What happened?
Wellgistics Health is launching an XRP Ledger-based payment system across thousands of pharmacies in the United States. This marks a significant blockchain deployment within the healthcare industry, aimed at streamlining payments and reducing costs for pharmacies. Despite this innovative move, Wellgistics’ shares have seen a significant decline since their IPO.
Who does this affect?
The initiative affects over 6,500 pharmacies and 200 manufacturers connected with Wellgistics, enabling them to benefit from instant, low-cost settlements. It targets independent pharmacies that often face banking delays and high credit card fees. The rollout also plans to expand to include manufacturers and potentially direct-to-patient programs in the future.
Why does this matter?
This development is crucial for the pharmaceutical market as it introduces a new level of efficiency and cost-effectiveness in transactions. By leveraging blockchain technology, the market could see reduced operation costs and improved financial liquidity. It signals growing confidence in blockchain solutions within traditional industries, despite Wellgistics’ current stock performance challenges.