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Pharmeum Whitepaper
Disclaimer:
The information within this whitepaper does not in any way imply a contractual
relationship. While we will make effort to make sure that the following material is
accurate, such as our products, services, technology, token distribution and
timelines; this information can be subject to change without any notice and does
not create a binding agreement or any professional advice.
Pharmeum accepts no legal liability whatsoever arising from or connected to, the
accuracy, or completeness of the material. All potential Pharm token holders
should independently seek appropriate professional advice before relying on, or
entering into any commitment or transaction based on, information published in
this whitepaper, which information is purely published for reference purposes
alone. Pharm Tokens will not be intended to constitute securities in any jurisdiction.
This whitepaper does not intend to be a prospectus or offer document of any sort
and is not intended to constitute an offer or investment in any jurisdiction.
Pharmeum does not offer any opinion on any guidance to purchase, sell, or
otherwise transact with Pharm Tokens, and this whitepaper shall not form the basis
of, or be relied upon in connection with, any agreement or investment decision. No
person is bound to enter into any contract or binding legal commitment in relation
to the sale and purchase of Pharm Tokens, and no cryptocurrency or other form of
payment is to be accepted based on this whitepaper.
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Table of Contents
1.0 Abstract 4
2.0 Executive Summary 5
3.0 Introduction 7
4.0 Healthcare Industry 10
5.0 Problems 11
6.0 Solutions 15
7.0 Case Studies 18
8.0 Technical 20
9.0 Benefits of Blockchain 28
10.0 Roadmap 29
11.0 Token Usage 31
12.0 Business Model 33
13.0 USP’s of Pharmeum 34
14.0 Token Metrics 36
15.0 References 37
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1.0 Abstract
Pharmeum is using the latest private Blockchain technology with Artificial
Intelligence, to revolutionise the healthcare industry around the patient, and
build the healthcare of tomorrow.
Pharmeum is creating an interoperable, trust‐less system to facilitate the
transfer of medical prescriptions and recording of medication history.
By putting patients at the centre of the entire healthcare industry, we can
effectively increase the affordability and access to medication globally.
Artificial Intelligence algorithms will be used to build an accurate neural
network, to dynamically analyse medical data. Pharmeum’s patient neural
network, minimises the incidence of costly medical errors.
Pharmeum is using powerful Blockchain technology to overcome the
inefficient obstacles in place with the current healthcare infrastructure. The
solutions that Pharmeum’s innovative platform offers, targets the largest
problems facing healthcare today.
The creation of a patient‐centric eco‐system, maximises the efficiency and
affordability of healthcare, whilst drastically reducing medical errors.
Pharmeum will be creating a truly advanced, sophisticated healthcare system
to benefit patients, doctors and pharmacies.
Pharmeum is the world’s first blockchain solution to
create a secure transfer and use of prescriptions and
medical data.
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2.0 Executive Summary
The current healthcare system makes the interaction between your doctor,
pharmacy, and health insurance companies highly inefficient. In addition, it costs
more for every party, to carry out the procedures in a slow, inefficient, paper‐based
way.
The current infrastructures in place are incapable of transmitting the exact
information (e.g. prescriptions / medical data) to every participant involved, in a
frictionless manner. This burdens the healthcare industry with unnecessary
administrative costs and leaves the system more prone to errors. Essentially
leading to a poorer, more complicated healthcare procedure for the patient.
Our solution is based on centring the industry
around the patient, whom holds their private
medical data and can instantly grant access to
any healthcare entity. Efficiently creating a
single point of truth in the information
transacted, and removing the barriers set in
place by an outdated system.
Pharmeum is an advanced,
decentralised, secure system
that creates trust and efficiency
between patients and
healthcare providers.
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Instead of holding the entire health record of a patient, which is coupled with
troublesome scalability issues, and not much use to the everyday user. Our system
allows a core medical history to be cryptographically stored, which contains
essential information such as Blood Type, BMI, and the entire history of
medication/treatment that they’ve ever received. This is a fast, and scalable
solution to having easy access to your medical data.
Transparency and trust in the data will be created through a recorded log of every
doctor/pharmacy that has interacted with the patient. Sending and receiving digital
prescriptions through the Pharmeum platform is far more comprehensive, fast, and
advanced than any other system currently in use. The main reasons for this are
because of the seamless security of the system, and the multiple features added,
such as increased treatment affordability and AI integration.
Pharmeum provides urgently needed solutions to healthcare’s most pressing
issues, such as the prevalence of medical errors, and the financial burden that this
causes.
