The global healthcare industry has been steadily on the rise for years. In 2018, the industry was valued at more than 8.45 trillion dollars and rising. However, the current systems in place are not adequate. The healthcare system is not as efficient as stakeholders in the industry would like. It’s plagued with cost overruns and inefficiencies. These factors can deteriorate the system even further if left unchecked. The good news is that blockchain technology holds some of the answers to these very dire needs. Here is how:

• Patient-Centered Medical Records

In this day and age, data is one of the most valuable assets in any industry. Today, it’s the medical institutions that control and keep safe medical data for patients all over the world. Although most of these records are kept under lock and key, they aren’t usually accessible to the patient without bureaucracy and waiting.

• Improving Privacy, Security, and Reliability

As it is today, technology experts mainly believe in cloud data storage. Data stored in the cloud is more comfortable to access and cannot easily be destroyed when there is a fire catastrophe. Although data silo is easily accessible by the institution because it’s usually hardwired to the system, it becomes a real challenge to share such data with other medical institutions.

• Fraud and Prescription Drugs

Fraud relating to prescription drugs is at an all-time high. Opioid addiction and dependence have created a booming business for evil people who have devised ways to cheat the healthcare system. These fraudsters have developed techniques such as doctor shopping. A method where a person visits as many doctors as possible to get many prescriptions.

• Tracking Shipments and Preventing Counterfeit Drugs

Counterfeit drugs have been a big challenge for the health industry for years now. Unscrupulous manufacturers make drugs that aren’t as efficient or safe as the original ones and ship them to consumers worldwide.

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