Of concern in this paper is a problem motivated towards studying the influence of slip velocity on heat and mass transfer in the unsteady flow of blood through a porous vessel, when the lumen of the vessel has turned into a porous structure with internal heat generation or absorption in the presence of chemical reaction. It is assumed that the influence of a uniform magnetic field acts normal to the flow and the permeability of the porous medium fluctuates with time. The suction velocity is also taken to be oscillates periodically. The problem is solved numerically by using Crank-Nicolson scheme. The computational results are presented graphically for the velocity, temperature and concentration distribution as well as the variation of skin-friction co-efficient, Nusselt number and Sherwood number for various values of the parameters involved in this analysis. The study reveals that the flow is appreciably influenced by the presence of a magnetic field and slip velocity.