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Wellgistics Health Inc. (WGRX) announced the launch of an XRP-based payment program for independent pharmacies. The program allows pharmacies to make payments using blockchain technology through a partnership with Ripple Labs.
The system enables pharmacies to pay for products and transfer funds with reduced transaction times and fees compared to traditional banking methods. Payments settle within seconds rather than days, according to the company.
The program operates through RxERP, a pharmaceutical enterprise resource planning system that handles onboarding, transactions, and reporting. Wellgistics Health serves more than 6,500 independent pharmacies and over 200 manufacturers nationwide.
"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."
The XRP Payment Program uses the XRP Ledger infrastructure and has been developed to meet healthcare and financial regulatory standards, including HIPAA and anti-money laundering requirements.
Pharmacies can access the beta program through the company’s website. The system provides 24/7 availability and eliminates intermediaries in transactions between pharmacies and distributors.
Following the pharmacy rollout, Wellgistics Health plans to onboard pharmaceutical manufacturers to the platform and launch direct-to-patient programs. These programs would allow manufacturers to ship medications directly to patients’ homes in collaboration with community pharmacies and prescribing physicians.
The information is based on a company press release statement.