Healthcare & Pharma

Problem

The healthcare industry faces a number of problems when it comes to clinical trial management such as inefficiencies, lack of security and compliance, and difficulty enrolling eligible study participants. Blockchain technology can help improve these issues by implementing a permissioned blockchain for controlled access, using smart contracts for secure data exchange, and providing financial incentives for eligible patient participation in clinical trials. This results in a secure, decentralized platform for data storage and sharing and efficient and compliant data exchange.

Solution

Blockchain technology can improve data management in the healthcare industry by allowing for secure, decentralized data storage and sharing. Permissioned blockchain can control access through storage locks and data blinding/unblinding, reducing data redundancy. Smart contracts can enforce access credentials and verify data, leading to more secure and efficient data exchange. Blockchain can also incentivize patient participation in clinical trials through financial incentives and simplifying the enrollment process.

Problem

The existing healthcare system is flawed because patient data management is generally separated and centralized, leaving it open to data breaches and hacker efforts. In addition, individuals may have little say over their own medical data, making it difficult for doctors and other healthcare professionals to gain access to and exchange vital information. This may cause healthcare inefficiencies and have an adverse effect on the health of patients.

Solution

Patient data management is an area where blockchain technology shows great promise for improving security and efficiency. By leveraging healthcare application programming interfaces, patients may decide who gets access to their medical information and at what levels of access. This makes it possible to transfer and access electronic health records while keeping private information secure. Patient information is more secure in storage and administration because of blockchain encryption, which may also prevent hacker efforts.

Problem

The manufacturing and distribution of counterfeit medicines is an increasingly important problem worldwide, particularly in developing countries. The market value of counterfeit medicines is several billion dollars per year. Medical manufacturers are often unaware of what happens after their product leaves the production area, and if it even arrives to the final user.

Healthcare professionals worry about monitoring expensive, commercially available pharmaceuticals from the loading dock to the patient. Health systems and hospitals get vast volumes of these medications, and they must be able to verify that the expensive yet life-saving drugs they receive are authentic. This is especially crucial for pricey cancer therapies and specialty prescriptions, which can cost tens of thousands of dollars per course.

Solution

Hospitals and pharmaceutical businesses may securely exchange machine-to-machine data using blockchain technology. By developing a decentralized network, any organization can access a shared digital ledger including medicine serial numbers, expiration dates, and manufacturing details. Smart contracts allow the system to check medications for counterfeits automatically. Hospitals can verify drug validity and pharmaceutical businesses can secure their intellectual property (IP). Blockchain technology can potentially track drug movements along the supply chain to identify difficulties.

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