Blockchain in Healthcare - A Dynamic Duo

The Distributed Ledger Technology Blockchain has disrupted the financial industry in many ways. And now ‘blockchain in healthcare 2020’ is what many companies are trying to implement to test the full potential of the tech. The medical industry, and in particular the pharmaceuticals, could employ the blockchain technology to facilitate efficiencies, enhance privacy & confidentiality, increase patients’ safety, and render a higher level of clinical care.

Applications for Healthcare and Pharmacy

There exist a lot of use cases that explain how blockchain could benefit the healthcare sector on the whole. Blockchain is potent enough to simplify, speed, and lower the cost of transactions. But it lies in the hands of the stakeholders to participate, agree, cooperate, coordinate, execute, and approve across the healthcare industry.

Problems in Healthcare Industry and their Solutions

Problem

Electronic Healthcare Records or EHRs are created for the same patient across different practitioners and platforms. This leads to

• challenges around the completeness of the record,
• the accuracy and timeliness of personal info & healthcare history, and
• the security expenses associated with shielding the information.

Solution

Blockchain would potentially be able to store the complete history of each patient. Any updates or modifications made by the doctors or the patient will be recorded securely in one place. Given full access, the patient can also track the changes made by each user. The records include data from patient engagement apps and devices that may be used to monitor the patient’s health.

Problem

Additional detail should be included in healthcare payment preauthorization, and in the current system, this detail will not be included with the original request. The follow-up that claims for missing information for preauthorization is usually costly, requires more time & labor, and also the payments process slowly.

Solution

The blockchain technology could simplify the process since the collection of information & sharing the same is automated and timely.

Problem

The healthcare supply chain infrastructure is disintegrated. With the current tracking system, the pharma operators try their maximum to maintain product integrity, product verification, and notification of respective stakeholders. But this technique is of high cost and increases the overall healthcare spend.

Solution

• Blockchain is more powerful, and it can improve the overall operational efficiency and lower costs. It can also promote greater integration, transparency, and traceability.
• Blockchain can monitor the active ingredients from the source of raw materials, as it is introduced through the manufacturing process of a product.

Problem

Prescription abandonment is a global issue with a massive loss of approximately $300 billion a year. Medication non-adherence and prescription abandonment lead to 125,000 deaths annually. 

Solution

• In a blockchain network, the patient owns the greater responsibility of owning his/her healthcare data. Blockchain can benefit the patient

• by promoting more significant insights,
• by providing a suitable tracking mechanism,
• by offering a timely follow-up on patient behavior relating to medication compliance and adherence.