The Medical supply chain has made many leaps and bounds in advancement in its scope and complexity. However, advancements in digital technologies and management systems required to secure the process and simplify it has been lagging. Currently, the supply chain system has a much-inbuilt vulnerability, mainly at the points of drug transfer ownership from pharmaceutical manufacturers and distributors to patients. This issue is compounded by the problem of poor visibility and accountability as the drug manufacturers, and other stakeholders have no well-placed system of tracking the authenticity of the drugs. It is also difficult to determine the authenticity of medical infrastructure as well as human resources management.
Project Healthureum can revolutionize the present state of medical supply chain management through the use of its blockchain technology. The blockchain technology is a decentralized database system that allows data to be stored across a network of computers securely using cryptography. The records are stored chronologically and cannot be altered making it ideal for increasing traceability of data and enhancing accountability among partners. Through the blockchain technology, Project Healthureum seeks to revolutionize the present state of medical supply chain management in the following ways:
By Enhancing the Traceability of Drugs in the Market
Research conducted by the World Health Organization (WHO) estimates the global fake drug market to be worth $200 billion annually. It’s also estimated that a whopping 100,000 deaths per year are directly linked to the counterfeit drug market. Project Healthureum can help to curb this vice through the use of blockchain technology which can significantly increase the traceability aspect of drugs as they move along the supply chain.
The blockchain system can assign a hash code to each drug during production, and this hash can act as a barcode that allows it to be tracked in the blockchain system. This data is then stored in secure digital blocks that are coded using cryptography. This data is marked with timestamps enabling it to be traced, and it’s also viewable in real time by authorized parties. Patients can also have access to this information making the supply chain more efficient. With this technology, Project Healthureum can easily track down counterfeit drugs and make the supply chain process more quick and efficient which would benefit the whole industry.
By Improving Human Resources Supply Chain Management
Project Healthureum can help improve the current human resources management by streamlining the way human resources wages and contracts are executed. The current HR supply chain management system is bogged down by grievances arising due to late payments of wages and failure to uphold contract terms.
The blockchain technology can solve this problem by smart contracts which are self-executing contracts that automatically carry out the contract once the agreed upon terms of the contract are met. Smart contracts do not need external intervention and are therefore free of errors and manipulation. Using smart contracts, the wages of medical practitioners can be paid on time, easing the work of HR and reducing potential lawsuits for failed contracts. The technology can also be used to store and maintain all the employment contracts of HR. Blockchain technology enables the data to be stored in a secure manner that is cryptic and hence tamper-proof. The data is also verifiable through use of timestamps, and hence HR can confirm and review contract terms with full confidence in their accuracy and security from hackers. This means HR can easily access contract terms for easy verification.
Track the Authenticity of Medical Infrastructure
Medical infrastructure is one of the significant capital outlays of any medical institution. Getting it right the first time when purchasing one is crucial. Project Healthureum can help to determine the authenticity of medical infrastructure bought along the supply chain by verifying the authenticity of the vendors. The blockchain technology can help medical institutions maintain an up-to-date list of all their verified and trusted suppliers in their database. This data will be accessible real time and once stored in the secured blocks it cannot be altered. Hence using the Healthureum platform medical institutions will avoid dealing with unscrupulous vendors along the supply chain and ensure they are getting value for their money.
Improve Transparency in Payment Across the Supply Chain
Using the blockchain technology, Project Healthureum can improve the transparency of pay in the supply chain. Through the use of Healthureum tokens (HTH) for facilitating payments on the platform, payments can be made quickly without the need for additional fees or delays that come with the international money transfer.
The use of timestamps also enables the transactions to be traced along the supply chain. This eliminates fraud along the supply chain as all transaction details can be easily tracked and verified by partners in the supply chain through the database. The use of smart contracts also facilitates the payment of suppliers once all contract terms have been met eliminating delays and improving the entire supply chain management system.
Project Healthureum through its blockchain technology could revolutionize the supply chain management system making it more secure, efficient and cost-effective.