By 2022, the India’s healthcare sector will be worth at an estimated $372 billion, but the cost of delivering healthcare related services to a still growing population of 1.35 people is deemed insufficient.
The country’s healthcare and pharmaceutical sector are ranked number 3 when classified under the categories of manufacturing capabilities and providing employment, but the population of India has incurred several problems in which the country is hard-pressed to fight against:
- Rampant counterfeit drugs that is circulating
- Corruption and anomalies in the healthcare sector
- Lack of infrastructure and equipment
- Health information management that is manual and has fallen behind times
- Shortage on health worker population
- Lack of health information privacy and security
In Asia, the conditions stated above are present as well, but governments and the healthcare industry are looking at technology to augment the data and information processing efficiency of healthcare to augment reform measures.
With the many Blockchain use cases available in the market that focuses on innovation driven solutions to medical supply management, healthcare information optimal processing and improvements in health information administration, the healthcare sector has something to look forward to when scaling its future proponents in addressing the challenges of tomorrow.
With Blockchain, India’s problems in the healthcare sector can be addressed with modernity through technology.
- Immutable records on medical supply management to combat counterfeit drugs
- Blockchain public and transparent records on health information to combat against corruption and anomalies in administration
- Virtualization as a solution to offset expensive hardware cost to maintain healthcare information driven systems
- Remove manual and redundant data entry and file lookups on health information for hospitals
- Training the new generation of tech enabled health workers to efficiently operate a much more optimal healthcare information industry
- Bolster the security and privacy of health information with Blockchain’s distributed architecture through encryption.
India is recognized as a hotbed for technology and innovation. By leveraging Blockchain’s capability as an accelerated solution to enable real-world IT & System benefits, startups and tech companies in India are being challenged to explore the opportunities that come with Blockchain: Smart contracts, distributed applications on healthcare and alternative form of payments through cryptocurrency powered e-health platforms.
When government and private initiatives from businesses meet with alignment as a framework for Blockchain adoption, the progress accelerates. Recently, the government and its finance arm have announced the provisions on National Health Protection Mission in the Union Budget 2018-19 to setup Blockchain.
Despite the promise of Blockchain, there is much to do when it comes to resources, research and joint-ventures undertaken to take Blockchain from ideology into real-life applications that benefit healthcare.
DynaQuest Technology Services is a specialized Blockchain support and consultation company that aims to develop Blockchain solutions to hospitals and healthcare organizations.
DynaQuest Technology Services
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