Even before the rise of COVID-19, the healthcare and life sciences industries faced significant issues, including interoperability, privacy and supply chain traceability. Another major challenge is that proprietary, electronic health record systems — from more than 700 vendors — routinely don’t talk to each other.¹ And in the U.S. alone, we saw 1,750 incidents of drug counterfeiting in 2018.²
As the pandemic continues, healthcare and the life sciences face new challenges, including adapting supply chains to deliver protective equipment and rapidly developing treatments, tests and vaccines. Meanwhile, healthcare professionals are grappling with how to manage consent and keep individual health data secure as they look to leverage health data to safely re-open for business.
Blockchain has already demonstrated its value in healthcare and the life sciences by enabling trust and collaboration, and will continue to be at the forefront of addressing ever more challenges.
As organizations seek to confirm the health status of their customers and employees, blockchain networks help assure data integrity by storing an immutable, single version of the truth. Network participants can collaborate with confidence as they exchange information while controlling data access.
As pharmaceutical products move through the supply chain, they are recorded on a blockchain. That audit trail means an item can be traced back to its origin, or out to the receiving pharmacy or retailer. This helps reduce counterfeiting and manufacturers can locate a recalled product in seconds so they can respond rapidly.
From resolving disputes to triggering next steps in supply chain transactions, to moving medical images through review, smart contracts can automate processes for increased speed and efficiency. Smart contracts automatically take action when established conditions are met.
novel coronavirus vaccines are under development worldwide.
states are expediting recertification so retired healthcare providers can return to work.
of people surveyed would share a COVID-19 diagnosis with their employer in order to get back to work more quickly.
Solutions for healthcare
Solutions for life sciences
Resources
Citations
¹Kaiser Health News: Death By 1,000 Clicks (link resides outside of ibm.com)
²Statista: Counterfeit incidents concerning pharmaceuticals worldwide (link resides outside of ibm.com)