Rising global costs and the fragmented nature of the healthcare supply chain creates several challenges. The healthcare industry needs efficient solutions that can streamline supply chain operations and processes in a cost-effective manner. Leading healthcare players are exploring blockchain technologies to achieve efficiencies and gain better control over their supply chains.
This blog post gives a high-level overview of blockchain implementation in healthcare to achieve transparency and end-to-end visibility.
Supply chain visibility
Challenge
Visibility in healthcare is essential to maintain the authenticity of drugs and medical equipment. The authenticity of pharmaceutical products that reach consumers through undefined routes can be questionable. Pharmaceutical companies need solutions to trace-and-track product information like ownership records, transaction history, packaging configurations, and storage conditions for efficient and safe product management. Key visibility drivers in healthcare include the need to:
- Deal with counterfeits
- Manage product recalls
- Ensure offshore manufacturing quality
- Manage paperwork and hidden admin costs
Solution
A blockchain-based track-and-trace application can enhance visibility throughout the entire supply chain. It can provide several benefits like better operational monitoring, quicker settlements of transactions, and more accurate detection of counterfeit products.
Here are the key benefits of implementing blockchain for supply chain visibility:
- Effective tracking of the chain of products, from manufacturers, distributors, and pharmacies to the patient
- Complete visibility into product movement and distribution
- Significant wastage and cost reduction attributed to low demand with enhanced drug track-and-traceability
- Automation of warehousing or distribution activities
- Capability to make bulk purchases directly from manufacturers
For instance, we can use NEM blockchain to establish a single version of the truth database to gain end-to-end visibility and control. NEM blockchain-based applications can store interactions, timestamps, and transaction details in a tamper-proof manner on a distributed ledger. They can also make the process of drug shipment hand over and proof-of-delivery (PoD) verifiable for all network participants.
Relevant Read: An Overview of NEM Blockchain Development