Thousands of people die every year because of essential medical supply shortages and fraud. The COVID-19 crisis has put unprecedented strain on the global supply chain of every product, but most acutely on critical medical supplies. With more than 3 million cases of COVID-19 worldwide, hospitals around the world are having difficulty getting safe and quality supplies.
Frontline healthcare workers are running out of essential resources, with no medicine to help. This leads to desperate decisions and irrevocable consequences. There have been widespread reports of fraudulent production and fraudulent claims of PPE and other critical supplies across the supply chain. Trust in the global medical supply chain is broken, putting millions of people's lives at risk.
The current situation is a much broader story about weak supply risk management and the lack of governance and integration, and the inability to manage the complexity of the problem. The current supply chain system is long, complicated & inflexible. It is heavily controlled by third-party distributors, resulting in a lack of communications, trust, and transparency between supply and demand.
According to the WHO, it is estimated that up to $200 billion worth of counterfeit pharmaceutical products are sold globally every year; according to the United Nations Office on Drugs and Crime (UNODC), corruption and fraud may amount to 10 – 25% of procurement budgets. In real life, this means vital services are never delivered, much-needed equipment never reaches hospitals, critical infrastructure is never built and people’s lives and well-being are at needlessly risk.
What it does
From point-to-point integration to ecosystem-level:
1 Decentralizing the Ledger for Transparency & Trust:
A transparent marketplace for hospitals to source and track life-saving medical supplies safely.
The real-time peer-to-peer communication provides a more flexible system connecting the supply & demand directly.
Tracking provenance, traceability, and historical procurement for products as they move downstream to the medical facilities with blockchain finality.
Digitize and secure travel document workflows on the blockchain with Smart Contract, where the terms are payable upon receipt, proof of delivery from a logistics carrier, will immediately trigger automatic digital invoicing and payments through the banking system.
2 From cloud-based management systems to smart sensors, the real-time supply chain provides a constant stream of real-time data to increase system efficiency.
It enables greater visibility, agility, and in-the-moment decision-making via AI, machine learning applications, and data analysis. The inventory system is drive-by hospital usage data to determinate inventory count, if the product is running too low, you can have auto repurchase on, if overstocked, the supplies are available for repackaging and distribution to nearby medical facilities.
How I built it
React & Baseline with zero-knowledge proof
SaaS Model Authentication and quality is offered to all users Add-on services such as Smart Contract with IoT integration, automation, Analysis report, payment solution
Accomplishments that I'm proud of
We already have two venders that are willing to use our platform.
What I learned
According to the WHO, it is estimated that up to $200 billion worth of counterfeit pharmaceutical products are sold globally every year and 50% of these drugs are purchased online.
According to OECD estimates, up to US$2 trillion of procurement costs could be lost to corruption.
What's next for GMedChain
Within the health care field specifically, the goal of supply-chain management is to guarantee the availability of the products needed to treat patients.
The ability to track and manage resources at the ecosystem level can provide greater accuracy and better forecasts on medications and medical supplies, reducing waste from expired and damaged goods, preventing stock-outs, supply-side shortages, delivery time variability, supply-chain disruptions due to natural disasters, political unrest, and many other causes. Its Traceability enhances product safety & inventory allocation.
Blockchain is an enabling technology, which is most effective when coupled with other next-generation technologies such as the IoT, robotic cognitive automation, or smart devices. The whole ecosystem can be useful in understanding which products led to successful patient outcomes, projecting future programmatic and budgetary needs, protecting against corruption, and ultimately allowing for an increase in the number of patients served.
It is especially needed in developing countries where no efficient supply chain system is in place and the combination of infrastructure issues could create supply chain dysfunction.