Seeking medical attention and performing routine, annual health check-ups traditionally require us to be physically present at a hospital or with healthcare professionals. However, innovation in technology in healthcare has enabled a variety of options beyond our physical presence and traditional healthcare.

Covid-19 brought to light the need for a more mobile and accessible healthcare system, and accelerated the development and innovation of technology to cater to those emerging needs. As a response to these needs, investment and research and development in the field shifted drastically to more modernized approaches and solutions in healthcare. According to Statista, the first quarter of 2021 saw large investments globally being made in telehealth ($4.1 billion), wellness ($1.7 billion), and mobile health apps ($1.6 billion). The rise in telehealth requires refined telecommunication methods to ensure transparent storing and exchange of patient records and of the results of their meetings with doctors and nurses.

Keeping and exchanging patient records in the healthcare industry is receiving a substantial upgrade with the inclusion of blockchain technology. Blockchain applications provide greater capacity for improved accuracy and risk mitigation within the industry, helping healthcare professionals and patients by keeping procedures and diagnoses transparent and available for all stakeholders.

Blockchain in healthcare is experiencing significant growth, according to Precedent Research, noting that “the global blockchain in healthcare market size was accounted at $0.76 billion in 2022 and it is expected to reach around $14.25 billion by 2032.”

There are various benefits to technologically upgrading healthcare systems, especially with the adoption of blockchain solutions. A C-Suite Healthcare Executive Leader and board member at Johns Hopkins School of Medicine, Anita Gupta, highlighted the core purposes of modernizing healthcare, “the massive amounts of data produced by sensors, apps and wearables can be used to monitor patients and their environments to make healthcare more accessible, affordable, and efficient.”

The healthcare industry in Cyprus has begun its adoption of blockchain applications with startups such as Aria Health, and within private hospitals, to improve the way professionals in the medical sector exchange and store medical records, as well as reshaping how information is exchanged between stakeholders.

Accessing medical health records and lab results in Cyprus can, at times, be a nightmarish process. An OECD report in 2021 indicates that access to healthcare in Cyprus was amongst the lowest in the EU, indicating that 49% of citizens were encouraged to access care by telephone in the first 12 months of the pandemic, a rate that is 10% higher than the EU average. The core solution to this is modernizing the public healthcare systems through digital transformation processes.

In a digital transformation effort of the healthcare system in Cyprus, the Mediterranean Hospital of Cyprus, as part of the island’s General Healthcare System (GHS), has turned to blockchain solutions. I-Dante, a Cyprus based technological solutions company, together with VeChain, a blockchain platform that encourages innovation for the betterment of solutions to society's needs, developed a platform titled, E-NewHealthLife. Additionally, an application developed to help track vaccination certificates and lab tests through VeChain’s blockchain towards the tail-end of 2020, the E-HCert app enables the Mediterranean Hospital of Cyprus to facilitate steps towards its digital transformation.

One of Nicosia’s state-of-the-art private hospitals, Aretaeio, also adopted the E-HCert application to improve data storage and information exchange. Aretaeio’s news page noted that “from January 2021, the E-HCert App will be used by Aretaeio Hospital for all laboratory tests, from COVID-19 to routine blood work, predictably serving over 100,000 people a year.”

By turning to the blockchain, the Mediterranean Hospital of Cyprus and Aretaeio Hospital seek to make the storing and transferring of data within the industry more affordable, and more efficient. Through the use of NFC cards, patients will be able to automatically identify themselves, as well as monitor their queue for consultation on their phones, manage their own medical records, and securely share their data with hospitals. Optimizing efficiency in data storing and transfer is critical in improving communication between patients and professionals; a solution to the concern raised in the OECD’s report.

Another notable effort in the blockchain space is Aria Health. Aria has developed a patient-driven health data platform to empower patients and create a more connected, transparent, and fair health data exchange process. After initial launch in the American Medical Center in 2020, they were certified as an ‘Innovative SME’ by Cyprus’ Ministry of Finance and co-fudned by the European Commission and Research and Innovation Foundation of Cyprus to assist in the pandemic response. In 2022, Aria’s patient app was adopted by Cyprus’ largest private hospital, YGIA Polyclinic, bolstering the app’s capacity for technological innovation and improvement of the private healthcare sector.

As the industry continues to evolve, Aria is now taking their technology to new heights rewarding patients for securely enabling access to their data to advance medical innovations. In 2022, they were selected by Novartis as one of eight European startups to be part of EIT Health’s ChallengeEIT, aiming to increase patient involvement in medical research. This enabled Aria to win international awards including ‘Best Use of Blockchain in Healthcare’, awarded by MedTech World and pitch competitions at the world renowned VivaTech 2023.

Georgina Kyriakoudes, CEO and co-founder of Aria expressed in a conversation with Fast Forward that “Cyprus has fertile soils for digital transformation in healthcare. Its size and forward-thinking nature of its people allows us to bring in revolutionary change which other European countries, and the world, can look to as an example.” However, she continued by highlighting that “there is still work to be done in finding the right talent and gaining access to funding, but persistence and creative solutions are available.”

For entrepreneurs looking to enter the MedTech space, Georgina suggests to "go for it, but be prepared for a long road ahead. While the pandemic has transformed the industry’s attitude to innovation, the sales cycle in the industry is longer than most as making the wrong decision can have serious consequences on people’s well-being. Collaboration is the best way forward, and finding your niche, as it’s a big sector with various problems to tackle."

There are notable efforts being made in Cyprus born from technological innovation to deliver more accurate detection, diagnosis, and treatments, as well as greater mobility within the healthcare industry. To accommodate the emerging needs and trends in the industry, Cyprus has amended their temporary residence and employment permit policy that includes enterprises within the healthcare industry. This amendment further enables the recruitment and employment of non-EU citizens, aiding in sourcing talent with skills including blockchain technology.

Additionally, in the European Commission's Recovery and Resilience Plan is a sum of €133 million to be invested in digitizing Cyprus’ public services, which also involves digital health services and the improvement of healthcare resources and tools. The emerging trend of telehealth, and the rising need for more affordable and accurate systems and solutions has been realized by the Cypriot healthcare industry and professionals alike. With the adoption of blockchain solutions it is safe to say the island is on a path to a digital and technological transformation of its healthcare industry, ensuring the protection of its citizen’s health for years to come. 

When it comes to Cyprus’ specific regulatory efforts on the blockchain, The Legal 500 spoke with Kinanis Law Firm who highlighted that “currently, there is no specific legislation governing the application and use of blockchain per se and therefore, there are no specific rules to be followed or any authorization requirements when applying blockchain technology.” So far, the most evident efforts in regulation of blockchain technology have come from CySEC to outline the framework for Crypto Assets Service Providers (CASPs) focusing on anti-money laundering endeavors.

Noting the adoption of blockchain applications by three distinct, state-of-the-art private hospitals in Cyprus, we may likely see wider use-cases in time to come, revolutionizing the way the medical sector manages patient data and communication. However, this progress in adoption may be halted by the current revocation of the pending blockchain bill known as, “The Distributed Ledger Technology Law”. The Ministry of Finance believes that the bill is not aligned with the island’s current direction on crypto-asset regulation, and in-turn may delay further developments in blockchain technology.

The healthcare industry in Cyprus is evidently taking steps towards a more accessible and reliable future that can cater to the needs of its people. Through the utilization of blockchain technologies and the funding of research projects, Cyprus’ healthcare is modernizing by incorporating emerging technologies managed by highly trained and talented healthcare professionals.