Use Case: How Blockchain Can Solve Today's Medical Supply Chain Flaws And Improve Responses For Future Crises
(forbes.com)
Right now, the world is reeling from one of the most dangerous and widespread pandemics in modern history.
Our health, work and lives have been disrupted in countless ways, and healthcare systems are facing the ultimate test. People and businesses are rallying to care for the sick, support their communities and keep society moving forward.
In parallel with the inspiring human response we’ve seen in recent weeks, widespread medical supply shortages (paywall) and worries over the availability of certain equipment, tests and medications are top of mind.
We’re seeing the very best of American industry — from people sewing homemade masks (paywall) to car manufacturers adjusting their factory lines to boost rapid ventilator production — in response to these challenges. Still, crises like these reveal shortcomings in certain processes across industries.
The need for better healthcare and pharmaceutical supply chain management and tracking has come into a glaring spotlight for me.
Once the dust settles on this situation, U.S. government and industry will need to take a close look at why we faced these shortages and the barriers that made it so difficult to track the volumes and locations of essential supplies.
Then, it will be time to get to work on transforming processes and determining what can be done to fill any current gaps in our infrastructure and supply chains.
As a senior managing director at a company that offers blockchain advisory services, I believe blockchain technology is uniquely and perfectly suited to address these problems.
Given the readiness and cost-effectiveness of blockchain-based solutions, it will be easier than ever before for companies to leverage this technology in a meaningful way.
Where today, most medical and pharma supply chains face extensive logistical challenges — which can include a lack of visibility into real-time shipment locations, uncertainty about weather and other transport interferences, product quality tracking and verification, customs reporting across borders, and complicated invoicing and payments — a blockchain-enabled supply chain could immutably, transparently and efficiently track every step for every item.
Research led by Timothy Mackey, a professor at the University of California San Diego, supports this idea. He has been studying how distributed ledger technology can be applied to medical supply chains.
A Forbes article on Mackey’s efforts stated, “By opening up the records to increased scrutiny, he came to believe that international health officials could more easily identify ‘choke points’ in medical supply chains, and anticipate shortages based on outbreak locations.
” Mackey also said two blockchain platforms that secure the medical supply chain “could eventually help more quickly identify when a region is running low on treatment supplies, shining a light on its preparedness for pandemics.”
Our health, work and lives have been disrupted in countless ways, and healthcare systems are facing the ultimate test. People and businesses are rallying to care for the sick, support their communities and keep society moving forward.
In parallel with the inspiring human response we’ve seen in recent weeks, widespread medical supply shortages (paywall) and worries over the availability of certain equipment, tests and medications are top of mind.
We’re seeing the very best of American industry — from people sewing homemade masks (paywall) to car manufacturers adjusting their factory lines to boost rapid ventilator production — in response to these challenges. Still, crises like these reveal shortcomings in certain processes across industries.
The need for better healthcare and pharmaceutical supply chain management and tracking has come into a glaring spotlight for me.
Once the dust settles on this situation, U.S. government and industry will need to take a close look at why we faced these shortages and the barriers that made it so difficult to track the volumes and locations of essential supplies.
Then, it will be time to get to work on transforming processes and determining what can be done to fill any current gaps in our infrastructure and supply chains.
As a senior managing director at a company that offers blockchain advisory services, I believe blockchain technology is uniquely and perfectly suited to address these problems.
Given the readiness and cost-effectiveness of blockchain-based solutions, it will be easier than ever before for companies to leverage this technology in a meaningful way.
Where today, most medical and pharma supply chains face extensive logistical challenges — which can include a lack of visibility into real-time shipment locations, uncertainty about weather and other transport interferences, product quality tracking and verification, customs reporting across borders, and complicated invoicing and payments — a blockchain-enabled supply chain could immutably, transparently and efficiently track every step for every item.
Research led by Timothy Mackey, a professor at the University of California San Diego, supports this idea. He has been studying how distributed ledger technology can be applied to medical supply chains.
A Forbes article on Mackey’s efforts stated, “By opening up the records to increased scrutiny, he came to believe that international health officials could more easily identify ‘choke points’ in medical supply chains, and anticipate shortages based on outbreak locations.
” Mackey also said two blockchain platforms that secure the medical supply chain “could eventually help more quickly identify when a region is running low on treatment supplies, shining a light on its preparedness for pandemics.”
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Francisco Gimeno - BC Analyst Blockchain solutions for the health sector are probably the most urgent use case now. It helps to protect personal data, it helps to streamline, save money and time, and secure the supply chain. We know there are already companies working on these solutions, which may be the basis for a health care sector revolution.