Blockchain “Potential Value” in the Healthcare Industry

BC in HC

Visualize the Healthcare ecosystem comprising of patients, payers, providers, pharma/bio majors, and medical device companies. The Blockchain Technology combined with other relevant digital forces can augment the right set of capabilities in the Healthcare Ecosystem. The blockchain technology alongside Electronic Health Records, IMoT (Internet of Medical Things), Healthbots, AI/ML, Cloud and Analytics can create the capability foundation for the healthcare industry.  The blockchain bundled capability engine thereby enables the four drivers as described below.

  • Consumerization: Transforming from wholesale to retail healthcare. The patient or consumer now can expect the same experience in healthcare like in all other parts of their “consumer life.” Blockchain can enable a radical change in driving patients to take advantage of connected technologies, social tools, and information activities in their own health and that extends further into the broader marketplace.
  • Personalization: Healthcare industry has historically treated patients en masse. But the move from the group to the individual is inevitable now. Blockchain empowers health players to build loyal relationships with consumers offering more choices.
  • Diagnosis & treatments: Blockchain can create a single source of medical truth of patient that can’t be tampered making the doctors better at their jobs – quicker, more accurate, and fact-based expediting the quality of diagnosis and treatment.
  • Communications: Enabling doctor’s effective and easy communication with patients for improvising care coordination is another pertinent role of blockchain technology in healthcare.

The above drivers collectively are positioned to deliver the following outcomes to healthcare ecosystem.

  • Patients: Improved experience with better care coordination
  • Payers: Shift from B2B to B2B2C models
  • Providers/ISVs: Better usability enabling on-the-go services and health predictability

To better contextualize Blockchain Technology in Healthcare ecosystems, the relevance of technology for Patients, Payers, and Providers is discussed below.

I. Blockchain prominence for Patients:

Patients can benefit from improved experience from better health coordination. With blockchain technology, patient health records can be cryptographically secured and shared among healthcare stakeholders, increasing interoperability in the ecosystem. Use cases for blockchain are getting started with projects that reduce duplicative work but eventually shift to a system where the patient’s control access rights to their data. The following is one of the paths of evolution of blockchain in healthcare,

  • In short term it is more of a closed consortia, PoCs, managing providers information, bringing drug supply chain on the blockchain, but not really porting patient data on the blockchain.
  • In the medium term, systems can scale with permission of stakeholders and handle some patient data. Applications include claims management, payments, and prior authorization, health information exchange & research data, and trial design data etc.
  • But over a long term, a patient-driven blockchain system with master health records and access rights in the hands of patients is a definite possibility.

To design a robust blockchain solution, the architecture should store and scale voluminous transactions, urgent data, and more on a blockchain, while larger data storage needs could be met by private repositories. The bundled On-Chain and Off-Chain solutions can be built to solving both scalability and data sensitivity needs. A typical blockchain solution for healthcare patients’ data can be described as follows.

Data is generated about a patient, a doctor’s visit occurs etc. Transactions are recorded on a public, view-able blockchain, which also designates the location of the data. The data is stored “Off-chain” in private data repositories. Patients give a third-party access to their records via public/private keys. Data is located, decrypted, and retired from storage on-demand.

Blockchain could bring patients to the center of the healthcare ecosystem by giving them the power over one of their most valuable resources – data

II. Blockchain driven Improvements for Payers:

The blockchain is driving the transformation in Payers and/or Health Insurance space to reimagine business models progressing from BB to B2B2C channels. As per the analyst reports, 5 to 7% of claims are denied due to inaccurate or lack of information. Imagine blockchain technology offering an opportunity to automate the claim process and simplify the administrative processes to reduce transaction costs and minimizing frauds.

How Blockchain technology does this is by leveraging the consensus with smart contracts, maintaining a benefits database, determining patient insurance for self-execution with SOPs driving terms and conditions. This will potentially bring in a discipline of pay for outcomes and incentive-based behavioral health programs that offer peer-to-peer insurance models. Imagine a day where patients have a peer-reviewed and/or a peer-adjusted claims system.

III. Blockchain-based Collaboration for Providers:

Healthcare providers could be hospitals, medical device companies, pharma or bio majors and many more. Let us examine the following opportunities.

  • What if blockchain enables a multi-fold increase in medical device makers ability to bring their devices onto a medical IoT platform solving the current data privacy and security concerns? Blockchain can enforce medical device identity management by promoting IMoT and as well cryptography techniques can offer an additional layer of trust to minimize cybersecurity threats for medical devices. Blockchain also ensures patient privacy by proving secure and selective access to their health data.
  • Serialization and counterfeiting are few of critical issues pharma supply chain faces today. It is a multi-billion dollar problem to solve. Blockchain ability to create a chain-of-custody log of a pharma value chain can enable drug manufacturers to track each step of the supply chain at the source by raw martial or constituents and their origins. Blockchain also offers the technological feasibility to automate serialization process across the pharma supply chains

Blockchain technology has the potential to exponentially add value to the healthcare ecosystem offering significant cost savings, enforcing privacy and security, creating a chain of custody for pharma value chain, improving collaboration, and simplifying the claims processing.

