How Blockchain is Revolutionizing the Medical Supply Chain?

How Blockchain is Revolutionizing the Medical Supply Chain?

The healthcare sector is one such industry that is adapting a lot of changes to provide better patient care while reducing costs. To achieve the same, it has been noticed that there is a big demand to enhance the supply chain efficiency in this sector; for which there is a requirement to have a deeper insight to know about the requirements of the patients as well as the providers. To manage and strengthen the supply chain it is important to streamline the processes, use and study data analytics and optimize the inventory. Having a better medical supply chain can help to improve the conditions of the patients and the providers as well. 

The healthcare sector deals with confidential patient data that needs to be protected and handled with care for which the sector is dependent on the latest technologies like blockchain. The healthcare industry is making use of blockchain technology to balance the medical supply chain and handle patient data in a secure and efficient way. Blockchain technology is one of a kind that is supporting and meeting the demands of the healthcare sector. 

Market Statistics of Blockchain Technology in the Health Sector

Blockchain technology is playing an integral part in the pharma and healthcare sector and the research predicts that by the year 2026, this technology will reach a market size of $815.64 with a CAGR of 22.10% (2023-2030). So, all those who are still thinking about investing in this technology must proceed, as this is the right time. Invest today in this technology for a better, more effective and efficient supply chain. This in turn will enhance your business in every aspect.

How Blockchain Strengthens the Medical Supply Chain?

There are so many ways in which blockchain is supporting the medical supply chain to enhance the overall efficiency and security of the healthcare industry. Some of the features of blockchain that are beneficial for the medical supply chain and are worth mentioning include:

Keeping track: Blockchain in the medical supply chain helps to keep track of every product right from the starting point till the end. The blockchain keeps track of the product’s location and status while it is passing through the supply chain. This tracking feature helps to maintain complete transparency, as stakeholders can track any medical device or medicine. 

Maintenance of records: Records of every medical device and drug can easily be maintained on a blockchain medical supply chain while ensuring complete safety. One can find complete information about a product like composition, date of manufacturing, expiry date, batch number and other relevant information. This helps to keep the information about the medical products in an organized way.

Tracing the transaction history: Tracing the history of any drug/medical device transaction on a blockchain technology-based medical supply chain is possible. This helps to maintain complete transparency, as stakeholders can view the transaction. This allows smooth functioning of the supply chain while ruling out the chances of fraud. 

Verification: Verification of a patient record is an essential task in the health sector and blockchain in the medical supply chain can easily perform this task. This helps the patient to develop good faith in the healthcare structure. 

Immutability: The healthcare sector deals with confidential data and blockchain technology in the medical supply chain helps to keep the data secured. No alternation is possible in data that is stored on the blockchain. This high security of data keeps it absolutely safe while putting down the possibility of fraud.

Smart contracts: Smart contracts on blockchain help in self-execution and automation of tasks like payments, product shipment and others. Smart contracts function like an integral part of a medical supply chain, as they can automate several processes for smooth functioning while meeting the standards. 

Regulatory compliance: Blockchain in the medical supply chain ensures meeting all the rules and protocols inclusive of the FDA track to meet all the standards. This helps the customers, as they can easily stay away from fake products.

Organizations Using Blockchain in Medical Supply Chain

Blockchain is one of the leading technologies that is being adopted in different sectors. The advantages of blockchain technology are helping several organizations to maintain efficiency and transparency in their medical supply chain. Some of the renowned organizations that are using blockchain-based medical supply chains are:

  • Walmart: It is trying a pilot project on blockchain in the supply chain to trace food products to maintain efficiency and transparency.
  • DHL: This logistics organization is using blockchain in the pharma supply chain to bring about positive improvements and changes.
  • Mediledger: It is a collaboration of renowned pharma manufacturers across the globe who are making use of blockchain in the supply chain to ensure security, transparency and efficiency of the medical supply chain.
  • Blockpharma- This French startup organization uses using blockchain-based medical supply chain and is successful in maintaining transparency and authenticity of the medical products.

Development of Blockchain Medical Supply Chain 

The different steps that must be followed for the development of an efficient blockchain-based medical supply chain are-

  • It is important to focus on requirement gathering that covers collaboration with different stakeholders like manufacturers, distributors, healthcare providers and regulatory authorities. 
  • The right blockchain platform must be chosen depending on the requirements for designing the software.
  • Smart contracts must be developed with care, as they play a vital role in controlling different processes in the supply chain.
  • APIs must be developed for the smooth sharing of data and interaction between the external channels and the blockchain system. 
  • Testing and quality assurance are important tasks to ensure the smooth functioning of the software and for this, the supply chain must be tested from one end to another.
  • The blockchain platform is now selected to set up network infrastructure for better connectivity and accessibility among the participants who are authorized. 
  • Once the medical supply chain software has been developed it is important to maintain the software by upgrading it as and when required. 

Advantages of Blockchain in Medical Supply Chain

Blockchain is helping in the smooth functioning of the medical supply chain which in turn is revolutionizing the healthcare sector. Some of the advantages of blockchain technology in medical supply chain that are worth mentioning are-

  • More efficient
  • Data privacy
  • Decentralization
  • Patient safety
  • Enhanced security
  • Complete transparency
  • Better trust

Final Say!

It is clear that blockchain technology is playing a pivotal role in maintaining the efficiency and stability of the medical supply chain. It ensures the continuous and hassle-free availability of medical products and services, which is important for the healthcare industry. While considering the adoption of blockchain-based medical supply chain software, it's essential to acknowledge that the cost of development varies based on different features and requirements. Businesses can opt for simpler features within a limited budget or invest in more complex features when the budget permits. Therefore, choose the right blockchain development company to get reliable medical supply chain software solutions for your business.

Pallavi Gupta

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