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Wellgistics launches the XRP payment program for retail pharmacies in the United States
Thousands of pharmacies in America can now pay for prescription drugs using cryptocurrency through the new blockchain system operating on the XRP Ledger of Ripple.
This system was developed by Wellgistics Health — a distributor of prescription drugs and a provider of electronic prescription routing services for over 6,500 pharmacies — in collaboration with the pharmaceutical software company RxERP. According to the parties involved, the system allows pharmacies to pay for products and transfer money while recording all transactions on the XRP Ledger, providing an alternative solution to traditional bank transfers in wholesale drug transactions.
Wellgistics CEO Brian Norton stated that independent pharmacy owners are "very perceptive" and recognize the breakthrough potential of blockchain. The system complies with healthcare and financial regulations, including HIPAA and anti-money laundering laws (AML).
The healthcare industry is gradually adopting blockchain from 2023, with the global market expected to reach 214.86 billion USD by 2030, opening up potential for cost reduction and increased efficiency, but still facing challenges regarding data privacy.