Smart Contracts in Healthcare Market

Aishwarya Bhasme31 Jul, 2024Business

An increase in the data breaching cases in the healthcare industry, visibility offered by distributed ledger technology, and threat of forged medicines in the pharmaceutical industry are some of the prominent drivers behind the global smart contracts in healthcare market growth. The health payers and drug manufacturers are agreeing upon pricing and a list of drugs under a specific plan that is called the formulary. A smart contract can be fed into the blockchain. The blockchain ensures that the contracts are encrypted and only authorized users to access. The smart contract between a customer and the drug manufacturer is also ensure that a small amount of co-pay is transferred from the consumer to the manufacturer directly.