Our platform’s architecture is designed to provide selective access of medical data,
controlled by the patient themselves. The patient has a complete control of their
data, including who views it, and for how long. The Pharmeum eco‐system involves
the production of multiple digital health applications, all powered by the main, core
data network and smart contracts.
Every innovative application of the Pharmeum eco‐system, is powered by the
platforms native tokens. PHRM tokens act as a universal currency for medication
and treatment. The tokens will be available through pre‐sales and a public ICO.
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3.0 Introduction
In 2016 the British Medical Journal 1 reported
Medical Errors to be the third largest cause of
death. At a shocking rate of almost half of Cancer
deaths, this problem still exists today.
70% of medication errors are caused by errors in
the prescribing process alone.
This is due to an outdated system being used by
healthcare professionals and patients, which is
highly vulnerable to faults.
Approximately 80% of which could be prevented
through an enhanced, digitised prescribing
system. 2
Pharmeum has designed and created a decentralised health eco‐system that allows
every patient to own their important health data. This data will be used to receive
affordable access to treatment using Pharmeum’s pricing mechanisms.
With Pharmeum, the patient is placed at the centre of the healthcare industry, and
will benefit from enhanced privacy, efficiency and accuracy in the care that they
receive.
Pharmeum uses a private, permissioned Blockchain to create a synchronized and
trustworthy account of the patient’s medical history. This system provides an
advanced platform that enables doctors to digitally sign and append information to
the patient’s private account. The prescribed information can then be securely sent
to nearby pharmacies instantly, controlled by the user. The Blockchain adds an
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element of immutability to an otherwise fragile system. All the medical history is
added chronologically to the chain, in an unalterable mode.
Therefore, none of the data can be manipulated, the information in the
prescription can be verified as genuine and tamper‐proof, creating trust in the
coordination of medical information across all participants. Thereby bypassing the
current issue with achieving global healthcare interoperability.
Patients are given complete control over their prescription fulfilment, Pharmeum
lists all nearby pharmacies, with the varying prices of the medicine. This price
transparency improves the affordability of medicine for patients. Pharmeum uses
the Blockchain to create an interoperable format for prescriptions, which allows a
patient to access and redeem medication at any point in time, anywhere in the
world.
Pharmeum will allow patients to have the option to allow several doctors and
pharmacists to authenticate whether their choice of treatment is the most
appropriate and accurate for their health status, drastically reducing medical
errors.
The data structure of the Pharmeum Blockchain will be compatible with the use of
Artificial Intelligence (AI) to achieve an in‐depth, accurate analysis of any
inclinations and patterns of the patient’s medical history. Pharmeum will allow
patients to integrate their entire medical history into an advanced neural network.
When unusual patterns occur in your health status, it’s alerted to your doctor and
pharmacist, so that they can act accordingly.
“The global healthcare spend is expected to grow to a
valuation of $8.7 trillion dollars by 2020.”
Deloitte, 2018
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This unique and innovative methodology will significantly lower the chance of late‐
stage errors, and the high medical costs associated with it. By detecting medical
errors, and unusual health patterns early, Pharmeum’s technology will be
effectively saving lives.
Pharmeum was designed to tackle the largest economic problems that exist in the
healthcare industry today, which are primarily medical errors, (costing $136 billion
per year in the USA) 5, affordability of medicine/treatment, and ownership of
medication data.
These problems put a significant strain on the healthcare system within every
country. The use of Pharmeum’s platform will benefit every participant involved,
both financially and health‐wise, through using the latest blockchain technology.
“The U.S. spends near 20% of its GDP on healthcare.”
Wall Street Journal, 2018
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4.0 Healthcare Industry
The healthcare industry is one of the largest industries by size. In the UK alone,
the NHS (National Health Service) processes a substantial 1.1 billion prescriptions
a year. 6
All data projects the industry to grow rapidly over the coming years. In 2018,
Statista projected the global prescription drug spending to reach $1.2 trillion
dollars by 2024.7 Everybody is bound to, at one point in their life, contribute to
this value. With prescribed medication prices soaring, and the number of drugs
increasing, this industry value is growing a fast rate.
The problems listed in 5.0 outline the issues that exist today. As the industry
grows, these will become more problematic unless acted upon now.
This makes the demand for a more sustainable technical infrastructure to cope
with the expanding industry even more vital. Pharmeum’s innovative solutions
are aligned directly to be at the forefront of the latest technological
advancements in healthcare.
