Value chain in healthcare and how it can make healthcare more easy

Mar 6, 2023

The healthcare industry is embracing the value chain as a part of its ecosystem. The value chain is a process of viewing a business or organization in terms of what value and opportunities it adds to the organization.
Since healthcare industries also include manufacturers, distributors, and professionals, the value chain helps make the supply chain process efficient.
Value chains are divided into primary and supporting activities. Primary activities involve gathering the raw materials required to make the products and marketing, and delivering the products to customers; basically, everything directly related to the product. In the case of healthcare or specifically in hospitals, when the patient is admitted till their discharge, whatever activities take place to support it is considered to be primary.
Supporting activities involve running side tasks that aid the primary activity but aren’t directly related to the products. These activities are regularly checked to make sure they are running properly and simultaneously. The infrastructure, staff, and IT services of a hospital or healthcare would constitute secondary or supporting services. Supply chain management can leverage the value chain to mine opportunities and identify what areas can be improved upon to add value. Connect this with blockchain and you have a modern way of keeping the machinery of a healthcare system, efficient. Blockchain provides a decentralized system that keeps real-time data in blocks connected via crypted chain and provides services that help with traceability and anti-counterfeit.

1. Traceability: 
Since blockchain gives an overview of its entire chain link to all participants in its network, it promotes transparency and traceability. Tracing patient records or medicines, either way, its important to be able to trace back to the make and conditions if faulty medicines come under the manufacturer’s attention. Getting ahead of the faulty products before it reaches patients is critical.

2. Anti-Counterfeit:
The healthcare industry is one of the many big industries losing money and credibility to fake medicines and healthcare products. Blockchain will add value to not only the supply chain but also the value chain of the hospital or industry at large with its real-time, immutable data collection and transparency.

3. Ease and Efficiency: 
It goes without saying that a lot of the manual process or complex processes will be handled by blockchain. It will automate and update timely patient visits or inventory checks so that hospitals are a step ahead and can deal with unforeseen situations.

The pandemic showed us how hard it was to cope with unforeseen situations and how the healthcare industry needs to reform to be able to prepare for every eventuality. Value chain coupled with blockchain will enhance the opportunities for businesses to see where they can improve or what they can find and figure out. With MSRvantage, our next-gen solutions will help you build a solid foundation for supply chain and value chain solutions. Our services will meet your supply chain needs and give your business an edge. 

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