Project description
A new cryptocurrency element in healthcare
The level of healthcare treatments and patients’ behaviour will determine pricing, resulting in more efficient resource spending. However, this process is hindered by insufficient infrastructure, the practice of keeping pricing confidential and also the negative disposition of certain stakeholders. The EU-funded DigiPharm project proposes a blockchain-based smart contracting solution associated with an advanced business model that aims to hasten the value-based healthcare transition. The solution consists of a platform that significantly facilitates administrative operations, eliminating potential mistakes and frauds. In addition, DigiPharm introduced a cryptocurrency for better performance of the solution. The project will confirm business viability and update a commercialisation plan.
Objective
The healthcare is under pressure to spend the resources efficiently and to shift to payments by using a 'value-based' approach, where the price is determined by treatment performance and patient outcomes. However, the transition is hindered by the inadequate infrastructure, the pricing confidentiality issues, and the resistance of some stakeholders against the change.
DigiPharm aims to accelerate the value-based healthcare transition with a blockchain-based smart-contracting solution and a highly disruptive business model. The solution, the award-winning DigiPharm platform drastically eases the administrative burden, eliminates errors, and potential frauds in admin operation. As a new element in healthcare, DigiPharm has introduced a cryptocurrency (DPH), as a part of an incentive system.
Within the total healthcare market, DigiPharm competes in the healthcare contract management software market that will reach $755M in 2019 with CAGR of 18% in the next years.
The solution has raised interest from the UK National Health Service, Roche corporation, the Oman and Dubai Health Authorities, and the Pakistani Government, with whom the company is in negotiation to test the platform. The company would like to launch the full solution in 2022 with a revenue target of €11M by 2026, although they face substantial entry barriers, such as the reluctance to switch from conventional methods and the continued funding need. In order to mitigate the risk of market introduction, Digipharm applies for the SME Tool phase 1 grant to validate DigiPharm’s business viability, asses the further technical development needs, and the update our initial commercialization plan.
Currently, ten people are involved in the project development, headed by Ahmed Abdulla, CEO, health economist, an expert at UN/CEFACT, supported by a team of professionals both from the business development area and the value-based healthcare technologies.
Fields of science
Programme(s)
Funding Scheme
SME-1 - SME instrument phase 1Coordinator
4058 BASEL
Switzerland
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.