Wellgistics Health launches the first XRP payment program in the pharmaceutical industry, helping to save costs and shorten transaction times.
Healthcare technology company Wellgistics Health Inc. (Nasdaq: WGRX) has made a breakthrough in the pharmaceutical industry by officially launching the XRP Deployment Program on August 13th. This is the first time a healthcare business has applied Ripple Labs' XRP blockchain technology to prescription medication payment systems on a large scale, ushering in a new era for Treasury transactions in the healthcare sector.
This initiative aims to address the long-standing challenges of the pharmaceutical industry regarding payment speed and transaction costs. Instead of waiting through traditional intermediary banks, independent pharmacies can now make payments almost instantly at significantly lower costs. CEO Brian Norton emphasized that independent pharmacy owners have recognized the transformative potential of blockchain technology in optimizing business operations.
The RxERP platform ensures security and compliance.
The program is operated through the RxERP platform – an e-commerce and enterprise resource planning system specialized for the pharmaceutical industry. This platform plays a crucial role in managing the process of integrating pharmacies into the system, executing transactions, and ensuring compliance with strict legal regulations.
In terms of security and compliance, Wellgistics Health asserts that the system meets or exceeds legal standards in the healthcare and financial sectors, including HIPAA and anti-money laundering requirements. COO Tony Madsen stated that while the current phase focuses on optimizing payments for distributors, the long-term vision is to build a completely seamless payment ecosystem for the entire industry.
Future expansion plans include bringing pharmaceutical manufacturers into the system and implementing a direct medication delivery program to patients under medical supervision. Despite concerns about the sustainability of blockchain in healthcare, experts view this as an important step to reduce costs, increase transparency, and enhance operational efficiency for the entire pharmaceutical industry.
