Problem of Counterfeit Drugs solved by Healthureum

Counterfeit drugs are a big problem within the healthcare industry and are an issue that requires urgent attention. The Health Research Funding organisation has reported that 10 to 30% of drugs are counterfeit. Also, healthcare spending globally is expected to rise from $7 trillion in 2015 to a projected $8.7 trillion in 2020 a 10.5% increase. The rising healthcare spending will mean that more people will need access to good quality care and the availability of better quality drugs. This is where blockchain technology will come in and aid in streamlining the area of healthcare that has to deal with drug administering and delivery.


Challenges Posed by Counterfeit drugs.

The size of the counterfeit drug market is large with approximately 1% of drugs in industrialised countries being counterfeit and up to one-third of the market in developing countries. This poses a serious health risk as counterfeit drugs rarely have the same high level of standards and their composition may not be known exactly. 

The challenge with drug production is able to track exactly where the drug comes from who it goes to. A centralised system to track drug production and distribution would be costly. A centralised system would require a lot of oversight, excessive legislature and be very costly because it would be inefficient. Centralized systems will ultimately fail for these reasons.

Healthureum which runs on the Ethereum blockchain will ultimately provide an answer to the inefficiencies of drug distributions in ways a centralized organization cannot. It will allow you to track drugs from the point of origin to patients all while incentivising good practices.

What is Healthureum

Healthureum is token based currency that works on the Ethereum blockchain network. The tokens have a value and utilize something called a ‘smart contract' to record a transaction. The smart contract is a predetermined set of conditions that must be fulfilled and agreed upon by the entire network. This is a very useful condition as it means information cannot be tampered with easily and can only be changed if agreed upon by the entire blockchain.

How Does it Prevent Counterfeit

The network when established can determine who has access and who doesn't. So the individuals with the access to make changes in the network (the nodes) would keep a digital ledger of all transactions between them. These nodes would comprise manufacturers, distributors, hospitals and even patients. Every time a drug is produced a hash would be generated simultaneously, and every point/node it passes through would be a transaction that would be recorded by all the other nodes. Therefore a drug could be tracked from where it was produced all the way to the end user.

If anyone supposed to try and change the information relating to a drug's origin or transit on one digital ledger, it would be rejected unless the majority of the system accepts it. This eliminates several issues that may arise with a centralised system. The first issue it eliminates is the duplication of records and errors in re-recording data. The second issue that it eliminates is outside interference as the records are open to everyone on the system meaning that even if an alicious change is made it would be visible to all. The third issue it corrects is the issue of data sharing, whereas a centralised system would require a lot of time to search the database; everybody on the blockchain will have access at their fingertip.

Overall, with Healthureum it would be easy to track defective drugs and do recalls as well as determine which drugs passed through the proper plans. A drug could not only be tracked by the nodes in the system but also by the end users. Therefore counterfeit drugs will be discovered very easily as they would have incomplete records.

Also since the blockchain utilizes tokens, it can accrue value and so will incentivize the use of best practices. Therefore manufacturers and distributors who utilize the blockchain will accumulate tokens over time that would have a redeemable financial value. These tokens can be used to do other transactions within the system and would be very useful for transactions.

Conclusion

The Healthureum blockchain will be versatile in a myriad of cases and will be of great use in minimizing the spread of counterfeit drugs. With this new blockchain token, manufacturers, distributors, hospitals and even the users of a drug can see whether or not a drug comes from a reputable source. Also, it will financially incentivize best practices, and drug production as the user would know which drugs are good and which are defective. That is why Healthureum is the future of Healthcare.

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