Healthcare has exploded with growth numerous times over the last few decades—technology additions such as EKG/EEGs, MRI/fMRIs, robotic surgery options, and more have kept healthcare at the forefront of technological advancement. A new project, Pharmeum.io is working toward a safer healthcare industry.
In these periods of explosive growth, however, many important things have been forgotten, such as refining the prescription process and the rest of the pharmaceutical supply chain.
How Pharmeum Prevents Human Error in Pharmacy
Pharmeum allows doctors, pharmacies, regulators, and patients to coexist in an ecosystem powered by honesty. Doctors’ prescription histories are available at will and patients’ health history can be monitored to prevent incorrect medication or dosage instructions.
By overlaying the current, digital-analog hybrid system into a fully digital, blockchain-based system, Pharmeum is allowing doctors to reduce their amount of wasted effort and reducing the potential for incorrect diagnosis, treatment, and prescription assignment. This can be accomplished by using tablets and laptops for medical record collection and dissemination as well as implementing a medication pad.
What Can Pharmeum’s Ideal Business Structure Do?
The Pharmeum roadmap highlights heavy reliance on technology that, once achieved, can help with predictive medical care by analyzing patient health history and evolving patterns as well as provide definite auditability of prescriptions and medication flows.
Building on the overlay mentioned above, Pharmeum is working to include an artificial intelligence aspect which will let them process patient history, family history, symptom information, and other data to create diagnoses earlier in case of terminal illness. This both reduces costs and helps improve patient satisfaction and quality of life.
We’ve all been caught in line at the pharmacy while they call our physician and verify the prescription—especially for treatments we receive regularly. Why does this process remain so complicated, wasting precious minutes and hours of our lives? Pharmeum seeks to resolve this issue with blockchain, writing review periods into prescription smart contracts to minimize the time individuals spend waiting on medication.
Other areas of healthcare that can receive efficiency increases include:
- Health insurance claim
- New patient intake
- Medical questionnaires
- Referral visits
According to the British Medical Journal, 70 percent of medication-related treatment errors come from the prescribing process alone. 80 percent of these could be reduced or eliminated with an efficient, digitized prescription system. Overall, medical error ranks third for cause of death, accounting for over half as many deaths as cancer.
NHS hospitals in the U.S. spend 25 percent of their budget on administrative tasks—one-quarter of the total spending is ripe for disruption and offers huge potential for cost reduction. Globally, the U.S. spends 20 percent of the entire GDP on healthcare. Cost reduction in medical facilities can act to lower healthcare costs across the board. Other areas for cost reduction include early-stage diagnosis, prescription cost consistency, and time inefficiency for doctors.
According to Forbes, patients overpay for their medication 23 percent of the time.
What does Pharmeum’s token ecosystem look like?
Technology included in Pharmeum blockchain includes zero-knowledge proofs, prescription tokens, medicine asset tokens, and PHRM tokens. Personally Identifiable Information (PII) will be stored off-chain, while non-PII will be stored on-chain for use with artificial intelligence and other factors.
PHRM tokens can be used to pay for medical care, second opinions, medicine, and other beneficial healthcare expenses. Patients will receive PHRM tokens for sharing their healthcare data with other businesses—a more common model in the blockchain-based economies which are currently springing up around the globe.
Token allocation data:
Pharmeum Token Cap: 750,000,000
ICO Tokens Sold: 55% including pre-sale
Team & Partner Tokens Held: 20%
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Brennan is a blockchain technical adviser in the healthcare sector and blockchain entrepreneur who has worked on developing proprietary concepts for both artificial intelligence and enterprise blockchain. He is a graduate of Rutgers University School of Health Professions where he earned a M.S. in biomedical informatics.