OncoCoin A.G launches AMRIT, a bitcoin like Crypto Token for patients

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OncoCoin AG, a fully-owned subsidiary of Innoplexus AG which is a leading international Artificial Intelligence (AI) and Blockchain-based Drug Discovery and Development company with 43 patents and more than 116+ patent applications, is going to launch ‘AMRIT’, one of the leading, decentralized and GDPR compliant Real World Data (RWD) exchange to fuel AI for patient’s health and longevity. The Sanskrit word “AMRIT” refers to an elixir that provides  “immortality”.

Cancer is one of the most dreaded diseases in the world as various forms of this disorder claim millions of lives every year. The global medical community has been constantly researching and analyzing data using the best possible technologies to find better drugs and therapies for cancer patients. However, the biggest challenge is that the research is conducted from a pharmaceutical industry perspective with inadequate emphasis on patient-centric frameworks. Cancer research can be drastically accelerated using diverse Real World patient data. This data has become an invaluable asset for companies doing research in Life Sciences, but sharing of the data doesn’t provide any benefits to the patients.

This is where the ‘AMRIT’ ecosystem will create a level playing field for the 1.3 billion Indians by putting them at the heart of the healthcare solution. Over 3,50,000 users benefit globally by using this platform. AMRIT leverages the patented AI and Blockchain technology to help stakeholders such as Medical Researchers, Physicians, Hospitals, Pharma companies, CROs and more, to speed up Drug Discovery and Development through a decentralized ecosystem kind of approach. In addition to its cancer app, the company plans to launch the Neurology app by the end of this year covering Alzheimer’s disease, Parkinson Disease among others.

Speaking about this, Dr. Gunjan Bhardwaj (CEO, Innoplexus AG and Founder/Chairman of the Board, OncoCoin AG), said, “The AMRIT ecosystem is democratizing the process of cancer research by offering a base of 3.5 lakh users globally registered on the mobile app CURIATM. Through the app, the pharma companies seeking to conduct clinical trials can connect with the patients for their participation and incentivize them for sharing their Real-World-Data with the utility token ‘AMRIT.’ Subsequently, users can use it for availing second opinions and other cancer related in-app services. This is an unprecedented ecosystem development which has no other match anywhere in the world currently.”

Adding further, Dr. Bhardwaj, said, “We have always believed in the power of using cutting-edge technology to benefit people, especially cancer patients. This is where the ecosystem approach of AMRIT offers multi-pronged support to the patients. At the first level, the ecosystem offers free-of-cost information specific to their disease type and stage. It helps them identify the right medical experts for their type and stage of disease, and enables the identification of alternative therapy options. Further, the app enables them to identify and apply to most suitable clinical trials in their vicinity.”

Built on top of a blockchain, the ‘Cancer Twin’, feature in the CURIATM App enables users to identify other users with similar disease types in order to communicate anonymously with each other. One of the biggest areas of concern for Indian patients is the high cost of treatment, and this is where the AMRIT tokens accumulated by patients who license their clinical data for various global Drug Discovery Programs, come in handy in making transactions for services such as independent second opinion, and access to digital therapeutics and more.

The estimated value of the medical records per user can go as high as $20,000 per record. If a fraction of users on the CURIATM platform in the coming year would license their health records it would be comparable to that of a data company that was acquired for $1.9 Billion. Fueled by this Real-World Data through a secure, encrypted platform, AMRIT aims to achieve sustainable growth.

OncoCoin AG, which is going to launch AMRIT, is a Swiss-based fully owned subsidiary of Innoplexus AG. OncoCoin AG has its own Pancreatic Cancer program and has initiated the world’s largest Pancreatic Cancer Biomarker Study (PALAS study) under the guidance of its scientific advisory board with four leading Pancreatic Cancer experts in Europe.