With the modern technological and medical advancements, quality and affordable healthcare services should be a bare minimum. In 2018, the global healthcare market was worth more than $8.45 trillion and was continually growing. With the emergence of the Coronavirus, medicine has gone digital. Now, how can we relate this to decentralized finance (DeFi)? Well, the DeFi landscape is rapidly growing though it is still at its infancy stages with a few applications.
DeFi presents an immense market potential if used correctly in healthcare. The healthcare sector can benefit from DeFi principles, like community-governed, community-funded, transparency, and intermediaries’ elimination.
For instance, the medical device financing and leasing market segment for patients and professionals alone is more than $450 billion per year. However, no one provides a global solution to this need- no financial institutions or government agencies. Therefore, there is a great need, real hunger, and huge growth potential driven by the COVID19 pandemic, the changing healthcare landscape, and its connection with DeFi.
By partnering with medical organizations on projects like the Global Telehealth Exchange and Diabetes Care Network, DeFi projects can address the rising and urgent need to monitor patients who are dispersed globally. And due to that, there is an excellent opportunity to offer a much-needed simple, fast financing solution for medical monitoring devices globally accessible to both physicians and patients.
But the opportunity continues. It is not only medical device financing that would significantly benefit from DeFi. Medical malpractice insurance and drug discovery and research are the other healthcare sectors that will benefit from DeFi.
The Way Forward
Moving forward, decentralized finance should be governed and used in healthcare to bring scalability, sustainability, community-governance, and funding. To realize this, a framework is required for governance, constitution, tokens, pools, and healthcare products, and customers’ financing. Additionally, it should be turned over to the community to scale, grow, and benefit from it.
This will act as a model that functions for physicians and patients and can launch other DeFi projects for healthcare. The overall goal is to make a DeFi standard for healthcare, which can be made available worldwide and solve immediate needs.
DeFi will undeniably help offer better healthcare outcomes for patients worldwide and eliminate barriers to quality healthcare for everyone. DeFi for healthcare is upon us, and the opportunity is available for grabs.
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