Senior Consultant, Cloud Engineering Studio, Brillio
Seasoned Presales and Business Development Consultant with 8.5 years of industry experience in delivering value to clients across the globe. Expertise in handling strategic and large deals with a focus on solving complex business problems. Have experience in working with clients across multiple industries developing specific solutions, POVs, GTMs on digital technologies.
10th May, 2022
The global healthcare sector continues to face the challenges raised by COVID-19, which is impacting all aspects of the healthcare value chain.
Despite the pandemic’s impact on the industry, we see an opportunity to accelerate innovation and leverage modern technology options to reinvent it. As we look toward the future of healthcare, we see Blockchain playing a pivotal role in navigating through the current disruptions and preparing for the new ones.
Blockchain as a technology is getting massive attention in healthcare, and it is among the top 5 priorities of Healthcare executives. The global healthcare market spent on the blockchain is expected to hit $5.61 billion by 2025, according to a report by BIS Research, and to generate savings of $100-$150 billion per year.
Challenges in the Healthcare industry: A need for Blockchain
The healthcare industry is struggling with inefficiencies, errors, bureaucracy, and high administrative costs. Blockchain implementations could help solve some of the industry’s most pressing issues, such as compliance, interoperability, and data security, as well as enable new patient-centric business models.
COVID-19 has led to the growth of digital health initiatives- like telehealth doctor visits, a major contributor to the severe increase in breached patient records. One data breach at PIH Health — the operator of multiple medical facilities across southern California — may have impacted nearly 200,000 patients in 2019. According to a report – pharmaceutical companies are losing approximately $200 billion to counterfeit drugs each year.
Some of the issues in healthcare are:
Benefits and application of Blockchain in Healthcare
Blockchain Technology in Healthcare will modify how doctors, physicians, and other health professionals access patients’ or clients’ data, how clinical research will be conducted, and influence other areas of the industry. If implemented well, blockchain technology can be an excellent solution for enhancing data provenance, integrity, functionality, and the security of a pharma supply chain. Some of the key Blockchain benefits and applications in the industry are:
Shaping the Future of Blockchain
Though the adoption of blockchain technology in healthcare has been slow compared to other industries, as the ecosystem is built, there will be more opportunities to deploy blockchain applications. Blockchain is changing the overall hierarchy of healthcare by providing patients with authority and trusted deliverables. It has brought the patient to the center of the healthcare ecosystem by providing them power over their data.
The Blockchain potential in healthcare depends a lot on the adoption of associated advanced technologies in the ecosystem. The focus of the healthcare organizations should be to leverage Blockchain Technology:
Overall, Blockchain technology would enhance and revolutionize how patients and physicians treat and use clinical records and improve healthcare services. The effects of blockchain in healthcare are only on the surface so far and there is still a long way to go.