Thousands of US pharmacies can now settle prescription drug payments in cryptocurrency through a new blockchain-based system running on Ripple’s XRP Ledger.
The system was developed by Wellgistics Health, a prescription drug distributor and digital prescription routing provider for more than 6,500 pharmacies, in partnership with pharmaceutical software firm RxERP.
According to the companies, the system enables pharmacies to pay for products and move funds, while recording all payments on the XRP Ledger and offering an alternative to traditional bank transfers for wholesale drug purchases.
“Independent pharmacy owners are far more forward-thinking than many realize,” Wellgistics’ CEO Brian Norton said. “They see the power of blockchain and understand how transformative this will be as it scales across the industry.”
Wellgistics says the system meets healthcare and financial rules, including HIPAA privacy requirements and Anti-Money Laundering (AML) laws.
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Healthcare on the blockchain
Blockchain and crypto aren’t necessarily hot topics in healthcare, but the sector has been steadily moving toward real-world adoption since 2023. As Cointelegraph reported, the technology could deliver major efficiencies worldwide, reaching well beyond faster, cheaper payments enabled by crypto and stablecoins.
Grand View Research valued the global blockchain in healthcare market at $7.04 billion in 2023, projecting it to reach $214.86 billion by 2030.
One area where healthcare meets Web3 is decentralized science (DeSci). In a September 2024 interview with Cointelegraph, Alex Dobrin of VitaDAO — a collective focused on extending human lifespans — said DeSci can cut costs and accelerate drug development through more efficient capital use.
Asher Looi, co-founder of blockchain and AI diagnostics firm BitDoctor.ai, noted that decentralized models could streamline clinical trials.
This potential is also reflected in related markets. The decentralized clinical trials segment, for example, is forecast to grow from $8.3 billion in 2023 to about $33 billion by 2033, according to a Market.us report.
Despite the adoption, blockchain in healthcare still faces major roadblocks. Germany’s government-backed blockchain healthcare pilots have stalled in 2024, mainly due to strict data privacy rules under Europe’s General Data Protection Regulation (GDPR).
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Healthcare treasury companies on the rise
Several healthcare entities have added digital assets to their corporate treasuries in recent months, showing the healthcare industry’s growing interest in cryptocurrency.
In June, Cointelegraph reported that Prenetics Global Limited, a health sciences company listed on Nasdaq, became the first healthcare firm to launch a significant Bitcoin treasury strategy. The company acquired 187 BTC (worth $20 million) through Kraken, and appointed former OKEx chief operating officer Andy Cheung to its board to oversee the initiative.
Singapore-based Basel Medical Group also announced plans to establish a Bitcoin reserve by acquiring $1 billion in BTC in May. The healthcare company said the move aimed to bolster its expansion capabilities, though the announcement triggered a 15% drop in its share price.
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