Interest in blockchain Distributed ledger Technology (DLT) has exploded in recent years with a major focus on the financial industry. Meanwhile, healthcare and pharmaceutical companies around the world are looking at DLT as a way to solve, protect, and streamline their businesses. There are many applications of DLT in the medical industry, but one of the areas where this technology excels is in the supply chain. Industry estimates indicate that annual sales range from $ 163 billion to $ 217 billion, and counterfeit medicines are the most profitable sector of the world’s trade in illegally copied goods. Fraudulent drugs can hurt or kill millions of people around the world, seriously damaging the brand names and profits of major pharmaceutical companies.
A Blockchain The base system may be better at protecting consumers from counterfeit medicines by encoding logs detailing each stop in the supply chain. In this case, consumers can check the digital archive to verify the legitimacy of their medicine. The decentralization of technology ensures that all actors in the pipeline do not make suspicious changes to the log. The Pharmaceutical Quality and Security Act (DSCSA) is a regulation that requires an electronic, interoperable system for identifying and tracking prescription drugs distributed in the United States. The law was originally passed in 2013, but will not be fully enforced until 2023. Similar programs are being implemented in other countries. All manufacturers, distributors, and dispensers of prescription drugs on the US market must comply.
The immutability and proven capabilities of the blockchain provide the basis for the manageability of medicines from manufacturing to the end consumer and identify where the supply chain is broken. Companies with impending DSCSA regulations, such as the MediLedger Project and Simply Vital, are industry leaders in healthcare-oriented blockchain technology. MediLedger is a collaboration between Chronicled and The Link Lab that integrates both pharmaceutical supply chain and blockchain technologies. Their intention is to facilitate blockchain utility dialogue to enhance the ability of pharmaceutical companies to manage their supply chains.
SimplyVital has developed two products for the healthcare industry, both of which address different aspects. Connecting care and health nexus. Connecting care is designed for healthcare providers such as hospitals. This technology allows customers to streamline their data and save time and money. According to Lucas Hendren, CTO of Simply Vital, “This helps lump-sum payment providers gain insights into what happens when a patient is discharged, using care adjustments and financial forecasts. This is a strategic early use case for blockchain in healthcare as it uses the blockchain as an immutable audit trail. ”Connecting care is already a hit with its minimal viable product. ..
Health Nexus, another blockchain protocol created by SimplyVital, helps the healthcare industry and consumers store, distribute, and protect healthcare data. Not only that, Health Nexus enables individuals to sell their data to interested third parties through secure pipelines and marketplaces. Blockchain protocols like Health Nexus have the potential to play a major role in medical research. These protocols can also enhance consumer feedback loops and save lives.
Blockchain is already influencing the medical industry and we are only aiming to speed it up from here. Blockchain healthcare rallyAccording to an IBM survey, 56% of the healthcare executives surveyed had a solid plan to implement a commercial blockchain solution by 2020. As the capabilities of machine learning and artificial intelligence permeate the medical industry, the need for blockchain solutions will increase. Exponentially.