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Future of Blockchain Technology and Prescription Medications

Updated on August 19th, 2022

Save up to 88% on your medications

As technology has increased the efficiency and quality of healthcare, it has also brought to light some inherent problems with the current system of distributing and paying for prescription medications. Now it seems that new technology may be able to solve those problems as well. 

The current method of processing coverage claims for prescription coverage is complex, cumbersome, and far from transparent. Add to that the fact that drug prices are largely unregulated and not reliant on competition to keep costs in check, and it is easy to see why prescription bills are often high and unpredictable. 

Blockchain technology, the same type used to ensure the authenticity of Bitcoin transactions, could completely alter how data related to prescription medications are handled. Using the technology developed to handle cryptocurrency to pay for medical bills would bring full transparency to the process while still protecting the consumer's privacy. This will give those who need prescription medications the power to understand the reasons for the prices they are paying. It is likely, that armed with this information, the consumer would help to drive down prices and provide savings on the costs of prescription medications by being offered an informed choice. 

What is Blockchain? 

Blockchain is the technology developed to provide Bitcoins users full access to every Bitcoin transaction without any information being given about the individuals involved in those transactions. This map of the coin's journey proves the authenticity of the coin without risking the privacy of those who use them. This complete transparency gives cryptocurrency users reassurance that their coins are valid and provides the whole system with a secure structure on which to build and grow. If Bitcoin users cannot be confident in the authenticity and usability of the coins they purchase, they are not likely to risk buying them.

When applied to pharmaceutical companies and prescription transactions, this technology would allow everyone to see the prices paid for every medication while still keeping the identity of the individuals involved secure. This would give the consumer a better understanding of their prescriptions' prices. It would also force the pharmaceutical companies into more responsible pricing. 

Until then, RxLess can Help 

Blockchain is not yet used on a large scale in the prescription drug trade. Until it is, consumers are at the mercy of the prices the pharmaceuticals choose to charge for their medications. The prescription drug card offered by RxLess can help you save money on your prescriptions. It is accepted by the major chains, including Walgreens, Rite Aid, and CVS, as well as many smaller local pharmacies. 

Saving money with the RxLess discount cards is easy. Simply use their search tool to look up the medications you need, choose the pharmacy you wish to have your prescription filled at, and download or print a copy of the card. Show the card to the pharmacists and watch the Rx you need to ensure your health and wellness ring up at a lower price.

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