Blockchain To Preserve Data In Life Science And Health Care Industry
Innovation and upgradation have always been the solution to success in any industry. Considering the life sciences and healthcare industry, where change may be a matter of time, up-gradation is still a weapon in hand to progress.
Most of the businesses have already started to concentrate on their product and process up-gradation aspects.
Nevertheless, one major thing that most of them have overlooked so far is DATA. A life science or healthcare company creates and works with massive data every day (for instance, patient safety, patient safety, drug supply chain, recall management, inventory management, etc.). Most of the data generated in the course of the business is private data that can recognize an individual or be applied to do so.
Managing this data produced and its usage as per legal standards is significant and may be cumbersome as well. Now, governments are trying to monitor personal data and its application through strict regulations. GDPR – General Data Protection Regulation, an EU Regulation, is the new buzz word.
It mandates the way a business can receive and process personal data of its citizens irrespective of the place of the company or organization. Most of the developed and developing countries in the world now have a data protection law in place or are on the edge of implementing a bill soon. In such situations, it becomes essential for a healthcare company on how it handles data and legally process it for its use.
The implications of non-compliance with data security regulations are usually high in terms of financial penalties or may even lead to penal damages. A company can not default, nor can it evade collecting and processing data, which is the chine of its functioning.
Thus, to have better data management following legal compliance, utilizing blockchain technology may be the resolution going forward. Blockchain technology will be suitable for the industry to manage the problems it is currently suffering concerning data fragmentation, cybersecurity, inconsistency, and interoperability. It has shown great potential in controlling privacy, security, interoperability of health data.
The US has already noted that the healthcare industry may receive tremendous benefits from blockchain technology. To give it a legal pathway, a law has already been outlined – Drug Supply Chain Security Act, which describes the measures for the pharmaceutical industry to create an electronic, interoperable system to recognize and trace prescription drugs.
A company can now trail the location of its product on a real-time basis. This regulation will enable the life science industry to manage its vast data without infringing data protection regulations.
The application of blockchain technology by life science and healthcare industry may be a game-changer. In adherence to the applicable laws, tracking will also assure a faster supply of drugs in emergencies or outbreaks; there will be a decrease in forged, stolen, contaminated products; it will reduce the need to stock extra which may even perish if not sold; decrease the inventory costs involved at each level. Early application of the technology under legal principles will certainly assure better health care management worldwide.