BLOCKCHAIN TECHNOLOGY AND THE HEALTHCARE SECTOR

Introduction

India allocated Rs. 86,200.65 crore in the Union Budget (2022-23), a sharp 16% rise compared to a hike Rs. 73,931 crore in 2021-22 in the healthcare sector.[i] Globally, 2020 Report by the WHO on health spending from 2000-2018 revealed spending of $ 8.3 trillion or 10% of global GDP.[ii]? Concern towards the management of healthcare sector has renewed importance following the catastrophic remains left behind by coronavirus and its subsequent waves most recent being the tornado unleashing in China in December 2022. There is a desperate need to revamp the healthcare system keeping in mind the dynamic nature of society, unprecedented virus waves, and technological advancement with an aim to move towards an authentic, transparent, safe, and prepared healthcare system. One such manner of improving the healthcare system is its coalescence with blockchain technology.

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Blockchain Technology

A robust database system termed blockchain technology enables transparent information sharing inside a company network. It acts as an advanced database keeping track of the information stored in it. Data is maintained in blocks that are connected together in a chain and stored in a blockchain database. A Blockchain behaves like a digital shared ledger, stowing information within it. Owing?to the inability to delete or amend the chain without a mutual agreement within the network, the data remains chronologically consistent. Blockchain has diverse applications with the most popular use in the form of Non-Fungible Tokens (NFTs), cryptocurrency, Bitcoin, Internet of Things (IoT), money transfer, insurance, Healthcare and life sciences.

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Integration of Blockchain and Healthcare

Technology and Healthcare are two peas in a pod with the initialisation of advanced medical equipment for diagnosis, artificial intelligence to monitor a patient, smart watches which alert against abnormal heart rate and blood sugar levels, biosensors, etc. Blockchain is one such extension of technological incorporation in healthcare and pharmaceutical sector. The adaption of blockchain in healthcare sector has the ability to revolutionise the health and pharmaceutical industry in an unprecedented manner. Blockchain provides a clear, crisp solution to critical issues faced by the healthcare industry such as inability to cope with large number of patients, chaotic and unorganised data of patients, and an increased likelihood to make errors. Blockchain technology may offer a new paradigm for health information exchanges with improved coordination between healthcare officials and stakeholders, a transparent, monitoring system at the heart of which the focus rests on the patients’ well-being.

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Multi-Faceted Application of Blockchain in Healthcare Sector

Blockchain technology can impact healthcare sector in the following ways:

1.?????? Ledger of Patient’s Record:

Blockchain technology functions as a ledger which stores information in a digital format. In the healthcare sector, blockchain technology can take over manual data collection by collecting patients’ data in a systemised, digitalised form which can include a complete healthcare history (including on-going prescribed medications) enabling the doctor to create a comprehensive treatment plan for the patient as well as to receive fundamental past prognosis essential in current treatment if the patient is not in a state to reveal his/her/their past medical history. Moreover, due to shared nature of blockchain network the patient does not need to update his record in different jurisdictions and one complete record will be available with the healthcare staff.

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2.?????? Prevention of Counterfeited Medicines:

In the current health system, it is easy for individuals to imitate medicines and drugs and sell it to patients, which becomes life threatening. However, with blockchain, medicinal and drugs data can be uploaded on a public server to hamper any counterfeiting of medicines. This will ensure a transparent and safe movement of medicines as the data on blockchain servers cannot be modified or changed except with prior consent of all shareholders.

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3.?????? Monitoring Pharmaceutical Supply Chain:

Blockchain will enable the collection of data on the supply, manufacture, production, and distribution of medicines and drugs in a controlled manner through which the economists could easily get data on the demand and supply of medicines at a given point of time and government bodies will also be able to collect the data for preparation of future budgets and verification of use of current budget’s funds. The availability of data to all the stakeholders especially with regard to the collection of drugs and medicines held by a pharmacist will ensure in the curtailing of black marketing and hoarding of medicines.

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4.?????? Medical Research:

Blockchain will enable the availability of verified data of mass population in a systematised manner which will simplify the work done by practitioners and academicians, scholars, scientists for medical breakthroughs and research purposes. The collection of information will also provide for an ease in analysis of the effects of a particular procedure on a patient.

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5.?????? Clinical Trials:

Researchers can conduct clinical medicine trials in a transparent and safe manner as data of individuals partaking in the trial can be stored in a digital ledger promoting trust and reliability. Blockchain will also diminish the issue of false results as well as maintain the credibility of the trial.

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6.?????? Medical Equipment Data:

The data on the present availability of medical equipment can be maintained in a digital textbook which will ensure the administration to order further equipment in a judicious manner. Moreover, medical practitioners will no longer need to be focused on the availability of equipment and can solely focus on improved services and care for the patient. A data on the availability of medical equipment will also ensure that the government is able to take timely action to order more equipment to tackle impending dangerous situations.

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7.?????? Data Protection:

The information collected by patients and diagnosis by medical practitioner is private and confidential in nature. Sadly, data breaches is an everyday occurrence? with HIPPA reporting a record high of 686 healthcare data breaches of 500 or more records in 2021 with an expectation of growth of over 700 data breaches in near future.[iii] Blockchain technology supports encryption with a need of a public key to access healthcare information.

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Real-time Functionality of Blockchain and Healthcare

Companies such as BurstIQ, , Guardtime, Robomed, Simply vital, MedicalChain, ProCredEx, Guardtime, Chronicled, EncrypGen, Coral Health, Nebula Genomics, etc., are actively working in the field of blockchain healthcare.[iv] US Government in 2016 introduced the “Blockchain Challenge”[v] in a bid to invite proposals in the form of research papers on ‘Use of Blockchain ?Technology in Health IT and/or Healthcare Related Research’ by designers, developers, investigators, and patient privacy expert and other individuals. Organisations such as MediLedger[vi] and Blockpharma[vii] work towards curtailing the circulation of counterfeited drugs and medicines in the market by containing details such as prescription drugs’ supply chain, expiration dates, manufacturers, etc. enabling the reliability and legitimatizing the drugs and medicines. Medical Chain[viii] empowers individuals to set up their profiles as electronic medical records by the use of blockchain technology.

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Conclusion- Safe Integration of Blockchain into Healthcare System

Blockchain technology has paved way for a brighter, controlled, authentic, and a transparent system able to take the healthcare system to great heights. However, the insertion of blockchain technology in the healthcare sector must be done in a safe manner with stark boundaries so that the loopholes (if any) in the technology don’t end up exploiting the system. There needs to be impartation of technical knowledge, a gradual shift to a paperless mode of administration as well as pacify an individual’s rightful concern over their privacy. Moreover, the government needs to embrace newer technologies and curate them as part of the solution by effective implementation and monitoring as opposed to creating a new problem due to unchecked exploitation of the system. It is a falsehood if we commend our healthcare system as one without issues. Thus, safe incorporation of newer technologies needs to be done to benefit the stakeholders- the patients, the medical professionals, the administration, pharmaceutical companies and the society at large.

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[i] Budget 2022: Health Sector Allocation Hiked By 16%; Spending On Medical, Public Health Cut By 33,809 Cr (cnbctv18.com)

[ii] Global spending on health: Weathering the storm (who.int)

[iii] Largest Healthcare Data Breaches of 2021 (hipaajournal.com)

[iv] Blockchain technology applications in healthcare: An overview - ScienceDirect

[v] Announcing the Blockchain Challenge | HealthIT.gov

[vi] The MediLedger Network

[vii] Blockpharma | Solution blockchain de tra?abilité des médicaments

[viii] Home (medicalchain.com)