Tokenization Medical And Pharmaceutical Products

The pharmaceutical industry is gigantic . Estimated to be worth some US$1.3trn in 2020, and anticipated to grow because of demand from developing nations, the availability chain of pharmaceutical products is one among the foremost complex within the world — and it’s also one among the foremost important.

A fraudulent product making it through the availability chain in other industries may cost businesses money and time. But if a fraudulent medical or pharmaceutical product, or an unlicensed copy of existing medication, makes its way through the availability chain of the healthcare industry, it could cost both money and lives.

Recent data from the Organization for Economic Co-operation and Development (OECD) found that counterfeit pharmaceuticals — fake medication happened as real drugs — accounted for 0.84% of the entire pharmaceutical imports globally.

This may seem a coffee number, but it accounts for around US$4.4bn in trade, and more importantly, leads to fake medication being distributed to unsuspecting patients. to form matters worse, over 35% of those fake drugs are antibiotics, potentially life-saving medication for critically-ill individuals.

One of the key benefits of Tokenization of assets on blockchain is that it allows for the easy and efficient transfer of ownership. Since the smart contract is self-executing and runs on a decentralized network, there is no need for a centralized intermediary to facilitate transactions. The asset tokenization process is not that much complex, and it can greatly reduce the cost and time required to buy and sell assets, and make it possible for a wider range of people to participate in the market. The tokenization process and custom Blockchain solutions might be aided by a blockchain development company that employs blockchain technology experts.

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If blockchain-based tokens are to assist solve this problem, we first got to rethink the way we approach tokenization. within the industries we've examined above, tokens combat the role of a tradable asset, which are wont to send, store, and represent financial value.

Instead, within the pharmaceutical industry, a token might be wont to represent one box of antibiotics, for instance . the first supplier could represent the box as a token on the blockchain, and every participant along the availability chain could verify — via a singular product identifier like a tamper-proof QR code — that the box was genuine and related to the token. Every member of the supply chain might receive the relevant token, making it simple to trace the drug as it travels from the supplier to the patient. With the blockchain acting as one version of reality, this also makes it unnecessary for each participant to maintain their own records, reducing the possibility that phony medications may enter the supply chain.

Genuine suppliers would tend the facility to issue tokens to prove the drug’s authenticity, while counterfeiters would be unable to supply the corresponding token to access the availability chain.

The key issues challenging the worldwide pharma and healthcare industries are.

  • Counterfeit drugs threatening people’s life
  • Temperature excursions during transport
  • Recall of problematic products
  • Unattained or mismanagement of expired products

Integrating technology to address the primary concerns may help illuminate potential solutions.

  • Immutable product certificate
  • Supply chain provenance
  • Product verification

With promises of blockchain technology in terms of authenticity, transparency, and traceability, consumer protection could be put in situ with IoT + Blockchain integration, where product verification are secured by immutable data and provide chain provenance are considered through technology implementation.

The benefits may include fractional ownership that's made possible through programmable money and smart contracts, given the high investment needed in healthcare related facilities.

The Case for Tokenization in Healthcare

Healthcare globally is tragically broken. Costs in virtually every country are spiraling out of control and therefore the population of individuals with chronic diseases is rising at a rapid rate. Governmental and industry led efforts have did not blunt the course of this epidemic of disease. Traditional management systems are failing to drive the improvements needed to enhance healthcare outcomes or finances. In the US, the present spend on healthcare is over $3 trillion, or nearly 20% of the GDP, and additionally growing nearly $200 billion dollars per annum . within the face of those major problems with cost and disease burden a radically different approach to managing healthcare is required.

Current approaches within the management of healthcare all involve concentrations of knowledge and knowledge within the hands of middlemen divorced from the particular patient receiving care. Here, the insurance industry, healthcare facilities, pharmaceutical benefit managers, Medicare, Medicaid, TriCare, the Veterans Administration, and several more serve as examples. Virtually none of those data holders share the info with patients or give them direct access to their data. it might be rare for patients to truly be ready to assist within the management or collection of their data. Patients aren't involved in assuring the accuracy of the info . In fact, none of those holders of this information feel that the knowledge belongs to the patient. during this setting, it's no wonder that care is fragmented, segmented, uncoordinated and excessively expensive. Healthcare professionals bemoan the fact that patients do not adhere to their "orders," take their medicine, or adhere to treatment plans. When patients don’t achieve success, providers and payers often blame the patient for being insufficiently motivated to form the required changes.

