The outbreak of the covid pandemic has completely changed people’s lives in the last few years. From going to the hospital for a check-up to buying necessary drugs from the pharmacy store, people can now perform online check-ups or order these remotely.
While the pandemic is now slowly winding down, that digital transformation is unlikely to return to pre-pandemic life. Understanding that inevitable trend, a promising project called IVIRSE with the ambition to digitize almost completely the traditional healthcare industry has been announced.
Foundation for IVIRSE
The general picture of the healthcare market recently
With the increasing quality of life, people’s healthcare needs are also expanding. Statistically reported, the healthcare industry has an average annual revenue of up to 10% of the total GDP in developed countries such as Japan, Korea, and Western countries.
In which, the US, this number is nearly 20% at the end of 2019 – twice as much as other countries spending on healthcare – showcasing that the human demand for this sector is very huge, making it one of the largest and fastest-growing industries in the world.
Particularly, in Asia, China continues to be the largest revenue-generating market for the healthcare industry in this continent, followed by Singapore and Australia.
The industry’s impressive growth numbers have also attracted great interest from many private equities and investment funds, as demonstrated by a 38% CAGR increase from 2015 to 2020.
Especially in 2020, Asia recorded that 44% of global venture capital is invested in digital health, ranging in value from $6 billion to $14 billion.
Opportunities and challenges in the healthcare market
A digital revolution is currently taking place that is transforming the world we live in. Over the next few years, many organizations including healthcare facilities will need to go through radical change programs and, in some cases, completely reinvent themselves to remain relevant and competitive.
With people’s quality of life improving, healthcare facilities are also required to drastically upgrade their existing ecosystem to be able to adapt to the new era.
Many believe that the Internet of Things (IoT), along with the high security of Blockchain technology, will be the key to reducing $100 billion in operational costs and clinical inefficiencies each year, thereby reducing the burden on medical staff and nursing staff with cumbersome and time-consuming procedures.
Every knife has two edges, and this new industry is no exception. Although there is great potential waiting ahead for exploration, there are many concerns from investors and users of real-life use cases for blockchain technology in healthcare.
Firstly, for the general public to use digital health care products and replace traditional methods, it is necessary to have a great reputation from the supplier. Behavior change is complicated and complex because it requires a person to disrupt a current habit while simultaneously fostering a new, possibly unfamiliar, set of actions.
This process takes time usually longer than we prefer. A provider like IVIRSE must have a good reputation in the medical industry, with partners from the largest hospitals and clinics across the country to have a basis for users to trust.
Moreover, the rapid development of technology and the constant competition from other suppliers in the same field is the second biggest challenge. IVIRSE’s development team must constantly learn, innovate and adapt well to this fast-changing environment.
Because as long as someone has a project with better resources and development strategy, the first mover’s advantages shall fade fastly.
In addition, traditional healthcare facilities will also need to get out of their comfort zone to reinvent themselves not to be left behind by the waves… They also have to learn how to apply high technology to their previous care processes to lead a completely digitized future in society.
Problems & solutions in data transparency
One of the biggest challenges of the healthcare industry nowadays is transparency and accessibility to patients’ health data. For medical facilities like hospitals, clinics, research centers, or even pharmaceutical companies, health data is treated as a valuable resource for scientific or commercial use.
But this type of data is often not available, but instead, too difficult to access due to the privacy of user data. While on the contrary, it could not be too public also, otherwise it would violate the privacy of users in the first place.
In fact, accessing users’ health records, even for scientific research purposes, without their permission is considered an illegal activity in most Western countries. This explains why it often takes longer to develop a new drug or treatment because of the lack of high-quality data.
Meanwhile, in the Asia-Pacific region, users’ health data is not always transparent and legally protected, allowing 3rd Party CROs (contract research organizations) to take advantage of the purchase of data at a cheaper price without the consent of the owner.
This lack of transparency is what leads to data inaccuracies and, of course, to ineffective and disqualified clinical trial and drug manufacturing processes.
