MedPayRX: blockchain-based insurance and banking solutionIn Germany, the law now says that all health insurance companies have to pick up the tab for medical cannabis. But there is a procedural and scientific process to establish as the country mainstreams cannabis.
MedPayRx was my answer to that. It is a first-of-its-kind, blockchain-based insurance and banking solution for prescription drugs and medical devices. It allows expedited verification and processing by rethinking the prescription at its core. We emulate a non-digital process in a banking inspired ecosystem that connects patients, doctors, pharmacies, insurance companies, and distributors. MedPayRx eliminates the idea of the patient paying any more for a medication (no matter what that med is) than the co-pay.
We are using cutting-edge technology, in other words, to allow the German system to function as it is intended to traditionally – even for exotic or trial-to-mainstreaming drugs. It is designed to save insurers and the other business participants in this system a great deal of money while giving them access to things like real-time supply chain and ex-im tracking.
On May 1, we found out that we are going to have the incredible honor and opportunity of being accepted into one of Germany’s top government funded and industry supported insurtech incubators, Werk1. We start in the middle of May.
What Is The Significance Of This?
We have now achieved the next (and highly significant) milestone in achieving a dream that is now starting to take corporate shape. We will be incubated, mentored and introduced to the heart of a digital insurance scene that is world class. Creating the ecosystem has so far been hard. But the door to the insurers has been the hardest one to broach and we have just been given a key to that door.
For up to the next five months, we will be in the center of where we need to be to start having the conversations that need to happen on both the banking and insurance front. And for drugs far beyond cannabinoids, although of course, we will include them too.
Stay tuned to Cannabis Tech for updates during the summer!
For more detail on how MedPayRx works, please see my presentation at the ICBC.