I welcome further discussions on this topic via email kishor.akshinthala@gmail.com.

Refer to related blog posts below:

https://akshinthalakk.com/2018/02/10/counterfeit-combating-with-blockchain-technology-2/

Combating Counterfeiting with Blockchain Technology

UntitledLet’s visualize, you walk into a jewelry store and see a very aesthetic diamond necklace you were dreaming to buy to your fiancé on Valentine Day. What if you have a technology at hand that make sure the jewelry is authentic. Self-authentication is seemingly the need for many consumers buying various products before making a purchase to avoid fake in a world of counterfeiting. As per OECD estimates, global trade-related counterfeiting accounts for 2.5% of world trade, or 461 billion USD in 2016.

Going back to the diamond necklace purchase scenario, let us visualize that you have an application on your phone and scan the necklace. The application tells you if necklace is real or not. Further to that application (a DApp on a Blockchain) displays a video of the designer explaining why you should select that precious necklace. You may find out that the necklace you like is a very limited edition and only 50 persons on the globe can have such a necklace. You can’t resist anymore and you just buy the necklace. After buying it, you ask the seller to transfer the ownership to you. They show you a QR-code, for instance, on their phone, you flash it with the app and declaring to everybody in the Blockchain that this necklace, one of few of the limited edition, only 50 pieces in the world, belongs to You.

The use case explained above is very much coming into reality with Blockchain enabled ant-counterfeiting platforms. Startups like Everledger, veChain, Chronicled, BlockVerify, Digmus etc. are offering Blockchain solutions for anti-counterfeiting. In today’s world counterfeiting plagues supply chains affecting consumers and businesses in many ways including the product under your possession can be a counterfeit or a products on the go can get diverted to a new destination or products gets stolen or products tied to fraudulent transactions / money laundering. Counterfeiting is widely present across industries ranging from luxury goods, diamonds, pharmaceuticals, wines/whisky, electronics, semiconductors, many retail products.

Why Blockchain Technology is promising in anti-counterfeiting?

Counterfeiting is basically a double-spend problem – the very problem the initial bitcoin blockchain was designed to solve. Blockchain offers a transparent environment where it is impossible to duplicate products. Enterprises can create registries of their products and monitor supply chains leveraging cryptographically secure mechanisms for anonymously transferring the identity of products as they move through multiparty supply chains.

Anti-Counterfeiting Blockchain Platform (ACBP) primarily has two key constituents. One is a Blockchain that acts as the storage of unique products identifiers and history of product transfer between parties. Blockchain technology can check the brand authenticity, issue crypto certificates and stores product information and additional data to verify authenticity. The second constituent is offering better UX to end user with a DApp which will be used to verify the product and provide verification for additional authenticity. With the advent of core technology and UX, ACBP identifies the product as it moves through the supply chain and alert the blockchain network if a duplicate shows up to the existence and location of a counterfeit.

Challenges of Blockchain anti-counterfeiting platforms and future focus areas:

Enterprises and blockchain communities have t aim overcoming the following potential challenges to deploy Blockchain Technology for anti-counterfeiting solutions.

  • High volumes and underlying transaction fees: Blockchain comes very handy for very high value goods with low volumes without above said problem. But for Anti-counterfeiting blockchain platform to scale up to serialization in overcoming counterfeiting, it has to provide individual tracking of high-volume items with relative low value may not be viable. A potential solution to this is moving certain types of transactions into off-chains where they are processed, freeing up the blockchain for its primary role as a distributed ledger. The popular off chain solutions being piloted recently are
    • Lightening Network for Bitcoin
    • Plasma & Raiden Network for Ethereum
  • Public vs private blockchain for anti-counterfeiting: As decried above limitations of public blockchain like Bitcoin Blockchain is lack of handling high volume (consider a manufacturer producing a millions of products per day) at speed and underlying fees for these transactions would be several hundred thousand USD per day. However, going with private Blockchain has its downside: it give an opportunity to fiddle with data in some scenarios. To get the best of both worlds – performance and low cost of private Blockchain, and trust of public Blockchain, is a hybrid blockchain. Data is kept in a private Blockchain, but on regular intervals the control checksums of private Blockchain are persisted in a public network, which makes it is impossible to corrupt or modify existing records.
  • Data Privacy: Anti-counterfeit systems need to find a balance between privacy and transparency. Blockchain was designed having transparency and anonymity in mind, while leaving enough freedom for developers to decide on the level of anonymity and transparency Blockchain-based solution should have. Finding the right balance is one of the toughest challenges, as increase in transparency kills anonymity and vice versa. One way to handle data privacy is separating public data that is necessary to validate product from sensitive data. Sensitive data is then encrypted and securely stored off-chain. This way only users who possess eligible identity, such as representatives of governments or controlling organizations, are allowed to read protected data.