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5.0 Problems in Today’s Healthcare
Rapidly Increasing Medical Costs
The growing costs of medicine and treatment has been well acknowledged to be
the biggest problem for patients in the healthcare industry today.
Since 2015, some medicines have increased by as much as 40% in price within the
US 8. This means that many patients will find it difficult to get life‐saving treatment.
There are many complicated causes for the soaring costs. For example, a lack of
drug transparency, means that the treatment options for the patient are often
limited, and can be restricted to expensive branded medicines.
Patients have no accessible information to understand what medicine may be the
most appropriate and cost‐effective, and where to get it from. Without a patient‐
based platform for users to evaluate their options, and be digitally in control of
their treatment, it’s unlikely that affordability will improve.
“Patients overpay for their prescribed medicine 23% of the
time.”
Forbes, 2018
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Inefficient Transfers
Today, patients expect a simple and fast transfer of their data and prescriptions, to
every party involved. However, the current traditional, centralized, siloed data
structures in place have multiple barriers, as well as friction involved in the transfer
of data. This leads to a patient, having to waste time on exhausting steps such as
waiting in lines, and chasing repeat prescriptions. Essentially making every patient’s
life more complicated and difficult.
In today’s digital era, this issue should not exist.
Accessibility to Healthcare Globally
There is a lack of interoperability of medical data and prescriptions.
Medical data and prescription information that can be recognised as genuine is
different in every region. This is due to the multiple different formats of data that
are used within the centralized infrastructures. This restricts the areas in which you
can use your data to receive accurate healthcare. Ultimately, making global health
interoperability near impossible with the current technology in use.
Fatal Medical Errors
The incidence of life‐threatening consequences due to errors are excessively high
and many cause deaths that can be prevented. Errors arise from different sources,
due to an error‐prone, unsophisticated system, coupled with an unusually high
dependency on one doctor.
The incidence of medical errors is at a staggering rate of 23% within the European
Union. 10 To put things in perspective, almost 1 out of 4 people will have to
experience this, unless improvements are made in the technology used. Medical
errors lead to large expenses in resolving such issues, this is an unnecessary waste
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of financial budgets for healthcare entities, which ultimately is paid for through
higher costs for the patient.
The ability for patients, to smoothly allow any healthcare professional to instantly,
and digitally offer medical advice/review their treatment, is an urgent necessity.
Late Diagnosis of Conditions
There is far too much dependency on a single doctor to attentively keep track of
your health development. The early detection and diagnosis of conditions is solely
reliant on a healthcare professional to not make an error, and for them to analyse
all your medical history accurately.
Unfortunately, doctors are prone to errors, just like any human, and due to the
overload of work they’re responsible for, it’s hard for them to offer preferential
care. The shift in reliance of Artificial Intelligence would take a significant burden
off the doctor’s responsibilities, by analysing patterns in your data for you, and
identifying any irregularities. Late‐stage diagnosis is also linked to significantly
higher medical expenses; today both problems co‐exist.
Burdening Healthcare Budgets
The excessive funding for administrative costs is required in the current system due
to the complicated audit trail, and paper‐based processes. In the UK, NHS Hospitals
spend 15% of their budget on admin costs. This figure is even higher in the USA at
a shocking 25% rate. 11 This means that an abnormally large proportion of funding
is fuelling these digitally unevolved processes.
A more intelligent, digital system, that can transparently log all interactions of a
patient, including their treatment needs to be implemented. This development of
the healthcare system will not only reduce misused labour, it will minimize
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misdirected expenses, and help direct funding in areas which are desperately
needed, such as the discovery of new medicines, and increasing the number of
trained doctors.
Security of your Data
The protection of confidential patient data has been a substantial problem over the
recent years. The issue has arisen from the growing trend in value of medical data,
making it a target for cyber criminals. Today, medical data has been estimated to
be even more valuable than credit card details and social security information. 12
This means that hackers are going to further extents to obtain this valuable
information. In May 2017, the UK’s NHS was attacked, and vital medical
information was compromised. Approximately 19,000 appointments, including
operations, were affected. 13 The security standards of data protection and privacy
are often not at all close to the level to which it should be.
The implementation of cryptographic encryption that Pharmeum is using, would
be able to provide a state‐of‐the‐art privacy of patient’s medical data. This is one
of the greatest applications of Blockchain technology in healthcare. As the
demand for your valuable medical data is increasing, the need of this technology
will eventually become inevitable.