The concept of rewarding patients for creating changes is totally foreign to most of them. They also don't get the idea that your medical records genuinely belong to you. Despite the claims that patients fail to follow “orders”, there actually is not any mechanism to trace and follow patients real-time to ascertain if these activities are happening . No systematized approach to sharing the financial rewards related to better outcomes has been effectively implemented at scale.

Information has shown that up to 40% of all prescriptions are never filled and for those on future medications, up to 80% of patients stop taking the medication without notifying their provider. Nobody knows why this happens and there's no effective system in situ to vary these statistics. The thought of incentivizing patients to fill and take their medications is unprecedented. Into this chaotic mess have come variety of knowledge aggregators trying post hoc ergo propter hoc to “help” patients better manage their care. None of those programs can scale across very large groups of patients, and still presume that somebody aside from the patient should be managing their care. When patients continue on chronic medications the outcomes are better and therefore the pharmaceutical companies, PBMs et al. benefit financially but the patient doesn't financially benefit. Why should this be the case? We believe we've a far better solution.

In the US there's a multi-billion dollar marketplace for information sold at an aggregate level to data brokers, pharmaceutical/device manufacturers, and in fact patients receive none of those funds. If you've got had genomic testing by commercial vendors then it's likely they need sold your genetic information on to others without reimbursing you for the utilization of that data. Once you visit a tutorial facility for treatment and that they request that you simply allow them to use your specimens for “research purposes” it's likely that if those research purposes create treatments then they're going to be financially rewarded for the developments but you'll not, nor will you ever know that they were rewarded. This genomic data may in and of itself be worth thousands of dollars and patients receive none of the advantages from its sale.

TimiHealth’s solution begins with the presumption that patients should be on top of things of their own data and provides permission for it to be employed by their chosen healthcare providers. The knowledge is secure (based on blockchain technology) and completely portable since the knowledge is controlled by the patient and shared with permission. This enables the patient and their family to be actively engaged in their health. Additionally, with the TimiCoin, insurance company’s et al. can reward patients for achieving goals, sharing information for research purposes or for other reasons that patients comply with.

LET'S BUILD TOGETHER ON BLOCKCHAIN

With the creation of the primary purpose-built healthcare blockchain solution with tokenization by TimiHealth, a replacement solution is at hand. TimiHealth has created the primary purpose built healthcare patient-centric blockchain infrastructure designed in order that the patient controls their healthcare information and may be rewarded via TimiCoins (the token) for healthcare improvements and for sharing data with those that wish to sell or utilize the info for research or management purposes. Currently patients aren't rewarded when their data is employed for research, nor are they allowed to regulate the utilization of their “anonymized” and/or aggregated data which is currently sold to several vendors. It’s been estimated that a private patient’s data could also be worth the maximum amount as $7,000 per annum. These rewards currently don't attend the patients but rather to data middlemen, researchers and pharmaceutical companies. Imagine if your insurance firm, or your pharmacy or your benefits manager provided you with TimiCoins for filling and taking your prescriptions? Might that provide you with income that you simply otherwise wouldn't have? Might it make your medication freed from charge to you? This is often an easy use case for the worth of tokenization. There are many others.

For those patients with multiple chronic diseases life are often very difficult for the patient and their family. For the very sickest group of patients it are often difficult to coordinate all that must be done just to travel on living. What if your insurance firm rewarded you with tokens for achieving certain goals or taking your medications, managing your weight or controlling your blood sugar? Those tokens might be utilized to form life easier. What if the drug company wanted access to your records, laboratory results and genetic testing and was willing to buy that access? Currently this is often not an option but with TimiHealth and TimiCoin this is able to be an option available and will significantly alleviate a number of the financial burdens of illness.

It is the assumption of the team at TimiHealth that the time has come for patients and their families to be ready to control and manage their health and be rewarded for doing so. during this fashion, it's our belief that the burden of chronic illness, diabetes and other conditions are often significantly mitigated which by incentivizing patients for improving their health, that healthcare spending may be ultimately brought under control.

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