Wellgistics Health Inc (NASDAQ: WGRX), the leading independent pharmacy distributor, announced on Wednesday the launch of an XRP payment program for pharmacies across the US. The new program will enable pharmacies to make payments leveraging blockchain technology in collaboration with Ripple Labs. The medical pharmacy industry usually takes days to settle invoices through the traditional method of bank transfers.
With the help of blockchain technology, Ripple will power Wellgistics Health to settle payments in seconds through XRP transfers. Ripple will handle onboarding, transactions, and reporting, making payments faster with lower transactional fees. Wellgistics Health serves over 6,500 independent pharmacies under its wing, with an additional 200 medicine manufacturers.
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“Independent pharmacy owners are far more forward-thinking than many realize,” said Brian Norton, CEO of Wellgistics Health. “They see the power of blockchain and understand how transformative this will be as it scales across the industry.” Wellgistics Health has also sent out enrollment forms to pharmacies that want to be a part of the XRP payment program.
XRP Enters the Pharma Industry Through Wellgistics Health Inc
The payment program has not gone fully live across Wellgistics Health’s systems. It is still in beta mode, facilitating intermediate transactions between pharmacies, medicine manufacturers, and distributors. The 24/7 availability of the payment option would roll out after the onboarding process and training of other pharmacies.
After the transactions are streamlined, Wellgistics Health plans to launch XRP payments for direct-to-patient programs. This would allow manufacturers to ship medications directly to patients without intermediaries after receiving prescriptions from their physicians. The plan is yet to roll out and could go live in the distant future.
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“Wellgistics Health is pioneering the use of XRP in healthcare to eliminate costly delays, middlemen, and manual workflows — bringing real-time payments and compliance to pharmacies, providers, and payers,” read their report.
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