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6.0 Pharmeum’s Solutions
Pharmeum’s cutting‐edge health platform efficiently streamlines the
communication and trust between patients, doctors, and pharmacies. Pharmeum
will be using a private, permissioned Blockchain to create a compliant, secure,
private health network.
The patient has the absolute ability to decide who they wish to share their
information with, they are in complete control. Patients will be able to share their
account with their doctor of choice through encrypted private channels. The
doctor, who will have user ID access, can digitally sign and add tamper‐proof
medical information (e.g. Prescriptions) to the patient’s ledger.
The patients account records all their interactions with doctors in an immutable
log, along with their core medical information (such as Blood Type). Patients will be
able to see a selection of nearby pharmacies, and make their decision based on
proximity, price of medication, and delivery services.
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By presenting this information in front of the patient, they can make an informed
decision and receive medicine in a truly frictionless way. Patients will have the
ability to share their medical information instantly with other doctors within the
Pharmeum eco‐system, to receive the most appropriate care.
The patient benefits from a far more private, affordable, and digital system,
ensuring that they are receiving the best healthcare at the fairest price. Patients
will be able to access their medical information to receive healthcare globally,
simply through the click of a button, because both doctors and pharmacies can
recognize the information to be unalterable and genuine. The entire patient’s
medication history will run over an intelligent neural network.
Patients benefit from more affordable healthcare, as they will be able to compare
medicine prices within the Pharmeum patient application. They will also be able to
access generic medicines, which contain the exact same active ingredient, but at a
far cheaper price than branded medication.
Paying for medication with or without insurance, is made more efficient by using
smart contracts. Patients can obtain medication through less steps, as the smart
contracts used in the Pharmeum platform, automate payment procedures in a
near‐instant transaction.
Pharmeum will be using fuzzy logic (AI) algorithms to analyse patterns in a patient’s
health development. This innovative solution will create an artificial, focused track
of your health development, identifying serious medical irregularities in your data
at an earlier stage.
It uses a constantly developing algorithm that tracks the progress of a patient’s
health and will be able to identify unusual medical errors before it’s too late. This
AI algorithm can be used by patients themselves, or by clinics/hospitals who can
implement it on behalf of all their patients.
As an example, the use of AI algorithms to prevent the development of antibiotic‐
resistance is incredibly useful. By constantly monitoring antibiotic prescribing,
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dosages, and frequencies, trends emerge. Up until now, the amount of medical
data to analyse is enormous, and cannot be done by standard methods.
For AI to work effectively, it requires a non‐fragmented, freely flowing data
structure, which the Blockchain allows, thereby creating the perfect combination.
By obtaining patients medication history in an immutable form, and by using high‐
processing AI, large amounts of data‐points can be fed into the algorithm. The
algorithm will increase in accuracy until it is able to detect patterns with enough
accuracy. Effectively, it will monitor your health at every step of the way, offering
insights and predictions based on your history.
The combined use of immutable medical data on the Blockchain with Artificial
Intelligence provides a previously unparalleled approach to the substantial issues
in healthcare today, such as life‐threatening mistakes made by healthcare
practitioners.
By digitising many of the current admin‐based work carried out by doctors and
pharmacists, more time is available for patient‐focused care. Much of their roles
will be augmented in a trust‐less manner. Potential signs and patterns in the
medication history of the patient will be able to be flagged to the doctor, saving
them time and minimizing a potential human‐based error.
Less time spent on automated tasks, saves time and money.
This leads to a ripple‐effect in which every segment of the industry will improve
over time, due to better funding allocation. Where empowered patients fulfil
medication at their own will, and hospitals are performing significantly less admin
work.
“The UK government has announced to be at the forefront
of adopting AI within healthcare by 2030.”
Forbes, 2018
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7.0 Case Studies
Pharmeum has direct benefits to the all members of the healthcare system. We
have presented examples of how each participant will benefit from using the
Pharmeum platform in the following real‐life case studies.
Firstly, Dr Jones, a GP on the frontline of the National Health Service. Dr Jones must
see many patients daily, and for most of them he must write prescriptions to treat
their diseases and illnesses. In addition to these tasks, Dr Jones alone must
authorise 10’s of patients’ repeat medicine scripts per day, often whilst completing
other tasks at the same time. Being able to transfer a secure medical e‐prescription
directly to the patient instantly, saves him valuable time.
The AI technology central to the Pharmeum platform will aid Dr Jones while he is
prescribing and authorising medication by constantly scanning and highlighting
cases of risky prescribing or potential errors.
By flagging them, Dr Jones has a second chance to review the prescribing without
undermining his autonomy and reducing potential dangerous prescribing errors.
