Expenditure in the healthcare industry is projected to rise between 2.4% and 7.5% in three years’ time. In a bid to counter such a significant rise, governments across the globe are scrambling for opportunities and inventions that can counter inadequacies in operations, data sharing and management, and service availability. While a few technological inventions might be able to help improve the services provided by medical institutions, not all hospitals can afford the equipment.
Not to mention, the facilities with the high-end equipment are a no-go zone for most patients due to exorbitant fees. As such, most patients opt for cheaper alternatives which end up putting them in more danger seeing these clinics are operated by underqualified medical practitioners. A booming counterfeit drug business raking in $200 billion every year also makes it very hard for some pharmacies to sell authentic medicine.
As such, over 100,000 people perish on a yearly basis due to botched surgeries or counterfeit medicine. Another factor influencing the downfall of the current healthcare system is the vulnerability of the networks used. At the moment, the US and UK alone have incurred economic losses well over $279 billion thanks to cybercrime. Healthcare institutions have 340 more cyber-attacks as opposed other industries.
The stolen information is either exposed or sold to the highest bidder. Patients are still carrying filed medical documents in an era when all data is stored online. While some systems are easily hacked, there are those that are tamperproof thanks to modern innovations such as Blockchain Technology, which is used by the Healthureum project. Other inventions such as Artificial Intelligence, 3D printing, and robotic surgery have also made work easier for doctors and helped in the treatment of various disease.
However, none of these inventions has an impact as groundbreaking as the Healthureum project. With a mission to make health care both available and affordable to every single person on the globe, this tech-driven project is the revolution patients, medical practitioners, and venture capitalists have been waiting for in the healthcare sector. Here are some of the reasons why this project will eventually oust the current healthcare systems.
• Blockchain Technology
This technology will be responsible for solving the differences between public and private hospitals. Its decentralized nature is precisely what all medical institutions need for fast and efficient services. Typically, when information is stored in a hospitals EHR, it is piled upon loads of other data and retrieving it might require some time.
As such, doctors cannot perform immediate medical procedures especially if the patient has preexisting conditions. However, Blockchain technology not only stores data securely but also chronologically making its retrieval quick. Not to mention, the data is secured through cryptography meaning the chances of attempting to retrieve it without permission are nonexistent. This technology will help make the storage of billing records, treatment plans, patient records, and diagnosis easy.
Also, seeing that all healthcare systems under the Healthureum project will use Blockchain Technology, interoperability will be enhanced. As such, research projects will run smoothly, and the healthcare industry will develop a sense of cohesiveness across the globe.
Healthcare systems around the world are experiencing stunted growth due to a lack of funds. The philanthropists who are generous enough to share their millions are now disappearing from the public scene due to the numerous cases of corruption within this sector that are depriving it of growth. Rising labor costs and the lack of budding talent in the healthcare sector are also contributing factors to the lack of growth.
Back in 2012, Japan had a doctor-to-patient ration of two to one thousand. Combine that with poor resources that make the proper healthcare impossible, the counterfeit drug business, cyber-attacks, and bad leadership and the healthcare sector seems to be facing an impending catastrophe. As such, most countries are open to the idea of affordable technology-driven healthcare.
With Healthureum this dream will be a reality considering it will be possible to have online consultations and it will be easy to integrate and share data between all connected systems. Most hospitals with patients that are sharing beds will also have the ability to integrate and share their medical data without the hassle that comes with long queues.
The new proposed model for healthcare is willing to set up centers of global digital excellence with a budget of $100 million. These centers will focus primarily on research, and the finding will prove beneficial to many patients worldwide who are suffering from incurable diseases. People are succumbing to conditions such as dementia, diabetes and even HIV/AIDS and cancer but with unlimited resources and medical data, healthcare providers will be able to find better treatment plans for these diseases while improving the healthcare system globally.