To summarize, Blockchain enabled distributed ledger technology can provide a way for large groups of unrelated companies to jointly keep a secure and reliable record of their products and transactions.Reducing costs and time by eliminating the need for third parties that administer ledgers and clear transactions has business benefits that can improve the profitability of blockchain adopters for anti-counterfeiting. The promising features of blockchain is undoubtedly positioning this new technology a means for anti-counterfeiting.

AI in Pharma

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Artificial Intelligence is leapfrogging in healthcare and pharma field with enabling technologies spanning across research and drug development, clinical trials, pharmacovigilance, supply chain, health records, compliance, data privacy and security.

AI is a study acknowledged to imitate human knowledge into PC innovation that could help both specialists and patients in the accompanying way, by giving a research facility to the examination, representation, and classification of restorative data, by concocting novel devices to bolster choice making and research, by incorporating exercises in medicinal, programming and psychological sciences lastly, by offering a substance rich order for future logical restorative group.

To convey a medication from introductory revelation to the hands of patients takes more than a decade time and billions of dollars. AI can significantly reduce the lead times, and also cut the costs significantly by 30% to 50%+. Early adopters like MedRespond is offering initial uses case by consolidating AI and streaming media showcasing how the company permits clients to sort in their inquiries, in their own words, and the framework chooses the pre-recorded video that best answers their inquiries. This process is helping MedRespond in both patient recruitment and retention.

Precision remedy is an area where AI is making inroads in getting the right treatment to the right patient at the ideal time. Examination of illness cells routinely takes years – yet the advent of AI’s fake awareness is that it works speedier than any human could. Today there are diverse associations who are leveraging AI, for example “Berg” a fast growing biotech, lies at the nexus of artificial intelligence, precision medicine and big data. Its AI-based drug discovery platform roots through reams of patient data to find and validate disease-causing biomarkers and efficiently craft therapies based on the newly found data.

In another example, AI is bolstering pharmaceutical adherence. AI Cure is a start-up that uses AI on patient’s cell phones to affirm solution ingestion support in clinical trials and high-chance populaces. AI Cure’s HIPAA-agreeable programming catches and dissects proof of drug ingestion. A cell phone’s camera is utilized to comprehend whether patients took the medicine effectively.

AI is also predicating the patience drug resistance, and enabling patients to become dynamic members of clinical trials. A year ago, IBM declared that the pharmaceutical mammoth Johnson and Johnson and contender Sanofi would participate in a joint effort with IBM Watson’s Discovery Advisor group. J&J will likely educate the supercomputer to peruse and comprehend experimental papers that contain clinical trial results, and afterward create and assess medicines and different medications. While this may not sound excessively energizing, it could have inconceivable outcomes on how pharmaceutical organizations do similar viability examines.

Moving to Healthcare, with most of today’s U.S. adolescents, adults and seniors owning a smartphone, they are likely to have access to an intelligent personal virtual assistant on their device. The likes of Cortana and Siri are backed by powerful systems with robust AI capabilities. These systems have the potential to provide tremendous value when combined with healthcare apps. Also, one of the new areas of AI that is beginning to gain adoption is in the field of customer service, and healthcare bots are likely to be available soon as part of what healthcare providers offer.

From the patient privacy and compliance perspective, the advent of AI is demanding technologists to ensure preventing cyber-security attacks, and develop advanced AI security monitoring solutions. AI could revolutionize compliance by offering software platforms that promise to automate otherwise routine tasks and improve upon fraud detection audits, anti-money laundering protocols, and know-your-customer screening. Keep in mind that tools and technologies are enablers and are not the foundation of a robust monitoring program. As pharma industry move toward the use of compliance intelligence, behavioral analytics, and Big Data, first we need to ask if more data feeds will lead to more alerts or even more noise, and whether analysts are just going to get buried in this noise. AI definitely promising a helping hand to humans to manage data noise.

Being technology watch dog closely following the progression of AI in pharma transformation, combined with experience around developments in this area, I welcome valuable inputs in collaborating and triggering thought provoking discussions to trend-spotting and lead the path to strike a common ground in crystalizing positive impacts of AI in future of pharm and healthcare.