Secondly, we have Mrs Smith, a patient with multiple chronic conditions who relies
on her local GP surgery for her regular repeat medication. Her prescription has
been unchanged for the past 6 months, and she is not due for a review for a while.
Yet she still finds difficulty in being able to collect her prescription from her local
pharmacy due to them not receiving it from her GP surgery. When she asks why
she’s still waiting, she is passed from pharmacy to surgery with no acceptable
reason apart from bureaucracy and workload problems for the delay in supplying
her required medicines. When the pharmacy does have her prescription, she must
contend with stock issues due to pharmacy wholesalers.
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With Pharmeum, Mrs Smith will have a clear application where she can request her
medicines and digitally receive her prescription from the doctor. Which can then
be easily transferred to a pharmacy that she can be sure has her products in stock.
She can now request her medicine, and have it delivered to her simply through the
Pharmeum mobile app. Saving her time and hassle.
Lastly, Mr Chen, a pharmacist who has been managing a community pharmacy for
the past 4 years. Mr Chen has regularly found himself under pressure to serve
customers waiting in the store simply because they could not digitally send their
prescriptions to his pharmacy.
This is in addition to the 100’s of patients on repeat medication who rely on him to
contact the GP on their behalf to request repeat medicines.
With Pharmeum, patients are empowered to take control of their medication and
send it to the most convenient pharmacy instantly. Allowing Mr Chen to focus more
on the patients who require his attention to deal with issues with their medication
and conditions, instead of wasting that time on admin tasks.
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8.0 Technical Architecture
Pharmeum’s technical architecture sufficiently meets more than the scalability and
security requirements for our use‐case. The system uses both an on‐chain
(Hyperledger) and off‐chain (NoSQL) integration. Due to the immutability of
Blockchain, if all the patient’s data is solely stored on‐chain, there may be
confliction with the rules set forth in GDPR. Compliance with GDPR requires
anonymization of patient’s information upon request, which is not possible if the
entire architecture is built using only Blockchain.
In our system, all interactions with the patient are recorded as transactions. The
log of these transactions builds up a comprehensive medication history. The access
to this data is confidential, and only accessible once the patient grants permission
to their private channel. The aim of Pharmeum’s architecture is to be minimally
disruptive to the existing infrastructures in place, and instead; improve upon it.
This is the most effective way to achieve realistic, accelerated adoption.
It’s important to note, that all the complex architecture will be running in the
background of a mobile/web app, without the patient needing any prior knowledge
of Blockchain technology.
Our choice of Blockchain was Hyperledger Fabric, which is an enterprise‐grade
platform, that allows us to facilitate private transactions between each party
involved. The Hyperledger framework has been highly contributed to by IBM and
the Linux Foundation.
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Overview of the System
Pharmeum’s platform will use the latest form of DLT and smart contracts, which
will run in the background. On the surface, there will be a simple interface for the
end‐user. Therefore, each participant will be able to use the platform, without
necessarily needing to understand Blockchain technology. To appeal to the masses,
and reach true adoption, this is an innovative approach in Pharmeum’s strategy.
Below, is an overview of the Pharmeum system, and the roles each participant in
the network will have. Many of the processes will be automated using smart
contracts, when the desired requirements are fulfilled. For example, when the
patient pays using PHRM tokens, and the pharmacy verifies this, the medicine
transaction can be instantly added to the patient’s ledger, and the entire
interaction is recorded, available for auditing etc, with no manual work needed.
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Participants Roles
Patient Control of their own medical data, and can provide access to this information to only those that they wish
Hold prescriptions received from doctors
Send PHRM tokens to pay for treatment/medicine
Exchange their anonymised medical data to researchers
Doctor Issue prescriptions
Access patient’s medication history if permitted
Pharmacy Issue medicine
Receive payment in PHRM
Access previous medication history of their patient
Regulator Audit the pharmacy and doctor’s prescribing behaviour / history
By using Hyperledger Fabric’s permissioned model of Blockchain, every participant
within the network will be known (doctors/patients). Only those who have been
issued a unique certificate can become authorised to participate in the network.
To meet GDPR requirements, only medical data will be stored in Hyperledger Fabric
(on‐chain). The personally identifiable data, such as name/address/age, will be
stored in an encrypted NoSQL such as MongoDB (off‐chain). The data within the
NoSQL database can only be decrypted using the patient’s encryption key, via the
Pharmeum API.
