Challenges & Opportunities in Clinical Trials

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Top 5 Challenges of Clinical Trials

Biotech companies around the globe continuously face ever-changing industry landscape, which resulted in increased challenges in clinical trial execution. The top challenge varies depending on company size, trial complexity, funding and elongated study startup times.

Challenge 1: Site Selection and Activation

Identifying and activating the right clinical trial sites is crucial, yet this process often presents a significant bottleneck for larger networks. The selection process involves evaluating sites for their patient population, infrastructure, previous performance, and capacity to conduct the trial efficiently. To stay competitive, networks want to distribute the right opportunities to the right sites, while sites want to be the first to respond to new opportunities with accurate, timely data. Anything that slows this process can be a problem in securing new trials from CROs and sponsors.

Solution: Deemsoft’s data-driven site selection tools help networks quickly identify optimal sites based on data already in the system, including historical performance, past recruitment efforts, investigator capabilities, and physical equipment. The platform also facilitates seamless communication and support during the activation phase, ensuring sites are ready to start trials promptly and have all the information they need. If responses from either side, or even external contacts such as CROs and sponsors, ever slow down or stop – Deemsoft provides automated alerts to keep everyone on track.

Challenge 2: Patient Recruitment and Retention

Recruiting and retaining the appropriate number of participants within the required timelines is consistently a top challenge for research sites. Many trials fail to meet their enrollment targets, leading to delays and increased costs.

Solution: Developing a comprehensive patient recruitment strategy that includes targeted outreach, education campaigns, and leveraging digital platforms can improve recruitment rates. Ensuring a positive patient experience and providing support throughout the trial can improve retention. Deemsoft can help track methodologies from past trials, informing future decisions. And by integrating Deemsoft with your CTMS, central teams can track real-time recruitment statuses throughout the entire life of a trial – all in one place.

Challenge 3: Budget Management and Financial Planning

Budget overruns and financial mismanagement are common issues in clinical trials. Inaccurate budgeting can lead to insufficient funding, impacting trial progress and outcomes. Tracking potential new incoming trials is also key, as knowing how much you have coming down your pipeline can help inform better decision making.

Solution: Deemsoft offers robust budgeting tools that provide real-time insights into financial status and even allows for projections of potential trials. By integrating project management features with budgeting capabilities and business development tools, Deemsoft enables organizations to manage expenses more effectively, anticipate future financial needs, and maintain flexibility to adjust for unexpected costs.

Challenge 4: Study Start-up Milestones

Consistently advancing trials through study start-up can be difficult with many potential pitfalls and opportunities for delay. Additionally, navigating the regulatory landscape can be one of the most daunting aspects of any clinical trial, with numerous sets of regulation depending on indication and trial type. Staying compliant with these varying requirements while also managing to progress trials at a steady rate is critical to growing your organization.

Solution: Deemsoft centralizes and standardizes study start-up, tracking progress across all sites and measuring milestone completion metrics. Automated tasks and alerts are generated when tasks such as feasibility or PSV/SIV scheduling hit a snag, making sure delays are measured, visible, and readily addressed. Devana also provides powerful document management and automates many aspects of study start-up, including compliance workflows, providing real-time visibility into approval statuses. By streamlining the entire study start-up process, Deemsoft helps ensure timely submissions and reduces the risk of tasks or entire trials falling behind.

Challenge 5: Data Collection and Management

Having real-time insight into how trials are progressing at various sites is key to growing your research organization. Ensuring the integrity and quality of data collected during a clinical trial is also vital, particularly to prove past successes to new CROs and sponsors. Inconsistent or lacking data collection methods can impact decision making and, ultimately, an organization’s bottom line.

Solution: Deemsoft makes it easy to track and monitor trial opportunities from CROs and sponsors, resulting in robust pipeline management where you can gain insights into potential trends and help forecast for future trials. As trials move through the system, Deemsoft automatically captures metrics such as site responses, turnaround timing, milestone progress, and more. Powerful dashboards and reports make it easy to share insights and historic data both internally and externally with CROs and sponsors, helping win more opportunities based on your organization’s past accomplishments.

Conclusion
The challenges faced by clinical research organizations in study start–up and pipeline management are significant, but they are not insurmountable. By understanding these challenges and implementing strategic solutions with Deemsoft’s comprehensive platform, research teams can enhance efficiency, reduce timelines, and ensure the successful execution of clinical trials. Embracing technological advancements, fostering strong collaborations, and maintaining a proactive approach to problem-solving are key to overcoming these hurdles and advancing clinical research.

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Managing Risk in Biotech

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We live in an ever-changing world where we are forced to deal with uncertainty every day. But how an organization tackles that uncertainty can be a key predictor of its success.

Risk is a necessary part of doing business, and in a world where enormous amounts of data are being processed at increasingly rapid rates, identifying and mitigating risks is a challenge for any company. It is no exception for Bio-Medical in fact it is more than any other field since it stakes human life for its benefits and hence there is no wonder that many contracts and insurance agreements require solid evidence of good risk management practice.

