Medicalchain Company Profile

Background

Overview

Medicalchain is a UK-based health technology company founded in 2016, specializing in the development of a decentralized platform that enables secure, fast, and transparent exchange and usage of medical data. The company leverages blockchain technology to address challenges related to data availability and interoperability in the healthcare sector. By digitizing health records, Medicalchain empowers patients with full control over their health data, ensuring privacy and auditability. The platform's commitment to open health data standards is reflected in its adoption of OpenEHR and HL7 FHIR protocols.

Mission and Vision

Medicalchain's mission is to revolutionize healthcare by providing a secure and efficient method for storing and sharing electronic health records, thereby enhancing patient care and data accessibility. The company's vision is to create a global health data ecosystem where patients have ownership and control over their health information, facilitating seamless collaboration among healthcare providers and researchers.

Industry Significance

In an era where data breaches and fragmented health records are prevalent, Medicalchain's innovative approach offers a promising solution to enhance data security and interoperability. By integrating blockchain technology, the company addresses critical issues in healthcare data management, positioning itself as a significant player in the health tech industry.

Key Strategic Focus

Core Objectives

Patient Empowerment: Enable patients to have full control over their health data, ensuring privacy and security.

Data Interoperability: Facilitate seamless sharing of health information among healthcare providers, researchers, and patients.

Blockchain Integration: Utilize blockchain technology to create an immutable and transparent record of health data transactions.

Areas of Specialization

Electronic Health Records (EHR): Developing secure and interoperable EHR systems.

Telemedicine Solutions: Providing platforms for remote consultations and healthcare services.

Health Data Marketplaces: Creating ecosystems for the exchange and utilization of health data.

Key Technologies Utilized

Blockchain Technology: Ensures secure, transparent, and immutable records of health data transactions.

OpenEHR and HL7 FHIR Standards: Promote interoperability and standardization in health data management.

Primary Markets Targeted

Healthcare Providers: Hospitals, clinics, and general practitioners seeking secure and efficient health data management solutions.

Patients: Individuals desiring control and access to their health information.

Researchers: Entities requiring access to anonymized health data for studies and analysis.

Financials and Funding

Funding History

Medicalchain has raised a total of $24 million through two funding rounds:

1. Initial Coin Offering (ICO): In February 2018, the company conducted an ICO, raising $24 million.

2. Venture Round: In September 2017, Medicalchain secured additional funding from BlockVC.

Utilization of Capital

The funds raised have been allocated towards:

Product Development: Enhancing the MyClinic platform and integrating blockchain technology into health data management systems.

Market Expansion: Establishing partnerships with healthcare providers and expanding the user base.

Regulatory Compliance: Ensuring adherence to healthcare regulations and standards.

Pipeline Development

Key Pipeline Candidates

MyClinic Platform: A telemedicine application that connects patients with healthcare professionals through secure video consultations. The platform has been adopted by over 1,000 doctors, including NHS users, and is utilized across various medical specialties.

Health Passport: An upcoming feature that will allow patients to access their health data in one place, through a mobile app or web browser. The Health Passport will include patient-reported outcomes, health questionnaires, and auditing on the blockchain.

Stages of Development

MyClinic Platform: Operational and expanding internationally, with significant user growth and adoption.

Health Passport: In development, with features such as patient-reported outcomes and health questionnaires being integrated.

Target Conditions

MyClinic Platform: Applicable across various medical specialties, including dermatology, physiotherapy, and mental health.

Health Passport: Designed to provide comprehensive health data access for all patients.

Anticipated Milestones

MyClinic Platform: Continued international expansion and integration with additional healthcare providers.

Health Passport: Expected to launch with full functionality, including blockchain-based auditing and health questionnaires.

Technological Platform and Innovation

Proprietary Technologies

Dual Blockchain Structure: Utilizes both Hyperledger Fabric for secure health data storage and Ethereum for smart contracts, ensuring privacy and auditability.

Significant Scientific Methods

OpenEHR and HL7 FHIR Standards: Adoption of these standards promotes interoperability and standardization in health data management.

Leadership Team

Executive Profiles

Dr. Abdullah Albeyatti – Chief Executive Officer (CEO): A medical doctor with a background in surgical training and general practice. He co-founded Medicalchain in 2016, aiming to address inefficiencies in the UK National Health Service through innovative solutions.

Mo Tayeb – Chief Operating Officer (COO): Holds a degree in e-commerce from Brunel University and an Executive MBA from the University of Oxford. With experience in technology and finance, he co-founded Medicalchain and has played a pivotal role in its development.

Key Contributions

Dr. Abdullah Albeyatti: Led the development of Medicalchain's platform, focusing on integrating blockchain technology into healthcare data management.

Mo Tayeb: Oversees operations, leveraging his expertise to drive the company's growth and strategic initiatives.

Competitor Profile

Market Insights and Dynamics

The healthcare technology sector is experiencing rapid growth, with increasing adoption of digital health solutions and blockchain technology. The market is characterized by a focus on data security, interoperability, and patient empowerment.

Competitor Analysis

Medicalchain faces competition from several companies in the health tech and blockchain sectors, including:

Medchart: Offers a platform for secure sharing of medical records.

Hashed Health: Focuses on blockchain solutions for healthcare interoperability.

PocketHealth: Provides a platform for patients to access and share their medical imaging.

Strategic Collaborations and Partnerships

Medicalchain has established significant partnerships to enhance its offerings:

Mayo Clinic: Collaborated to pilot blockchain-based health data solutions.

Better by Marand: Partnered to develop the MyClinic.com telemedicine application.

Operational Insights

Medicalchain differentiates itself through its dual blockchain approach, ensuring both security and transparency in health data management. The company's focus on patient empowerment and adherence to open standards positions it uniquely in the market.

Strategic Opportunities and Future Directions

Medicalchain aims to expand its platform's capabilities, integrate with additional healthcare providers, and enhance its data marketplace. The company is exploring opportunities to collaborate with pharmaceutical companies and research institutions to further leverage its health data ecosystem.