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Each patient’s unique public key will be stored in the NoSQL database. The
Pharmeum API will facilitate a read request transaction, which will be signed for
using the patients private key. The indexed personal data on NoSQL will be
decrypted and paired with the medical data stored on‐chain.
We will be using Kafka as our consensus mechanism. Kafka acts as an append‐only,
crash fault‐tolerant, horizontally‐scalable, commit log.
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Defined Assets in Hyperledger Fabric
Any action that occurs on the network is recorded in the Blockchain. Hyperledger
Fabric provides confidentiality of every transaction. The main asset in the network
is PHRM tokens, other assets; such as prescriptions and medicines, can be
transacted with PHRM tokens.
Doctor and Patient Interaction
To create a confidential interaction between the patient and doctor, a new closed
channel is created. No one can join this channel without invitation from the patient.
When other specialists are providing treatment advice, they can be added to the
channel by the permission of the patient, as they are in control.
The whole logic of the patient's and doctor's interaction is created in a smart
contract called a chaincode. By using chaincode, the patient can give the doctor
access to his medical data. After this action the doctor can see all the medication
history of the patient, in an immutable, tamper‐proof log.
When the doctor wants to issue a digital prescription, he/she seamlessly generates
a unique asset token within Hyperledger, representing the prescription
information, which is transacted to the patient’s ledger. The chaincode will update
the medication history in the main channel. This will provide metadata about the
doctor that issued the prescription, which channel it was in, transaction ID etc. The
interaction is recorded on the Blockchain, and accessible through the patients
synchronized ledger.
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Patient and Pharmacy Interaction
When the patient selects the pharmacy/medication based on the options
presented, the chosen pharmacy is added to a private channel. The pharmacy can
verify the prescription token and observe the decrypted metadata for the
transaction.
The patient then pays for the medication using PHRM tokens. When the pharmacy
checks that everything is in order, a smart contract issues a unique medicine asset
token, which is exchanged for the PHRM token.
Once this transaction has taken place, the asset tokens are automatically destroyed
through a token‐burn. The record of the tokens is recorded and easily used for an
audit trail due to the comprehensive track of the information.
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All medical information will be stored in a JSON format. Due the use‐case being
primarily medication data, and not entire medical records, scalability on the
Blockchain can be readily accomplished. By assuming each transaction on the log
consists of ~200 bytes of information, based on the expected 1000 tps of the
network, there will not be any data storage problems per node.
Anonymization of Patient Data to Researchers - (Earning PHRM)
Pharmeum will allow any patient the ability to exchange their data for profit. By
verifying the data as true, using the Blockchain’s immutability, the exchange of data
can be done in a trust less, efficient, easy manner.
The core principle of sharing data to third parties is true anonymisation of the data.
This protects the patient’s privacy, whilst allowing them to benefit from monetizing
their data to researchers, in exchange for PHRM tokens.
The research organisation will be able to send an exchange proposal to the
Pharmeum API. If the user accepts the proposal, he/she earns PHRM tokens in
exchange for their anonymised data. No personal information will be transacted.
To facilitate this transfer anonymously, we will be using zero‐knowledge proof
transactions (ZKP) through Identity Mixer. By using this technology, we can verify
small segments of the data without revealing the entire set of information.
By using ZKP’s, it is possible to achieve the following two outcomes:
1) Anonymous authorization by the patient using Identity Mixer
2) Privacy of data
Identity Mixer enables us to provide medical data over the network without the
ability to track who sent the data. Allowing a private, confidential transfer of
information, in exchange for a token reward. Thereby allowing you to unlock the
monetary value of your data, in exchange for contributing to vital research.
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9.0 Benefits of our Blockchain Architecture
By using a private Blockchain, we can safely allow patients to control the access of
their information anywhere in the world, in a way that can be trusted.
Immutability – Due to the append‐only function of the ordering system, no data
can be changed once it is timestamped in a block. This creates the ability to produce
a set of information that can never be altered and exist indefinitely. In terms of
trust, it allows all stakeholders in the healthcare system to benefit from a tamper‐
proof data format. In addition to this, due to the immutable form of the data log,
all information can be efficiently used for audit trails to regulatory bodies.
Privacy – By allowing only a patient‐controlled access of data, privacy can be
guaranteed. Using private, encrypted channels, allows for a confidential transfer of
medication data between doctors, patients and pharmacies. This builds upon the
current infrastructure which is limited by barriers of inefficiency and
communication between all participants. A transportable, private form of
medication data benefits everybody.
