Blockchain healthcare and life sciences solutions


Helping you build trust in our healthcare system

Even before the rise of COVID-19, the healthcare and life sciences industries faced significant issues, including interoperability, privacy and supply chain traceability. Another major challenge is that proprietary, electronic health record systems — from more than 700 vendors — routinely don’t talk to each other.¹ And in the U.S. alone, we saw 1,750 incidents of drug counterfeiting in 2018.

Helping you build trust in our healthcare system

As the pandemic continues, healthcare and the life sciences face new challenges, including adapting supply chains to deliver protective equipment and rapidly developing treatments, tests and vaccines. Meanwhile, healthcare professionals are grappling with how to manage consent and keep individual health data secure as they look to leverage health data to safely re-open for business. Blockchain has already demonstrated its value in healthcare and the life sciences by enabling trust and collaboration, and will continue to be at the forefront of addressing ever more challenges.
Some findings
in losses due to the pandemic were felt by US hospitals and health systems March–June 2020¹
novel coronavirus vaccines are under development worldwide ²
of active pharmaceutical ingredient manufacturers are located outside of the US

Helping you build trust in our healthcare system

Exacerbated by the pandemic, issues surrounding data — including interoperability, transparency, error, privacy and security, regulations and how to give people access to their healthcare information — cut across all participants in the healthcare and life sciences ecosystems: The proprietary electronic health record (EHR) systems made by more than 700 vendors routinely don’t talk to one another⁴ With data sharing, hospitals could save 950,000 lives and $93B over five years⁵ Over 41 million patient records were breached in 2019, with a single hacking incident affecting close to 21 million records⁶ Over 70% of leading life sciences executives surveyed cite inaccurate, misleading or incomplete information as a hindrance to decision making⁷ Blockchain, already demonstrating value in pre-pandemic healthcare and life sciences initiatives, is at the forefront of addressing challenges specific to the pandemic as well. Let’s examine how it does both.

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When a prescription drug or vaccine gets recalled, notifying everyone in the supply chain about the affected product can take as long as three days. Not good enough when people’s lives are at risk. That’s why the Drug Supply Chain Security Act (DSCSA) calls for the pharmaceutical industry to build an electronic, interoperable track and trace system by 2023 that includes assigning unique digital IDs to product units (serialization). Blockchain technology, with its shareable ledger, immutable data and inherent ability to track drug provenance, is ideally suited for the task.