Continual evolution characterises the healthcare sector, and emerging technologies like blockchain present fresh prospects for enhancing the supply chain. Nevertheless, conventional healthcare supply chains grapple with numerous inefficiencies and inaccuracies, resulting in escalated costs and diminished patient care quality.

This short blog will explore how blockchain can transform the healthcare supply chain and improve patient outcomes.

What is Blockchain?

Blockchain represents a decentralised digital ledger that securely and transparently logs transactions. Every block within the chain houses a transaction record authenticated by a computer network. After a block joins, the chain becomes unalterable, ensuring a secure and permanent transaction history.

Blockchain in the Healthcare Supply Chain

The healthcare supply chain involves a complex network of suppliers, manufacturers, distributors, and healthcare providers. Several challenges in the healthcare supply chain include more transparency, efficient processes, and product recalls. Blockchain can help address these challenges and transform the healthcare supply chain in the following ways:

Increased transparency: Blockchain technology offers enhanced transparency in healthcare supply chains by establishing a secure and open record of all transactions. This helps minimize counterfeit product risks and guarantees that patients obtain genuine items. Furthermore, blockchain enables tracking products from manufacturers to end users, ensuring comprehensive supply chain visibility.

Improved efficiency: Blockchain can improve the efficiency of the healthcare supply chain by automating processes and reducing the need for intermediaries. For example, smart contracts can be used to automate processes such as product orders and payments, reducing the time and cost of these processes. Blockchain can also help reduce errors and delays in the supply chain, leading to improved patient outcomes.

Enhanced security: Blockchain can enhance the security of the healthcare supply chain by providing a secure and immutable record of transactions. This can help prevent fraud and ensure patients receive safe and effective products. Blockchain can also help reduce the risk of data breaches, protecting patient information and ensuring compliance with privacy regulations.

Product recalls: Blockchain can help improve the process of product recalls in the healthcare supply chain. Tracking all the affected products can be challenging when a product is recalled. Blockchain can provide complete supply chain visibility, making identifying and recalling affected products easier.

Clinical trials: Blockchain technology can also enhance clinical trial processes within the healthcare sector. Clinical trials entail a sophisticated web of participants, such as patients, healthcare providers, and pharmaceutical firms. Blockchain delivers a secure and open record of all transactions, ensuring every stakeholder can access identical information. Consequently, this reduces error and fraud risks in clinical trials, yielding more dependable results and better patient outcomes.

Conclusion

Blockchain can transform the healthcare supply chain and improve patient outcomes. By providing increased transparency, improved efficiency, enhanced security, and better tracking of product recalls, blockchain can help address the challenges in the healthcare supply chain. As the healthcare industry continues to evolve, it is vital to explore new technologies, such as blockchain, to improve patient care and reduce costs.

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Credits

• Featured photo by Karolina Grabowska on Pexels.