        ISO 31000 provides direction on how companies can integrate risk-based decision making into an organization’s governance, planning, management, reporting, policies, values and culture. It is an open, principles-based system, meaning it enables organizations to apply the principles in the standard to the organizational context.  
        ISO 31000 helps organizations develop a risk management strategy to effectively identify and mitigate risks, thereby enhancing the likelihood of achieving their objectives and increasing the protection of their assets. Its overarching goal is to develop a risk management culture where employees and stakeholders are aware of the importance of monitoring and managing risk. 
Implementing ISO 31000 also helps organizations see both the positive opportunities and negative consequences associated with risk, and allows for more informed, and thus more effective, decision making, namely in the allocation of resources. What’s more, it can be an active component in improving an organization’s governance and, ultimately, its performance.  

How?

The risk management process involves the systematic application of policies, procedures and practices to the activities of communicating and consulting, establishing the context and assessing, treating, monitoring, reviewing, recording and reporting risk.  

  1. Communication and consultation including ,
    • Bring different areas of expertise together for each step of the RM process
    • Ensure different views are considered when defining risk criteria and evaluating risks
    • Provide sufficient information to facilitate risk oversight and decision-making
    • Build a sense of inclusiveness and ownership among those affected by risk
  2. Scope, context, and criteria, including:
    • Define the purpose and scope of risk management activities
    • Identify the external and internal context for the organization
    • Define risk criteria by specifying the acceptable amount and type of risk
    • Define criteria to evaluate the significance of risk and to support decision-making
  3. Risk assessment, including:
    • Risk identification to find, recognize and describe risks that might help or prevent the achievement of objectives and the variety of tangible or intangible consequences
    • Risk analysis of the nature and characteristics of risk, including the level of risk, risk sources, consequences, likelihood, events, scenarios, controls, and their effectiveness
    • Risk evaluation to support decisions by comparing the results of the risk analysis with the established risk criteria to determine the significance of risk
  4. Risk treatment, including:
    • Select the most appropriate risk treatment option(s)
    • Design risk treatment plans specifying how the treatment options will be implemented.
  5. Monitoring and review, including:
    • Improve the quality and effectiveness of process design, implementation, and outcomes
    • Monitor the RM process and its outcomes, with responsibilities clearly defined
    • Plan, gather, and analyze information, recording results, and providing feedback
    • Incorporate the results in performance management, measurement, and reporting activities
  6. Recording and reporting, including:
    • Communicate risk management activities and outcomes across the organization
    • Provide information for decision-making
    • Improve risk management activities
    • Provide risk information and interacting with stakeholders



Trends

The Biomedical companies uses various strategies in their risk management process which not only involves the systematic application of policies, procedures , practices  and compliances to the acheive the  results 

  1. Use Latest technology like Machine Learning/Generative AI  ,

    • AI is revolutionizing biotechnology in numerous ways. Here are the key applications and often these can be deployed at the fraction of the cost by simple integration of APIs: These are the examples AI can be very beneficial

      Drug Discovery and Development

      • Target identification: AI analyzes genomic and proteomic data to identify disease-relevant proteins
      • Virtual screening: ML models predict which compounds will bind to target proteins
      • De novo drug design: Generative models create novel molecular structures with desired properties
      • Clinical trial optimization: AI predicts which patients will respond best to treatments

      Protein Structure Prediction

      • AlphaFold and RoseTTAFold have transformed our ability to predict protein structures from amino acid sequences
      • These models enable researchers to understand protein function at atomic resolution without time-consuming experimental methods

      Genomics and Precision Medicine

      • Variant calling and interpretation in genetic sequences
      • Disease risk prediction from genetic profiles
      • Personalized treatment recommendations based on genetic markers
      • Cancer subtype classification for targeted therapies

      Synthetic Biology

      • Designing DNA sequences with specific functions
      • Optimizing metabolic pathways in microorganisms
      • Creating novel enzymes for industrial applications
      • Predicting gene editing outcomes (CRISPR efficiency)

      Medical Imaging and Diagnostics

      • Automated analysis of pathology slides, X-rays, MRIs
      • Early disease detection through pattern recognition
      • Cell and tissue phenotyping at scale
      • Quality control in biomanufacturing processes

      Bioprocess Optimization

      • Monitoring and controlling bioreactors
      • Predicting fermentation outcomes
      • Optimizing growth conditions for cells/microorganisms
      • Reducing development time for manufacturing processes
  2. Reduce the cost of Development:

    • Here are effective strategies to reduce development costs using offshore talent:

      Strategic Talent Selection

      • Target regions with favorable exchange rates and lower cost of living 
      • Look for emerging tech hubs with strong education systems but lower wage expectations

      Engagement Models

      • Start with project-based work before committing to long-term partnerships
      • Consider hybrid models combining offshore teams with local leadership
      • Evaluate dedicated teams vs. individual contractors based on project needs

      Project Management Optimization

      • Implement clear documentation and requirement specifications
      • Use asynchronous communication tools to minimize time zone disruptions
      • Establish key performance indicators (KPIs) and regular progress reviews
      • Develop standardized onboarding processes for new team members

      Technology Infrastructure

      • Invest in collaboration tools and project management software
      • Implement secure access protocols for code repositories and systems
      • Create standardized development environments to reduce setup time
      • Use automated testing and quality assurance tools

      When implemented thoughtfully, offshore development can reduce costs by 40-70% compared to domestic teams while maintaining quality and timeline expectations.