Efficiency – A system which is oriented around the patients synchronized ledger,
eliminates the multiple forms of data structures used today by healthcare experts.
This means that patients will not be confined to their country’s IT healthcare
system, and instead, own all their data and have instant access to it globally.
By eliminating many of the processes between doctors, patients, and pharmacies,
through smart contracts, more time is available to spend on patient care.
Compliance – Due to the integration of an on‐chain and off‐chain architecture, we
will not be vulnerable to any future data regulations. If a single Blockchain was
used, and there were any future changes in patient data regulations, it would cause
problems in anonymization. To prevent any problems like this arising, our system
is designed to withstand any future regulations.
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10.0 Roadmap
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10.0 Roadmap
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11.0 Token Usage
It’s widely known that across the Blockchain space, the true utility of many tokens
is often lacking. We aim to have a functional MVP and utility of the PHRM token
close to our ICO stage, which will create a legitimate use of the token once
distributed.
The PHRM token will be the native ERC‐20 token powering the Pharmeum eco‐
system. They will be the currency to pay for affordable medication through the
Pharmeum platform. The tokens add an efficient execution of the payment smart‐
contract with the Pharmacies asset token. It is a key part of the functionality of the
platform.
1) PHRM tokens were created to solve the border‐limiting issues associated with
fiat currency in paying for medication anywhere in the world. PHRM tokens will act
as true utility within the healthcare industry, by being the preferred currency
choice of patients.
2) Patients will be able to comfortably hold the tokens within the mobile app, via
an integrated wallet function. We will be focusing on the simplicity of using PHRM
tokens for payment. Thereby enabling a mainstream ability to transact the tokens
with ease.
Therefore, we will simplify the process of using the native token by allowing for in‐
app purchasing of tokens in bulk amounts and stored securely within the app’s
wallet. This will effectively increase the number of token‐holders in the real world.
3) All transactions of the Pharmeum neural network will function using PHRM
tokens. Clinics and Hospitals will be able to purchase the tokens to utilize the
intelligent algorithms for their patients. We expect this to be a suitable expectation,
32
because Pharmeum’s Blockchain and AI integration minimizes the incidence of
mistakes, which can in turn cost them greatly.
4) To pay for second diagnosis/opinions of experts within the Pharmeum network,
by transacting the Blockchain‐based medication data.
By seamlessly connecting patients with healthcare experts, everyone will be able
to get confirmation on their treatment plan by the best in the field. This will all be
facilitated digitally, through the Pharmeum platform.
5) To earn tokens, patients can share and monetize their medication data with
researchers. As of right now, patient data is already sold to research companies,
without the patient benefiting at all.
However, through our platform, patients will be able to earn PHRM tokens for
sharing their anonymized information securely. Thereby allowing them the option
to be rewarded with PHRM tokens for sharing their data, in exchange for
contributing to research development.
33
12.0 Business Model
To sustain the progress of Pharmeum’s development into the far future, a solid
business‐plan is incredibly important.
By offering patients a free user‐based platform, the preference to using Pharmeum
will be far higher than any other system. This is backed by the market research that
we have conducted in 2017, listing the unprecedented features that Pharmeum
will offer the patient, and the high level of interest that we’ve received.
Therefore, we will be able to create a profitable market for pharmacies to offer the
best level of care for the limited supply of patient’s prescriptions. Pharmacies make
commission on each medicine they fulfil, and by using the Pharmeum system there
will be a highly attractive market for them to generate revenue.
Therefore, we will charge a small percentage commission upon each prescription
facilitated by the Pharmeum network. Thereby, fuelling longevity in the Pharmeum
eco‐system.
Furthermore, Pharmacies and Doctors benefit financially through other routes,
such as the minimisation of costly admin‐based work through digitisation.
Pharmeum’s commission is minimal compared to the generated revenue, and
minimised expenses for all healthcare organisations, by using the platform.
Therefore, it’s a clear, logical benefit to all participants.
34
13.0 USP’s of Pharmeum
It has been recently realised that both Blockchain and AI are inevitably going to
change the healthcare that we know today, forever.
Pharmeum’s vision of the future is based on the understanding that sustainable
healthcare is going to become even more important over the coming years, and the
solution to the weaknesses we’re facing today, is the adoption of the latest
technology.
Pharmeum will be the world’s first to use a permissioned Blockchain to transact
medical data, and digital prescriptions. Making it a unique project, with a great
market need. The philosophy that Pharmeum believes in, is to solve real impacting
problems, that we can all relate to.
