Assessment of Blockchain Technology Application in the Improvement of Pharmaceutical Industry

摘要

Blockchain technology (BCT) has paved a way for new potentials of handling serious data privacy, integrity and security issues in healthcare. To curb the increasing challenges in healthcare industry, healthcare organizations need to apply blockchain technology to better improve patient safety and protect patients records from counterfeiting and fraud. The purpose of this research paper was to define BCT can assist in improving pharmaceutical industries in Saudi Arabia upon utilization of its application. This study adopted quantitative methods to gather the study data. Based on healthcare leaders perception and Internet connection, lack of cooperation, and economic inequality were found to be leading factors hindering the application of blockchain technology in the pharmaceutical industries, Saudi Arabia. Factors facilitating the application of blockchain technology in the pharmaceutical industries, Saudi Arabia were found as system robustness of BCT, increased data safety and decentralization, need for enhanced supply chain management and interoperability, and government laws and policies. Adopting interventions that are targeted to specific patient population medications, effective delivery systems, transit provider reimbursement far from intensity and volume of services towards value and quality was found to compromise the pre-existent challenges and real capacity in healthcare system. Although the relationship between implementation of blockchain technology and cost spending is negative in the short-term, in the long run, the relationship is positive Blockchain helps in managing multiple levels in a more secure way, reduces paper work and amplifies verification inefficiency.