  3. Reuse the facility rather than develop your own:

    • Reusing existing facilities rather than building new ones can significantly reduce costs and accelerate projects. Here’s how to approach this effectively:

      Financial Advantages

      • Eliminate construction costs (materials, labor, permits)
      • Avoid capital expenditure by converting to operational expenses
      • Reduce or eliminate equipment purchases through facility sharing
      • Lower maintenance responsibilities and costs
      • Minimize downtime waiting for construction completion

      Facility Selection Strategies

      • Look for spaces with existing infrastructure relevant to your needs
      • Consider former industrial or commercial spaces ready for conversion
      • Evaluate areas with excess capacity in your industry
      • Explore co-working or shared lab spaces for biotechnology needs
      • Investigate recently vacated facilities from company relocations

      Practical Considerations

      • Ensure facility meets regulatory requirements for your industry
      • Verify sufficient utilities and technical infrastructure

      For biotechnology specifically, consider repurposing existing lab spaces or partnering with academic institutions that have underutilized facilities, allowing you to access expensive equipment without the full burden of ownership.

  4. Partnership and Propel the results:

    • Partnering with professional organizations offers numerous strategic advantages for businesses, particularly in specialized fields like biotechnology:

      Knowledge and Resource Access

      • Privileged access to cutting-edge research and industry trends
      • Specialized training and professional development opportunities
      • Access to industry databases, publications, and research tools
      • Opportunity to contribute to industry standards and best practices
      • Access to industry-specific certifications and accreditations
      • Collaborative problem-solving for industry challenges

      Regulatory and Compliance Support

      • Guidance navigating complex regulatory environments
      • Early updates on regulatory changes and implications
      • Collective advocacy for favorable policy development
      • Access to compliance expertise and best practices

      For biotechnology companies specifically, partnerships with organizations  can provide specialized resources, regulatory insights, and valuable industry connections that would be difficult to develop independently.

  5. Maximize learning, Reduce mistakes and Increase ROI:
      • Focus investments on core competencies; outsource non-strategic functions
      • Implement value-based prioritization for project selection
      • Create standardized ROI calculation frameworks for consistent evaluation
      • Use agile methodologies to allow rapid course correction
      • Establish clearly defined go/no-go criteria for project continuation

       

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REDUCE DEVELOPMENT COST BY 50%

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HOW TO REDUCE SOFTWARE DEVELOPMENT COSTS?

Swamy

CEO at Deemsoft – Software Development Company in Cupertino, CA

March 14, 2023

Software companies are constantly contemplating cost vs features in cutting edge technology and yet care for many other issues like quality of development and time to market often cost soars. These companies frequently have a budget in place while they strive to develop cutting-edge software to spur growth. The top priority of all firms is consistently reducing project costs without compromising quality.  

In this writing, we’ll go through how to reduce software development costs to help you stay within your allotted spending limit.  

Tips to reduce software development costs 

1. Detail the project’s requirements and scope 

To develop your application successfully  and get maximum throughput out of a dedicated team, having precise project requirements laid out in a detailed Software Requirements Specification (SRS) document.  It makes it easier to communicate with developers because there will be fewer misunderstandings and the introduction of errors. These misunderstandings could result in your over development budget, which has to be much greater than you had planned. It also helps get accurate quotes, and helps the development partner prepare better when they have explicit specifications.  

2. Consider Outsourcing 

When we talk about reducing software development costs, one way to achieve this is by outsourcing. Fortunately, you can find many exceptional development partners, and you no longer have to worry about geographical limitations. Partnering with a software agency allows you to leverage a large pool of resources and save on a multitude of expenses, such as paid vacations and sick leaves, insurance, recruitment costs, budgets associated with onboarding and training, and more.

3. Make a thorough plan 

Budgeting first and planning later causes a common business problem that costs more money. If you use this flow, your company usually overestimates expenditures and fails to account for hidden expenses. Therefore, carefully prepare every aspect of the project before starting to budget it.  

Defining goals and understanding the future product’s business issues are necessary for project planning. It is better to do a prior market research study on the target audience’s requirements. You can work with an outsourcing software development agency or undertake business analysis independently. The professionals will determine what essential features are helpful to users and businesses.  

4. Agile 

The Agile software development methodology enhances teamwork and communication between the client and developers throughout the development process. By designing your software solutions following this methodology, you ensure that your projects are adaptable and ready for change. . 

5. Consider DevOps 

DevOps is a continuous cycle of planning, coding, building, testing, deploying, operating, monitoring, and feedback. Thanks to quick communication and better prioritization, developers can get it right on the first try.  

DevOps entails the intelligent consolidation of responsibilities. The main components of this strategy are continuous integration and continuous delivery. 

6. Prioritize MVP features

First, launch an MVP, not a prototype or a mock-up, but a working product with the basic features. This is not a full-fledged product but allows you to interact with and experience it. Collect and act on feedback from the target audience. This method saves time and money while validating an idea. 

Core functionality should take precedence over cosmetic features. A scaled-down version of the intended product will reveal whether the product is on the right track and will provide enough value in the long run. 