With a working product already in use by Pharmacies today, Pharmeum is well
ahead of the competition in delivering real solutions. To have BluePatient trailed
and adopted is a great achievement in advancing the industry.
The team that are bringing Pharmeum to life, all strongly believe in the vision of a
digitised healthcare. We all share a common faith, that patient‐centricity, and
patient empowerment, are the two most fundamentally core elements for an
advanced system to succeed.
The project is on track to have the MVP product created, before the TGE of the
PHRM ICO. The reasons for this are two‐fold; firstly, it is a more legitimate approach
to create a positive community behind the project. Secondly, the Pharmeum
products are urgently in demand today.
Pharmeum is in the process of achieving complete regulatory approval for the
PHRM ICO by the Malta government, in order to protect our investors interests
and to ensure complete transparency.
35
13.0 USP’s of Pharmeum
The Pharmeum eco‐system will be using the latest technological advancements to
bring patient‐centricity to life.
Patients
A cutting‐edge healthcare platform which is free for patients to use will create a
large demand in the patient community.
Patients will be incentivised to join the platform through the ability to receive more
affordable treatment and experience the prescription – medicine process in far less
steps. Paying for medicine is streamlined through a mobile app.
Patients will also be rewarded through other means, such as being able to earn
tokens for monetising their data.
Doctors
Being able to use sophisticated technology to ensure that admin work is minimised,
and efficiency is enhanced, benefits Doctors greatly. Less time wasted on writing
prescriptions and leaving room for potential errors, as well as knowing your
patients are getting the fairest treatment, is truly unprecedented.
Pharmacies
Using Pharmeum would enable Pharmacies to increase their revenue through a fast
transfer of prescription orders sent directly to them.
Instead of wasting time in obtaining prescriptions manually, Pharmacists will have
e‐prescriptions sent directly to them, allowing them to maximise productivity.
Regulators
Regulatory bodies will benefit from having access to a comprehensive, log of
medical transactions. Making auditing and other checks significantly less time‐
consuming and complicated.
36
14.0 Token Metrics (PHRM)
PHRM supply: 750,000,000
Ticker code: PHRM
Decimals: 18
Token Distribution
Pharmeum will issue 750 Million PHRM (ERC‐20) tokens to be used across the
Pharmeum healthcare eco‐system. The issuance of PHRM tokens will be via both
pre‐sale and public sales. The tokens will be generated and distributed once they
are able to be used in a Pharmeum product, to ensure a solid utility of the token.
Out of these 750 million tokens:
• 55% will be offered in the pre‐sale and public ICO
• 24% will be used for the adoption of the eco‐system (including supporting node
holders)
• 20% will be vested in the team for 2 years, and allocated to strategic partners
• 1% will be used for marketing, including a bounty program
37
15.0 References
1 – British Medical Journal – https://www.bmj.com/content/353/bmj.i2139
2 – Mordor Intelligence ‐ https://www.mordorintelligence.com/industry‐
reports/global‐e‐prescribing‐market‐industry
3 – Deloitte ‐
https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Life‐
Sciences‐Health‐Care/gx‐lshc‐2017‐health‐care‐outlook‐infographic.pdf
4 – Wall Street Journal – https://www.wsj.com/articles/why‐americans‐spend‐so‐
much‐on‐health‐carein‐12‐charts‐1533047243
5 – Health IT Outcomes ‐ https://www.healthitoutcomes.com/doc/the‐high‐cost‐
of‐medication‐errors‐0001
6 – NHS ‐ https://www.nhsbsa.nhs.uk/pharmacies‐gp‐practices‐and‐appliance‐
contractors/payments‐and‐pricing/how‐we‐process‐prescriptions
7 – Statista ‐ https://www.statista.com/statistics/309387/global‐total‐
prescription‐drug‐revenue‐projection/
8 – Bloomberg ‐ https://www.bloomberg.com/graphics/2018‐drug‐price‐index/
9 – Forbes ‐ https://www.forbes.com/sites/joshuacohen/2018/06/08/amazon‐
could‐still‐disrupt‐the‐prescription‐drug‐market/#30dff1862035
10 – World Health Organisation ‐ http://www.euro.who.int/en/health‐
topics/Health‐systems/patient‐safety/data‐and‐statistics
11 – BBC ‐ https://www.bbc.co.uk/news/health‐37715399
12 – CIO ‐ https://www.cio.com.au/article/644161/medical‐data‐more‐valuable‐
hackers‐than‐credit‐information/
13 – BBC ‐ https://www.bbc.co.uk/news/technology‐41753022
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