Synthium – Healthcare on the Blockchain
In 2014, UPS conducted a survey of Healthcare executives which highlighted significant supply chain concerns in the industry. Supply chain costs, security and distribution were among the most besetting issues. The survey found that more than 80% of healthcare executives were looking to invest in new technologies over the next 5 years.
Problems in Healthcare Supply Chain
The supply chain has been a significant driver of healthcare costs, which in turn is increasing the prices of drugs, surgical implants and many other healthcare products. The increasingly complex nature of medical devices is driven by burgeoning market demands. This complexity poses security and transparency challenges for the supply chain.
In addition, the supply chain also grapples with lack of trust and partnerships, conflicting goals across supply chain activities, data inaccuracy, lack of use of information technology and high variation in client preferences and demand.
As manufacturers, distributors and healthcare providers look to each other to reduce costs and be more efficient, although there is no consensus on a solution, it is widely agreed that a faster, secure and flexible model with automated implementations to augment responsiveness is an exigency.
Synthium Health's Cloud-based Solution
By providing a unique marketplace on the blockchain that connects healthcare providers and suppliers, Synthium Health proposes a simplified, efficient and cost-effective exchange that builds businesses. With advanced technologies and best practices, the automated platform creates efficiencies and maximizes revenues, all the way through the supply chain process.
Suppliers are able to extend their reach, sell faster, cut down on operational costs and deliver consistent buyer experiences across all touchpoints. Synthium Health also plans to collaborate with leading logistics partners to further serve the industry.
Synthium Health cuts intermediaries, provides transparency in the supply chain with accurate supplier product information, reduces damage and wastage, reduces administrative processes and decreases counterfeiting and grey-market vendors, increasing patient safety and revenue for legitimate manufacturers.
Synthium Health Token
The primary usage of the token is to register an account on the Synthium Health platform and gain membership of the portal.
SHP token account, a core component of the platform, is designed to ensure access to Synthium’s platform. SHP can also be used to pay the transaction fee on the services layer and provide payments between other participants, or for market trading.
Registered users are given a membership on the platform as either a buyer, seller or public.
The Synthium Health Team
- Vijay Reddy – CEO/CTO
- George Kruythoff – Director of Sales operations
- Yamini Vedhire – CFO
- Satish Jamwal – Product Development
- Kurt Blasena – Board of Advisors
Synthium Health SHP ICO Details
- Platform – Ethereum(ERC20)
- Crowdsale – November 27, 2017 to January 15, 2018
- Hard cap – 200,000,000 SHP
- Accepted currencies – BTC, ETH, LTC
Synthium Health Verdict
An excellent project, instantiating one of the most transformative and impactful use cases for blockchain technology. Healthcare at large is a couple of decades behindhand in terms of comparative transformations in other, less significant, aspects of human evolution. One slight criticism would be that the whitepaper is a little cursory which may be a concern for some potential investors in the project.