It enables software developers to make changes early, saving them from making significant changes later. The key to creating a good MVP is first to learn and then build a custom solution that caters to the practical side and is usable. 

7. Start Testing early 

The software’s source code has a significant influence on a variety of programming choices. Every programming decision, especially in custom software development, adds to the cost of building the software product.  

Any error, no matter how minor, can accumulate over time and cause significant bottlenecks in the future. As a result, it’s critical to establish a quality control system and start testing every piece of code early in the development cycle. 

The bottom line 

The crucial elements of the development process include adherence to good standards, adaptability, budget management, and developing the proper method of communication between the client and the vendor. Adopting best practices, lean development strategies, and choosing the outsourcing model helps to reduce costs.  

In addition to delivering high-quality software solutions, the ideal development agency will stick by you throughout the entire software development process, relieving you of the burden of worrying about software maintenance and upgrades. 

References

https://www.forbes.com/sites/forbesbusinesscouncil/2021/09/08/how-to-reduce-software-development-costs/?sh=46e7a18435b1

 

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AI in healthcare

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1. ARTIFICIAL INTELLIGENCE

AI is one of the most exciting technologies changing the healthcare landscape in 2022. AI is proving to be very valuable when it comes to detecting diseases early and for confirming an accurate diagnosis quicker. For example, in breast cancer care, the use of AI is enabling the review of mammograms to be 30 times faster with 99% accuracy, reducing the need for unnecessary biopsies. AI is also being applied to oversee early-stage heart disease, allowing healthcare providers to discover potentially life-threatening problems at earlier and at more treatable stages. In addition, AI is also helping clinicians to create more comprehensive treatment programmes, allowing patients to manage their conditions more effectively.

Drug research and discovery is one of the more recent applications for AI in life sciences. AI is able to streamline the drug discovery processes, by creating more efficient ways to discover and repurpose medicines, significantly cutting down the time it takes to market a new drug and reducing their associated costs.

2. HEALTH WEARABLES

The demand for wearable devices has grown since their introduction in the past few years, since the release of Bluetooth in 2000. People today use wearables synced with their phone to track everything from their steps, physical fitness and heartbeat, to their sleeping patterns. With an aging population in much of the developed world, wearables can be effective at prevention of chronic conditions, such as diabetes and cardiovascular disease, by helping patients to monitor and improve their fitness.

Smartwatches remain one of the most popular wearable devices in the healthcare industry, with all the major tech firms such as Apple, Google, and Samsung all taking a share in the market. Depending on the model, they have the capabilities to record sleep patterns, blood pressure, oxygen saturation and electrocardiograms. Manufacturers are currently working on integrating sensors for blood glucose measurement into their smartwatches, which would make it easier for those living with diabetes. As well as smartwatches, smart clothes, smart rings and hearables, are also becoming increasingly popular and are proving to be increasingly useful in collecting data for clinical research.

Technological advancements don’t stop with devices worn on the body, insideables and implantables are also in the process of being developed. So far, these microcomputers, that work from inside the body, have been used to help organs such as the heart and brain function. Insideables, also referred to as smart pills, are considered by many to be the next phase after external wearables. These are swallowed in the form of a hard capsule and send measured values, such as glucose levels, or images from inside the body to aid diagnosis processes. Since implantables and insideables are only just emerging, they are expected to transform healthcare in the years ahead.

3. TECHNOLOGY IN MENTAL HEALTH

It is estimated, that by 2030, depression will be the leading cause of disease burden globally, making the need for new therapies more crucial than ever. Over the last year, many new technologies have emerged that can help address patients ongoing mental health needs.

Increasingly some apps are able to complete patient intakes and provide an initial diagnosis before a patient ever meets with a provider and AI powered tools are transforming the way mental health treatments are delivered. AI chatbots, like Woebot, that can help patients practice their cognitive behavioural therapy (CBT) strategies to smartphone apps, and voice recognition software Ellipsis, can analyse a patient’s voice and speech patterns for warning signs of emotional distress. In addition to this digital symptom tracking is proving crucial for optimising efficient mental health care for the future. Online symptom tracking prompts patients to share data daily. An AI algorithm then analyses that data to identify patterns and alert providers in real time of any warning signs.

Another technology newly being utilized for mental health is the use of video games. Approved in 2020, EndeavorRx is the first and only FDA-cleared video game treatment. The game is used to help improve the attention span of children aged 8-12 years old with ADHD and requires a prescription. In clinical studies, 73% of participants reported an increased ability to pay attention.

After this success, video games are set to become a more popular, affordable and accessible treatment for a range of health conditions. It was recently announced, DeepWell Digital Therapeutics would be launching a first-of-its-kind video game publisher and developer dedicated to creating gameplay that can simultaneously entertain and deliver, enhance, and accelerate treatment for an array of illnesses and conditions.

4. PRECISION MEDICINE

As medical technology advances it is becoming more and more personalized to individual patients. Precision medicine considers the individual variability in genetics, environment, and lifestyle for each patient. For example, when using precision medicine to treat a patient with cancer, the medicine can be tailored to them based on their unique genetic make-up. This personalized medicine is far more effective than other types of treatment as it attacks tumors based on the patient’s genetics, causing gene mutations and making it more easily destroyed by the cancer medication.

