Blockchain-Enabled Solutions for the Pharmaceutical Industry

8Automating and Streamlining Drug Payments Through Smart Contracts

Harpreet Kaur Channi^* and Pulkit Kumar

Department of Electrical Engineering, Chandigarh University, Gharuan, Mohali, Punjab, India

Abstract

In the healthcare industry, the payment process for drugs often encounters inefficiencies, delays, and mistakes because of the participation of several middlemen, manual reconciliation procedures, and separate systems. This abstract proposes a way to tackle these difficulties by using smart contracts, harnessing the power of blockchain technology. Smart contracts provide an automated and transparent system for carrying out and enforcing agreements between parties, eliminating the need for middlemen. By incorporating smart contracts into the medicine payment process, several advantages are achieved. To begin with, the implementation of automated payment processes simplifies the whole process, lessening the administrative workload and mitigating the possibility of mistakes or delays. Smart contracts enable instantaneous verification of transactions, guaranteeing timely and precise payments to pharmaceutical suppliers. Moreover, smart contracts improve openness and accountability in pharmaceutical payments. Every transaction recorded on the blockchain is unchangeable and easily visible, creating an indisputable record of payment activity. This level of openness promotes confidence amongst all parties involved and reduces the risk of fraudulent behaviour. Furthermore, smart ...