Overview of Blockchain Technology in Healthcare

• The report highlights the efforts of several stakeholders engaged in this rapidly emerging segment of the pharmaceutical industry and answers many key questions related to this domain.
• Blockchain technology has the potential to revolutionize the healthcare sector by providing a faster solution for tracking and authenticating medical shipments / drugs across the supply chain.
• Pharmaceutical companies such as Amgen, Novartis, Pfizer and Sanofi are using blockchain platforms including public blockchain, private blockchain, and consortium blockchain for different drug development applications (DDA).

Future Potential of Blockchain in Healthcare

Blockchain technology has emerged as a viable option to store / exchange data within the healthcare industry. It provides a faster solution for tracking and authenticating medical shipments/drugs across the supply chain and during logistics operations, in addition to compiling longitudinal patient records such as disease registries, laboratory results, and treatment related data records.

Pharmaceutical Companies Using Blockchain

Examples of some of the pharmaceutical companies using blockchain include (in alphabetic order) Amgen, Novartis, Pfizer and Sanofi. These companies are leveraging various types of blockchain platforms including public blockchain, private blockchain, and consortium blockchain for different drug development applications (DDA), such as drug discovery, intellectual property management, electronic health record management, vaccine distribution etc.

Current Market Landscape

More than 50 blockchain providers offer their proprietary platforms for these applications to various industries including healthcare, pharmaceuticals & government organizations. The use of blockchain has been increasing over recent years due to its ability to provide secure data storage & exchange solutions which boosts adoption amongst stakeholders involved in drug discovery & clinical trials.

Key Value Drivers

The popularity of blockchain technology has grown invariably in recent years due to its potential benefits such as secure data storage & exchange solutions which boosts adoption amongst stakeholders involved in drug discovery & clinical trial activities. This technology is being used extensively across different DDA’s such as drug discovery process , electronic health record management , vaccine distribution , clinical trial management etc .