Precision medicine presents great opportunities in transforming the future of healthcare. While it is currently most advanced in oncology, precision medication also has wider, exciting applications, such as in rare and genetic diseases, it also holds some promise in treating infections. However, integrating precision medicine into healthcare is set to be a challenging process with issues within infrastructure, inequalities, and knowledge that the industry must overcome before this becomes mainstream.

5. mRNA TECHNOLOGY

mRNA technology has been put under the spotlight recently as the new vaccines for Covid-19 use this science. With their high effectiveness, capacity for rapid development, and potential for low production costs, mRNA vaccines offer an alternative to the traditional vaccine approach.

mRNA, or messenger ribonucleic acid, is a single-stranded RNA molecule that carries the genetic information that is derived from DNA. mRNA vaccines work by providing a genetic code to cells to allow them to produce viral proteins, once the proteins have been created the body can then produce an immune response. The success of the Covid-19 mRNA vaccines has given a big boost to efforts to develop other mRNA vaccines for everything, from cancers to Zika virus.

mRNAs potential is thought to extend beyond just vaccines. mRNA can code for just about any protein, so the same basic technology might also allow us to develop all kinds of treatments by getting the body to produce a drug-like response. Many protein-based drugs such as antibodies made outside the body have proved extremely effective – but also extremely expensive. So, by using mRNA technology, development times and costs could be cut by setting the human body to work on manufacturing the proteins instead

6. CRISPR

Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR) is the most advanced gene-editing technology yet. It works by harnessing the natural mechanisms of the immune systems of bacterium cells of invading viruses, which is then able to ‘cut out’ infected DNA strands. This cutting of DNA is what has the power to potentially transform the way we treat disease. By modifying genes, some of the biggest threats to our health, like cancer and HIV, could potentially be overcome in a matter of years.

CRISPR is also promising for treating rare diseases. Cystic fibrosis (CF) is a genetically inherited rare disorder that affects the functioning of the respiratory and digestive systems. The CF gene causes mutations to alter salt regulation across cell membranes, which results in thickening of mucus that causes problems in lungs, pancreas, and other organs. There are multiple cystic fibrosis-causing mutations, and there are currently several on-going clinical trials to see if CRISPR can be used to correct these mutations. CRISPR is also being seen as a possible way of treating sickle cell disease, which is also caused by a genetic mutation. Until recently, bone marrow transplant was the only real treatment for patients, but CRISPR gene therapy has given patients a new hope.

CRISPR has many potential applications, including correcting genetic defects, treating and preventing the spread of diseases, and improving the growth and resilience of crops. However, despite its promise, the technology also raises ethical concerns, mostly over humanity’s right to ‘play God’ and worries over gene-editing being used to produce designer baby.

7. NEUROTECHNOLOGY

Neurotechnology holds boundless potential to improve many aspects of life. It is already being practically applied in the medical and wellness industries, but also has many future implications for other contexts including education, workplace management, national security, and even sports. Neurotechnology encompasses all components that are developed to understand the brain, visualize its processes and even control, repair or improve its functions. These components can be computers, electrodes, or any other devices that can be set up to intercept electric pulses that run through the body.

In healthcare, neurotechnology is currently being used in brain imaging, by recording magnetic fields produced by electrical activity within the brain, neurostimulation, stimulating the brain and nervous system to influence brain activity; and in neuro devices, an emerging technology that monitors or regulates brain activity using an implant. Neuro Devices are still mostly in the research phase, but it holds major potential for treating brain disorders. An example of this is Neuralink. Pioneered by Elon Musk, Neuralink is developing a device that would be embedded into the human brain, where it would record brain activity and transmit this data wirelessly to a computer. Researchers would then be able to analyze these findings and use them to electrically stimulate brain activity. If successful, it can possibly be used to cure brain diseases like Alzheimer’s and Parkinson’s. Neuralink has been tested on animals so far, but Elon Musk has said the company hopes to start implanting its chips in humans in 2022.

Neurotechnology, while therapeutically very exciting, remains very controversial. It raises questions around rights to data and privacy. All-in-all, its future applications are not entirely mapped out but with the continued rise and identification of neurological disorders and conditions, neurotechnology is expected to experience considerable growth in the worldwide healthcare market in the coming years.

8. TELEMEDICINE

Telehealth and telemedicine have become increasingly in demand since the Covid-19 pandemic began in 2020. Telemedicine refers specifically to remote clinical services, while telehealth encompasses remote non-clinical services. With more people adopting a new way of working and living since the pandemic, this is a trend which is likely to continue gaining momentum, with the global telemedicine market projected to grow from $68.36 billion to $218.49 billion by 2026.

Telemedicine offers a range of benefits for both patients and healthcare providers. It offers great comfort and convenience for patients and can also be cheaper as patients do not need to encounter any secondary costs such as travel expenses or childcare. It can also improve access for other populations, including elderly adults, people who are geographically isolated, and those who are not able to leave their homes. For healthcare providers, telemedicine is also favourable as it reduces overhead expenses, lessens the exposure to illness and infections and allows practitioners to see more people as they can work more flexibly.

