Abstract: A dynamic continuous flow enzyme reactor and method for carrying out and analyzing phospholipid-dependent enzyme reactions are provided. The enzyme reactor is a tubular member preferably a capillary tube, coated on its inner surface with a planar phospholipid bilayer membrane, optionally and preferably containing an enzyme or enzyme cofactor. The reactor is connectable at one end to a means for delivering fluid flow reagents to the reactor and is connectable at a second end to a means for analyzing an effluent exiting from the reactor. Preferably the enzyme cofactor in the phospholipid membrane is purified tissue factor and the fluid reagents are inactive blood clotting factors which become activated upon interaction with the phospholipid membrane through a tissue factor-mediated reaction.