The solution that IVIRSE brings to the table here is to have an intermediary marketplace built upon blockchain technology for end-users of healthcare services (patients) to third-party buyers (contract research organization) or some extent pharmaceutical companies directly, in which the transaction asset is the data of the users themselves.
Thereby, users would have the full right to access, share or even sell their data to the buyer agents they want. On the other side, these buyers are also protected, the data integrity is warranted and protected by blockchain technology, which promises non-interference to the data and they have the full consent of data usage.
Thus, this digital revolution that IVIRSE promises to bring to life shall completely change the healthcare industry in the distant future.
IVIRSE aims to solve the problem of data transparency by building a closed ecosystem running on the DigiHealth platform. This platform will include a series of utilities, trusted by hundreds of hospitals, clinics, and medical facilities across the host country and eventually globally, with the ability to serve millions of patients every day.
IVIRSE will also support the platform’s service providers with legal access to diverse and quality data, as well as the right to use IVIRSE’s existing APIs and AI integration tools to be able to interact with the ecosystem.
At the heart of IVIRSE’s universe will be the patient’s data and the facilities provided around. Thanks to the high security of blockchain technology, IVIRSE promises to bring information security to users, allowing them to perform data retrieval, storage, sharing, and even monetization activities over their own personal health records on the platform, thereby reducing unauthorized use of patients’ data through the black market.
At that time, the patient will be fully responsible for their own health care benefits. Users’ personal data such as health records or electronic medical records will be likened to an NFT-like asset that can be legally obtained by buyers like CROs (contract research organizations), which helps increase the quality of drug production or improves the clinical trial process among pharmaceutical companies.
Plus, transacting parties in this intermediary market can use IVIE and IHEALTH tokens personally developed by IVIRSE as the currency to pay, guaranteed by the safety, control, and transparency of blockchain technology from the very beginning.
IVIRSE’s digihealth ecosystem
The overall picture of IVIRSE’s ecosystem currently includes the following utilities:
ISOFH (Digihealth Management System) (2015):Provide an ecosystem in which 50 major hospitals apply ISOFH technology to become digital hospitals or smart hospitalsISOFHCARE (Telemedicine platform) (2018):An e-commerce platform, allowing users to access medical services onlineOffer online booking and consultingProvide medical recordsAlert users timely regarding health issuesO2O (Online Clinical Lab) (2021): An online to offline clinicProvider of teleconsultation platform for patientsConnect with licensed doctors or medical care remotely, 24/7IRIS (Online Pharmacy) (2021):A pharmacy SAASManage smart pharmacy/ medical storeA modern approach to streamline operations to grow & boost businesses.Blockchain-based DigiHealth Ecosystem (2022):Operate on IVIRSE – DigiHealth PlatformsWork like a marketplaceA universe in which users’ data is treated as real assets that can be accessed, owned, shared, and sold
This ecosystem is still developing and perfecting the system toward a major turning point in the field of healthcare.
Partners & users
IVIRSE is proud to be a reliable partner of nearly 50 large hospitals, clinics, and medical facilities across the country. Notable names include Vietnam National Eye Hospital, Viet Duc University Hospital, 110 Military Hospital, 119 Hospital, Vinmec International Hospital, National Lung Hospital, Bach Mai Hospital, etc.
In addition, more than 2,000 doctors have registered to become service providers with IVIRSE, most of them are experts from frontline hospitals in two big cities, Hanoi and Ho Chi Minh city.
The number of users of the IVIRSE platform has now reached more than 1.8 million users, with more than 3 million active users monthly.
Token release schedule
The digitalization wave is certain and entities like hospitals or schools will be no exception. Although it is not possible to say much about the future, the IVIRSE project is currently receiving great attention, especially through the data shown in recent years. However, investors will need to do their own research before deciding to invest in this unprecedented new field.
The information in this article is for reference and statistical purposes only and does not carry the personal opinion of the writer. Readers need financial advice from experienced professionals before making a decision.
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