Wellgistics Health Inc. is charting new territory in the intersection of blockchain technology and healthcare finance. The Nasdaq-listed pharmaceutical distributor, trading under the ticker WGRX, has unveiled an ambitious initiative to overhaul payment systems for thousands of pharmacies across the United States using the XRP Ledger. This move promises to revolutionize how independent pharmacies pay for their drug inventory, offering a more efficient alternative to traditional banking and credit card systems.
A Blockchain Revolution for Pharmacies
The newly launched platform allows pharmacies to settle invoices on the XRP Ledger (XRPL), an open-source blockchain primarily developed by Ripple Labs. With this system, pharmacies can bypass the typical banking delays and dodge high credit card fees, enabling instant fund transfers. It’s a game-changer in a sector notorious for its complex financial transactions. As detailed in Ripple Cannot Control XRP Ledger: CTO David Schwartz, the decentralized nature of XRPL ensures that no single entity can dictate its operations, which could reassure stakeholders about the system’s reliability.
Wellgistics’ platform is integrated with RxERP, a serialized pharmaceutical e-commerce and enterprise resource planning system. This integration ensures real-time tracking of payments, reduced costs, and direct settlements between pharmacies and distributors. Pharmacy owners can now enroll in the program’s beta version, marking the beginning of a potentially transformative shift in the industry.
Brian Norton, CEO of Wellgistics, expressed optimism about the initiative, highlighting the forward-thinking nature of pharmacy owners. “They’re more adept at embracing blockchain than many in our industry give them credit for,” Norton noted, reflecting a broader trend toward digital transformation in healthcare.
Meeting Compliance and Beyond
While the rollout is currently focused on pharmacies, Wellgistics has broader ambitions. The company plans to extend the platform to manufacturers and explore direct-to-patient programs, where medications could be shipped directly from drugmakers under physician oversight. This expansion underscores Wellgistics’ commitment to leveraging blockchain technology for broader healthcare solutions.
Compliance is a critical focus for Wellgistics. The program is designed to adhere to stringent standards, including HIPAA and anti-money laundering requirements—key considerations in the highly regulated healthcare sector. It’s a necessary step to instill confidence among stakeholders in the nascent blockchain-based payment system.
Interestingly, Wellgistics hasn’t disclosed whether participants are required to hold XRP directly or if they can utilize fiat-to-XRP conversions for settlement. This ambiguity leaves room for speculation about the system’s flexibility and user adoption rate.
Strategic Moves and Market Reactions
This blockchain foray builds on Wellgistics’ earlier announcement on May 8, where the company declared its intention to use XRP not only for payments but also as a treasury reserve asset. Supported by a $50 million equity line of credit, Wellgistics aims to establish programmable liquidity and a robust financial infrastructure throughout its healthcare network. This aligns with Ripple’s broader strategy, as highlighted in Ripple to Boost Stablecoin, XRP Payment Services With $200 Million Rail Acquisition, to enhance its payment services and infrastructure.
Founded in 2016 as Wellgistics LLC, the company underwent significant changes before becoming a publicly traded entity. It was acquired by Danam Health in September 2024 and later spun off through an initial public offering in February 2025. Despite these milestones, the company’s shares have faced turbulence, plunging over 80% since their February debut. They settled at $0.62 on Tuesday but saw a slight uptick to $0.65 in after-hours trading, leaving the company with a market cap hovering around $47 million.
The integration of XRPL for pharmacy payments and plans to hold XRP on its balance sheet indicate Wellgistics’ dual role as both a user and financier of blockchain technology. However, with shares under pressure, it raises questions about whether the innovative initiatives will translate into long-term investor confidence.
The Road Ahead
The path forward for Wellgistics is riddled with both promise and uncertainty. As the company seeks to expand its blockchain solutions to manufacturers and potentially direct-to-patient models, the healthcare sector will be keenly observing the outcomes. Can Wellgistics’ bold bet on blockchain redefine healthcare finance, or will it face hurdles that could derail its ambitious plans?
As the landscape evolves, one thing is clear: Wellgistics is not just dabbling in blockchain; it’s making a significant wager. Whether this gamble will pay off remains to be seen, but for now, it seems the healthcare world is watching—and waiting—with bated breath.
Source
This article is based on: XRP Ledger Used by Nasdaq-Listed Pharma Distributor to Power Payment System for Pharmacies
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