The last two years have seen telehealth and telemedicine become more mainstream and in 2022, technology for virtual-care appointments will continue to advance beyond 1:1 doctor-patient video conferencing. For example, in response to the rising number of patients in need of behavioural therapy for mental health illnesses, we can expect to see technology that will facilitate group sessions, allowing multiple patients to be supported together

9. VIRTUAL REALITY

 

Virtual reality has been around for some time. However, it is now being increasingly used to treat and manage a wide range of psychological illnesses and conditions, from stress and anxiety to dementia and autism. But its capabilities are not just limited to mental health conditions, it is also being used for effective pain management by changing the patients’ thoughts and perceptions around pain. VR has also greatly improved the training processes for medical professionals, as it allows you to be transported into the human body. It also helps when doctors are diagnosing, as the patient is able to virtually step into a panoramic view of their body, giving them a better understanding of their disease or condition. There is still huge, uncovered potential for VR, but its focus areas for medical advancements include preventive healthcare, rehabilitation, assistive living, cancer therapy, and surgery.

10. 3D PRINTING

 

3D printers have quickly become one of the hottest technologies on the market. In healthcare, these game-changing printers can be used to create implants and even joints to be used during surgery. 3D-printed prosthetics are increasingly popular as they are entirely bespoke, with the digital functionalities enabling them to match an individual’s measurements down to the millimeter. This allows for unprecedented levels of comfort and mobility. Using 3D printing for presurgical planning is also gaining momentum. Using a realistic replica of an actual patient’s anatomy is allowing surgeons to attempt procedures they wouldn’t have previously been able to do. The ability to plan a complex surgery and train prior to the procedure itself by using 3D-printed models has the potential to not only increase success rates but also to reduce time in the operating room and recovery time.

The use of printers can create both long-lasting and soluble items. For example, 3D printing can be used to ‘print’ pills that contain multiple drugs, which will help patients with the organization, timing, and monitoring of multiple medications. To take 3D printing up another notch, io-printing is also an emerging medical technology. While it was initially ground-breaking to be able to regenerate skin cells for skin draughts for burn victims, this has slowly given way to even more exciting possibilities. Scientists have been able to create blood vessels, synthetic ovaries and even a pancreas. These artificial organs then grow within the patient’s body to replace the original faulty one. The ability to supply artificial organs that are not rejected by the body’s immune system could be revolutionary, saving millions of patients that depend on lifesaving transplants every year.

 

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Crypto & It’s Future

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In recent years, cryptocurrencies have become increasingly popular. Bitcoin, the first and most well-known cryptocurrency, Bitcoin was created by pseudonymous developer Satoshi Nakamoto. It used SHA-256, a cryptographic hash function, in its proof-of-work scheme. Since then, many other cryptocurrencies have been developed, including Ethereum, Litecoin, and Ripple.

If you’re thinking about starting your own brand of crypto, this guide will explain how to go about creating cryptocurrency transactions. It also may help you learn more about digital currency and how your small business can benefit from it.

Crypto Coin VS. Crypto Token

Cryptocurrencies can be either crypto coins or crypto tokens. Creating your own coin or token can be a complex process. Both represent digital assets, but there are key differences between the two.

Crypto coins are their own standalone currencies. Bitcoin, for example, is a cryptocurrency coin that doesn’t require another platform to exist. Ethereum is another popular cryptocurrency coin that has its own digital asset that represents some form of utility or value.

A cryptocurrency coin is decentralized digital money that uses cryptography to secure its transactions and to control the creation of new units of the currency. Bitcoin, ether, Ripple, and Litecoin are all examples of cryptocurrency coins.

A cryptocurrency token, which is also a smart contract, is a digital asset that is created to use on a specific platform (you can read more about smart contracts here). Crypto tokens are often used to represent an asset or utility on a blockchain-based platform. For example, the Golem Network Token (GNT) is used on the Golem network—a decentralized supercomputer that anyone can access. In this case, GNT is a utility token that allows users to access and use the Golem network.

Ether, the native cryptocurrency of the Ethereum blockchain, was mentioned earlier. It is also a cryptocurrency token. It’s often called an ERC20 token because it follows a specific set of rules on the Ethereum blockchain (ERC stands for Ethereum Request for Comment). These tokens can be used to represent anything—a digital asset, a utility, or even a physical object.

Also, If you want to create your own standalone currency, then you’ll need to create a cryptocurrency coin. However, if you want to use blockchain technology to create a new application or service, then you’ll need to create your own token.

So, to recap:

A cryptocurrency coin is its own currency and doesn’t require another platform to exist. Bitcoin and ether are both examples of cryptocurrency coins.

A cryptocurrency coin token is a digital asset that’s created to use on a specific platform. Golem Network Token (GNT) and ether are both examples of cryptocurrency tokens.

How much does it cost to create a cryptocurrency?

The cost of creating a cryptocurrency will vary, depending on the type of currency you want to create and your business requirements. If you’re just looking to create a simple cryptocurrency coin, then the cost will be relatively low. However, if you want to create a more complex application or service, then the cost will be higher.

On the high end, Developcoins says that the development of crypto costs around $10,000-30,000. On the other hand, Devteam.space says the range is lower. They say the cost to create the software and write and launch a whitepaper is somewhere around $6,000 to $10,000.

How long does it take to create a cryptocurrency?

