The U.S. Food and Drug Administration (FDA) has approved a multi-regional pilot studying the use of blockchain-enabled data technology to track and verify specialty prescription drugs, to ensure safety, enhance value and improve health outcomes.
Five leading health care organizations – Humana (NYSE: HUM), MultiPlan, Quest Diagnostics (NYSE: DGX) and UnitedHealth Group’s (NYSE: UNH) Optum and UnitedHealthcare – today announced that they are launching a pilot program applying blockchain technology to improve data quality and reduce administrative costs associated with changes to health care provider demographic data, a critical, complex and difficult issue facing organizations across the health care system.
In this exploratory study, blockchain technology has been examined by Information Systems Science, Department of Management and Entrepreneurship, Turku School of Economics, University of Turku, as an option for managing the supply chain in managing plasma derivatives.
Cigna and Sentara Healthcare are the newest payers to join the initiative to bring blockchain to healthcare.
One of the main areas of focus for the collaborative will be to accelerate the development of new payment models and overcome existing business barriers.
For example, a lack of trust between payers and providers could impede efforts to move to alternative payment methods, and blockchain has the potential to create shared, secure efficiencies.