Wellgistics Health launches XRP blockchain payment program for pharmacies

TAMPA - Wellgistics Health, Inc. (NASDAQ:WGRX), a $43.56 million market cap healthcare technology company with annual revenues of $28.99 million, announced Wednesday the launch of its XRP Implementation Program that will allow independent pharmacies to use blockchain-based payments for prescription drug transactions.

The program, developed in partnership with RxERP, enables participating pharmacies to process payments instantly with lower fees compared to traditional banking and credit card networks, according to a company press release.

Wellgistics Health, which serves over 6,500 independent pharmacies and more than 200 manufacturers nationwide, stated the blockchain solution settles payments in seconds rather than days and operates continuously without banking delays.

"Independent pharmacy owners are far more forward-thinking than many realize. They see the power of blockchain and understand how transformative this will be as it scales across the industry," said Brian Norton, CEO of Wellgistics Health, in the statement. The company’s stock has declined 81.44% year-to-date, with InvestingPro analysts identifying 8 additional key factors affecting the company’s performance.

The company claims the system has been developed to meet healthcare and financial regulatory standards, including HIPAA and anti-money laundering requirements.

Following the initial pharmacy rollout, Wellgistics plans to expand the program to include pharmaceutical manufacturers and launch direct-to-patient shipping programs.

The XRP Implementation Program utilizes the XRP Ledger technology from Ripple Labs to process transactions. Wellgistics describes itself as among the first healthcare companies to implement an XRP-based payment solution at scale.

Pharmacies can currently enroll in a beta version of the program, according to the company announcement.

In other recent news, Wellgistics Health, Inc. has announced an $8.1 million debt-to-equity conversion, which is expected to strengthen the company’s financial position by reducing its short-term debt obligations. This strategic move was led by CEO Brian Norton and former minority partners of Wellgistics, LLC, a company acquired by Wellgistics Health in 2024. Additionally, the company has made a significant change in its auditing team. The board of directors has dismissed Suri & Co. as the independent registered public accounting firm and appointed UHY LLP as the new auditor. This change comes after Suri & Co.’s audit reports included a note on the company’s ability to continue as a going concern for the fiscal years ending December 31, 2024, and 2023. However, these reports did not contain any adverse opinions or disclaimers. These developments highlight Wellgistics Health’s efforts to enhance its financial stability and auditing oversight.

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