If you are creating a new cryptocurrency from scratch, it’s going to take you anywhere from 1-to 6 months, depending on how complex it is. The time it will take to modify the existing crypto code differs, depending on your level of technical knowledge. If you are proficient, the process can take around four hours. If you use automated tools, you can create a new coin in as little as 5 to 20 minutes.

There you have it, a comprehensive guide on how to create a cryptocurrency. We hope this article was helpful and informative and you found the business idea of making your own digital money intriguing. Who knows? If you use the tips here, we may soon read about you being one of the top cryptocurrency developers. Likewise, you may find that your new cryptocurrency is listed among the top 50 cryptocurrencies!

Why Create Your Own Cryptocurrency?

If you are asking yourself, What is cryptocurrency? it’s essential first to understand what it is.

Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and control the creation of new units. In addition, they are decentralized, which means they are not subject to government or financial institution control.

Even though they are considered decentralized digital currencies, the Securities and Exchange Commission (SECC) has said that they consider Bitcoin and Ethereum to be decentralized and safe. Cryptocurrencies are also global, making them an attractive investment for people in different countries. Finally, cryptocurrencies are secure and anonymous, which makes them a good choice for people who want to keep their transactions private.

That brings us to the nexus of this article, which is why small business owners might want to create their own crypto. Turns out there are several reasons for it, and here are a few main ones to consider:

  • Regional considerations: You want to create a currency that can be used in a specific country or region.
  • Savings and security: You want to create a currency that is not subject to inflationary pressures or government regulation.
  • For loyalty programs: You want to create a new type of loyalty program for your customers.
  • Raise funds: Having your own crypto can be helpful for raising funds for new businesses or projects.
  • Brand awareness: A cryptocurrency can be a great way to raise awareness for your brand.
  • It’s the future: Fortune rewards the bold, so you’ll want to get ahead of the curve and be an early adopter of this new technology.
  • To make money: This post details how to create a cryptocurrency, but small business owners will want to eventually make money after dabbling in it.

 

Also, bear in mind that spawning your own cryptocurrency market for enterprises like CBD oil can give you some added financial clout. However, CBD and businesses similar to it are not part of the central banking systems, meaning they are barred from the traditional financial sector, even when it comes to basic banking transactions.

Meanwhile, you can develop your own cryptocurrency according to your company’s requirements and give your CBD enterprise a flexible way to conduct transactions without going through a third party.

Ways to Create Cryptocurrency

Now that we’ve answered the question “Why create a cryptocurrency?” let’s look at some methods of cryptocurrency creation.

 

Make Your Own Blockchain

You can create blockchain-based currency from scratch to support native crypto, and this method gives you the most design freedom. However, creating a new blockchain isn’t just a few clicks and you’re done. The process is very complex and requires at least basic coding skills and an in-depth understanding of blockchain.

If you’re not a programmer, you can hire someone to create your blockchain for you. There are also online services that will allow you to create a blockchain without any coding required.

Change the Code of Existing Blockchain Technology

The second way you can create your own cryptocurrency is to change the code of an existing blockchain. For example, you can fork the code of an existing cryptocurrency to create and launch a new currency.

This method is less complex than creating a new blockchain from scratch. However, it’s still technical and requires programming skills. You’ll also need to have a good understanding of how blockchain works before you can make changes to the code.

It’s also not a bad idea to understand the existing blockchain infrastructure of the platform you’re working with since blockchain needs an infrastructure. If you are entirely new to this part, you might want to take a few blockchain courses before you deep dive headfirst into its infrastructure requirements.

As far as blockchain architecture, the one you choose will depend on the goals of your project and the resources you have available. To change protocol, you need to have access to the code, though. Most blockchains are open source, meaning that anyone can view and download them. You can find source codes for many of them on the GitHub platform.

Create a New Cryptocurrency on an Existing Platform

The third way to create a cryptocurrency is to create a new currency on an existing blockchain platform. This method is less technical than the others and doesn’t require as much programming knowledge.

What results from creating a new currency on the blockchain is called a token, a form of digital cash that isn’t native to the blockchain it will operate on.

When it comes to cryptocurrency development, the most dominant pathway for creating new cryptocurrency on an existing blockchain is through the Ethereum blockchain. When you create a token this way, it is called an ERC20 token.

Once you’ve created your ERC20, you’ll need to get it listed on cryptocurrency exchanges so people can buy and sell it. This can be a complex and costly process.

How to Make a Cryptocurrency

Now that we’ve looked at some ways to create a cryptocurrency, let’s answer the question “How to make a cryptocurrency?”

As mentioned earlier, the first decentralized digital currency was Bitcoin. It was a rip-roaring success, and the blockchain ecosystem continues to grow. Unfortunately, that doesn’t mean everyone’s endeavors to make crypto are going to be met with wild success. In fact, many of those with an initial coin offering have failed to raise enough funding or gone out of business after their launch.

 

1. Define Your Objectives

The first step is to think about what you want your cryptocurrency to achieve. Do you want it to be used as a payment system? A store of value?

Think about what problem your currency will solve that other cryptocurrencies don’t. This will help you create a unique selling proposition (USP) for your coin. For example, Bitcoin was created as a decentralized alternative to fiat currencies. Ethereum, on the other hand, was designed to be a platform that allows developers to create decentralized applications.

