How does Bitcoin affect the Pharmaceutical Industry of America?
Bitcoin is electronic money invented in 2009 and was first used in the same year. Since its inception, it has risen to become one of the most valuable electronic assets in terms of trade value.
With a growing number of companies accepting Bitcoin as payment, there is an increased interest in how this currency will affect the pharmaceutical industry.
This article explains how Bitcoin can affect the pharmaceutical industry in America and how small businesses can take advantage of this new technology. You can get more information regarding this on bitcoin-lifestyle.app.
8 Ways how Bitcoin Benefits the Pharmaceutical Industry of America.
The US pharmaceutical industry is the third-largest industry globally, and bitcoin can help them securely store and save millions of dollars.
The new technologies like bitcoin, rapidly changing the finance and payment services market, and the medical sector is not an exception.
For seven years since the approval of the first oral medication based on the genome data, you have witnessed a new period of “Personalized Medicine.” And here comes the role of bitcoin, which can save massive amounts by optimizing some processes.
1) Eliminating third parties
Bitcoin is the first financial system to send money without involving third parties. Of course, it may not be possible to eliminate intermediaries, but using blockchain technology, you can significantly reduce their number. You know, this enables us to use services like Escrow.
This mechanism allows for the use of one party to protect its rights under a contract with the other party. The third party enforces the contract in case of violations by one of the parties.
This technology is very convenient for transactions between pharmaceutical companies. And it works not only for monetary issues but also drug supply or licensing transactions. However, it’s time to consider that all conditions are met! For example, Johnson and Johnson and Genentech, Inc.
2) New investment
You can invest in pharmaceutical companies or launch your own business using bitcoin. All this started with creating a digital currency, Bitcoin, based on blockchain technology and could be used for investments in the pharmaceutical industry. There are many trading apps for bitcoin and if you Like this Auto-trading app concept, follow the info.
3) Access to clinical data
Due to blockchain technology, you can get more reliable information. For example, pharmaceutical companies use “Interchange of Clinical Information” (ICI).
It allows them to share anonymized clinical trial data with other researchers to make faster progress in new medicines development.
4) IoT technology and telemedicine
Thanks to the Internet of Things (IoT), you can monitor a patient’s health, connect different devices for this purpose, diagnose diseases faster and provide remote medical services. Microsoft, for example, recently introduced an intelligent system for telemedicine SONA based on blockchain technology.
5) Drug Traceability
To solve this problem, all you need is to create a unified “digital ledger” that will contain information about the manufacture and distribution of drugs.
This innovative system will increase the security of pharmaceutical companies by reducing the number of counterfeit medicines sold.
6) Bitcoin saves money for consumers
When a consumer pays with bitcoin, there is no need to use expensive payment solutions such as Mastercard or Visa. This provides savings in processing fees that the consumer can pass along.
In addition, streamlining operations will help manufacturers and distributors save money by avoiding costly chargebacks from credit cards used fraudulently.
7) Bitcoin provides 24/7 payment options
Bitcoin can be used to pay for goods and services at all hours, every day of the year. In addition, since there are no chargebacks or return policies associated with bitcoin transactions, it is much easier for people to make purchases where returns are not accepted or allowed.
In addition, when a customer needs to pay for something, the payment will be received with bitcoin because there is no risk of fraud.
8) Bitcoin reduces chargebacks
Since credit card companies provide refunds when consumers claim they were not satisfied with the product or service, this creates an incentive to scam merchants by making false claims. With Bitcoin, there are no chargebacks, so this problem is eliminated.
This makes it easier for businesses to operate without fear of being shut down due to invalid chargebacks.
Real-time healthcare data management authentication and security are a priority. Also, remember that blockchain technology will help to improve the drug supply chain, clinical trials management, and research on new medicines development.