global market and retail chains easier for small businesses. Moreover, the technology allows the processing and storage of large volumes of data at the maximum level of security.

GENEXI Biotech Accelerator

?Traditional medicine has played out its role. Biotech is currently the most progressive field, both in general and in medicine in particular. Mission of GENEXI is to lengthen patient?s active lives by applying cutting-edge, clinically proven products. We will soon be treating systematic diseases that require us to alter the genome, address DNA-level defects, reorder amino acids? That is our future?, comments GENEXI medical advisor Alexander Novoselov.

The bold opinion of the biotech analyst at GENEXI Biotech Accelerator, which operates as a Platform and a Foundation focusing on Hi-Tech Bio&Med research and drug development, made us sit down and write some words about the ambitious project GENEXI.

In September 2017, Aleksei Zheliaskov founded GENEXI Biotech Accelerator, which consists of a Platform and a Foundation that brings transparency into biotech sector through blockchain technology. Entrepreneur outlined the main business vector ? supporting cutting-edge biotech projects and rewarding innovative research scientists who have dedicated themselves to an alternative industry different from the conventional life-science paths. GENEXI manages to combine the professional expertise and the practical experience in the industry creating a thriving environment for the biotech startups and pharmaceutical companies that operate in different levels of the supply chain.

According to GENEXI, 2017 was an amazing year for financing in medicine and biotechnology. The total revenue in medical technologies is expected to grow 5.18% from 2017 to 2018. Clinical analysis in medical visualization has ranked in $29 billion in profit in 2017, while the forecasted revenue for 2018 will be increased by 4.42%. In addition, 2017 was a record year for biotech in terms of venture capital investments. Overall, the biotech startups raised a record $11.5 billion in 2017.

But all these figures are not random. GENEXI assembled an impressive Advisory Board and Core Team which includes professional experts in biomedicine, digital health, life sciences, pharmaceuticals, downstream chemical processing, agriculture and bio services among others.

Anyone can become a supporter

Until July 31, 2018 GENEXI will welcome contributors and projects who are able to participate in its development and become a part of the platform. The participants are eligible for bonuses ranging from 20% to 2% according to the time of registration. GENEXI Foundation is planning to raise 20 to 70 million US dollars during the crowdfunding. Funds raised will go toward issuing grants to promising biotech projects, as well as toward research and development of the ecosystem and biotech products. Upon reaching a hardcap of 70 million dollars, GENEXI will allocate 3 grants for a total of 100,000 dollars on simplified terms to biotech labs and companies that had expressed the willingness to become GENEXI Biotech Accelerator partners before the end of crowdfunding.





Read More News:

7 Things You Need To Know About India's Economy In 2018

Mars rover threatened by unprecedented storm

Top Blockchian Companies

Google Pixel and OnePlus smartphones are catching up and giving stiff competition to Samsu..
Enterprise IT
Taking on streaming giants like Netflix and Hulu, Walt Disney Co. has announced it will laun..
The Reserve Bank of India injected a total liquidity of Rs 2.98 lakh crore in the market in 20..
The Pentagon has selected Microsoft and Amazon Web Services (AWS, the cloud computing arm ..
Startup City
Youth are leading India's start-up ecosystem where the median age of founder-entrepreneurs..
Facebook-owned messaging app WhatsApp is still developing its previously announced "Vacatio..
Wiley, a global leader in research and education has announced a series of blended learning progr..
US Indian
Facebook-owned photo messaging app Instagram has launched the beta version of its in-app sh..
"Game of Thrones" author George R.R. Martin doesn't want season eight to be the final chapter of "..