Once you’ve defined your objectives, you’ll need to come up with a name and logo for your currency. You’ll also need to create a website and whitepaper. The website should explain what your currency is and how it works. The whitepaper, on the other hand, will go into more detail about your project.

It’s important to make sure that both your website and whitepaper are clear, concise, and free of technical jargon. If people can’t understand what your project is trying to achieve, they’re not going to invest in it.

2. Design a Consensus Mechanism

The next step is to design a consensus mechanism. This is how your cryptocurrency will reach a consensus on the state of the blockchain.

There are two main types of consensus mechanisms: proof-of-work (PoW) and proof-of-stake (PoS) or proof-of-history(PoH).

Proof-of-work is the most common type of consensus mechanism. It’s the system that Bitcoin and most other cryptocurrencies use. Under a PoW system, miners compete against each other to validate transactions and add blocks to the blockchain. The miner who adds a block to the blockchain is rewarded with cryptocurrency.

Proof-of-stake, on the other hand, doesn’t require miners to compete against each other. Instead, the system relies on validators who stake their cryptocurrency to verify transactions. The more cryptocurrency a validator has staked, the more weight their vote carries. The beauty of PoS is that it’s much more energy-efficient than PoW.

3. Choose a Blockchain Platform

Once you’ve decided which consensus mechanism you’re going to use, you’ll need to choose your own blockchain platform.

If you want to use a PoW consensus mechanism, the Bitcoin blockchain is the obvious choice. However, if you want to use PoS, there are a number of different platforms to choose from, including Ethereum, Cardano, and the speedy EOS.

  • Ethereum (Market Leader With 82.70% Shareholding)
  • Waves (WAVES)
  • Hyperledger Fabric
  • NEM
  • IBM blockchain
  • Nxt (NXT)
  • HydraChain
  • BlockStarter
  • BigChainDB
  • EOS
  • Quorum
  • IOTA
  • CoinList
  • MultiChain
  • Openchain
  • Chain Core

4. Create the Nodes

Once you’ve chosen a platform, you’ll need to download the software and set up a node. A node is a computer that stores a copy of the blockchain and helps to validate and relay transactions.

If you’re running a PoW system, you’ll also need to join a mining pool. A mining pool is a group of miners who work together to mine blocks and share the rewards.

5. Generate a Wallet Address

Once you’ve set up your node, you’ll need to generate a wallet address with the best cryptocurrency wallet option. This is where people will send funds when they want to buy your cryptocurrency.

You can generate a wallet address using an online service or by running the software on your computer. Some of the top wallet providers are,

  1. Trezor Wallet

  2. Ledger Nano X

  3. Exodus Wallet

  4. Metamask

  5. Coinbase Wallet

  6. Trust Wallet

  7. Mycelium

  8. Electrum

 

 

6. Design the Internal Architecture

The next step is to design the internal architecture of your cryptocurrency. This includes things like the transaction format, network protocol and consensus algorithm.

You’ll also need to decide how many coins you’re going to create. This is known as your coin’s supply.

It’s important to strike a balance here. If you create too many coins, they’re likely to be worth very little. On the other hand, if you create too few, people might not be able to buy them all.

7. Integrate the APIs

Once you’ve designed the internal architecture of your cryptocurrency, you’ll need to integrate the APIs. The API (Application Programming Interface) allows different software applications to communicate with each other.

For example, if you want to use a PoW system, you’ll need to integrate the Bitcoin API. This will allow your cryptocurrency to interact with the Bitcoin blockchain. If you want to use a PoS system, you’ll need to integrate the Ethereum API. This will allow your cryptocurrency to interact with the Ethereum blockchain.  Some of the top API providers are 

  1. NOWNodes
  2. Coinbase
  3. BItcore
  4. Blockchain
  5. Factom
  6. Web3.js

Once you’ve integrated the APIs, you’re almost ready to launch your cryptocurrency.

8. Make Your Cryptocurrency Legal

The final step is to make your cryptocurrency legal, and there are defined rules for legalizing coin creation. This involves setting up a company and getting a license from the government.

You’ll also need to register your cryptocurrency with the Financial Crimes Enforcement Network (FinCEN). This is the US government agency responsible for combating money laundering and terrorist financing.

Lastly, keep in mind that cryptocurrency is banned in some countries, so you’ll need to research the laws in your jurisdiction before its launch.

Once you’ve done all of this, congratulations! You’re ready to launch your cryptocurrency!

9. Grow Your New Cryptocurrency

While there are a lot of technical aspects to launching a cryptocurrency, it’s also important to focus on the marketing and promotion of your new currency.

Without adoption, your cryptocurrency is likely to fail. So make sure you spend some time working on getting people to use and accept your currency. A good way to promote your cryptocurrency is to give it away for free. You can do this by giving away a certain amount of new crypto coins to early adopters or by running promotional campaigns.

You should also consider listing your cryptocurrency on exchanges. This will make it easier for people to buy and sell your currency. Finally, you should always be prepared to answer questions about your cryptocurrency. People are going to have a lot of questions, so make sure you have the answers they’re looking for.

 

 

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