The COVID-19 pandemic messed up several sectors around the globe. But, few Pandemic-Proof Industries flourished even during this drastic wave of COVID-19, for example, healthcare.
The healthcare industry grew by leaps and bounds in the past few years and the reason is self-explanatory. People became more health-conscious during and post-pandemic and because of this trend, funding soared in the sector leading to innovation.
In this article, we are going to talk about the most important domain of the healthcare sector and that is the online pharmaceutical industry. So, if you are planning to do something in the field of online pharmacy or prescription delivery, this guide is for you.
So, read on and find answers to all your questions.
The medicine industry was always in demand and the pandemic served as a catalyst to introduce a massive boom in this market. So, if you are planning to launch a prescription delivery solution or business in the market, now is the right time to do so. Here is why:
1.The Global ePharmacy Market is Expected to Reach $128.76 Billion by 2026
That’s a lot of potential. The market is expected to grow at a CAGR of 16.9% during the period between 2020 to 2026. In addition, the market is not expected to grow in any particular region but all over the world including Europe, North America, Latin America, Asia Pacific, and MEA.
That means if you launch a venture in this space, you have endless opportunities to expand your business and serve people all over the world. No boundaries! No obligations!
2.More Funds are Pouring into Digital Health Market Now than Ever Before
According to reports, more than $21.3 billion were invested in digital health ventures across 541 deals in 2021. It means investors are seeing huge potentials in this sector are ready to invest in innovative ideas.
From Amazon to Walmart, even big players are entering the market as they see the change in trend and increasing usage of the internet for medicine delivery. Find out more here about How COVID-19 Gave a Boost to Healthcare and TeleMedicine Apps.
Over the years, tablets, laptops, and smartphones have become omnipresent and so has the internet. Doesn’t matter if a patient is 15-years-old or more than 50-years-old, the online solutions are available for all and are providing immense benefits.
3.Prescription Delivery Apps Provide Immense Benefits
Not just for businesses, pharmacy delivery apps provide several benefits to customers as well. Medicines ordered via a mobile app save time, provide consumers access to wide options, and preserve privacy.
Here is how these apps benefit customers and businesses:
Due to the convenience these solutions provide, prescription delivery will grow in popularity in the years to come. So, start building your prescription delivery app today and stand out among competitors for the years to come. Here is what you need to do to get started.
While developing a pharmacy delivery app, you need to make sure that you fulfill the needs of every one of your stakeholders. Here is how you should get started in order to do the same.
Step 1:Choose a Business Model
Before starting a venture in the prescription delivery sector, you need to decide your business model. Basically, it is an outline of how your app will operate and make money. Most of the popular apps in this industry work using two business models:
Big pharma companies or stores that own huge inventories operate using this business model. Such businesses build a medicine delivery app to expand their own business from offline to online and operate across borders.
There are many advantages of using this business model; you can increase your brand awareness and make a lot of money using different monetization strategies. You can either sell directly to consumers or retailers in different nations. However, you will require a huge inventory and funding to get started.
The second option is you can operate using a marketplace model. Using this model, you can start your operations without even owning any inventory. All you need is a network of local brick-and-mortar pharmacies that agree to sell their products on your platform. Using this model, you will work as an aggregator between end consumers and medicine retailers.
This business model needs very little infrastructure and no inventory is required, so you can use whatever funds you have in improving the core functions of your startups and marketing operations. In addition, this model reduces monopoly and benefits all the stakeholders (customers, medicine retailers, delivery personnel, and app owners) involved while providing convenience to all.
Depending on your business model, you can choose one or more than one monetization models for your application. But, you need to do it before you embark on your journey to development because making major changes in the app infrastructure, later on, would cost you a lot of money and time.
Here are some of the popular revenue streams used by key players in the market to stay profitable and monetize their pharmacy delivery businesses:
Step 2:Register Your Online Pharmacy
Now that you are dealing with one of the most important domains of the healthcare industry, you are required to take the necessary precautions. Any online healthcare business is a bit different from other online businesses since you will be dealing with patients’ medical records and other confidential information. So, you need to stay compliant with all the rules and regulations.
Once you decide on your business and revenue model, it is time to get your online pharmacy registered. You can get in touch with a business consultant or agent who has knowledge about the registration process, which varies from country to country. For example, in India, you need to get registered with and follow the norms set by CDSCO (Central Drugs Standard Control Organization) to establish your online pharmacy.
Step 3:Decide the Features of Your MVP
Depending on the business model you choose, the MVP features of your prescription delivery app may vary. In most cases, such an app consists of the following panels, and these panels must have the below-mentioned features:
Step 4:Make Sure You Comply with Rules and Regulations
While dealing with patient health records and prescriptions, you need to make sure you comply with mandatory rules and regulations enforced by the government, for example:
FDA Regulations: All healthcare and prescription delivery apps need to comply with the regulation set by the FDA, which is responsible for managing the effectiveness and safety of medical mobile apps. The FDA approval is required to have access to patients’ medical history, diet, and other conditions.
Data Security: Online medicine delivery applications need to safeguard delicate patient health data from being unveiled without the patient’s consent as per HIPAA (Health Insurance Portability and Accountability Act 1996).
GDPR: If you are dealing with people in Europe, make sure you comply with GDPR. It lists terms and conditions to ensure no user data is being stored or used for purposes other than the mentioned ones.
Step 5:Hire a Reliable Mobile App Development Company
Now that everything is sorted and you are ready with your business plan, it is time to hire a reliable mobile app development company to help you turn your dreams into reality. Remember, your tech partners are going to be the backbone of your business, so make sure you hire the right ones after doing all the required research.
Now you must be wondering how much it costs to build a prescription delivery app and whether you will have the funding or not. Honestly, we can not answer this question in some numbers because the cost to develop any application depends on several factors.
Some of the factors that play a crucial role in deciding the app development cost are:
So, the cost depends on a number of things. But, to give you a ballpark number, the minimum budget for a prescription delivery mobile app should be around $12,000 for a single platform, which can go up to $30,000 or even more, depending on all the above-mentioned factors.
Online prescription delivery applications have become famous among big capital firms. That is the reason huge players like Amazon and Walmart have entered fierce competition in the online medicine business. If you are also planning to do something in this field, now is the right time for you. The interest of investors in medicine businesses is soaring, and an online delivery application can adequately manage it.
Be it a budding startup, SME, or big brand, mobile app development is crucial for everybody to secure a competitive edge in the industry. From development to marketing, and testing, mobile app development agencies like Apptunix have all that you need to get started. We provide online prescription delivery solutions with best-in-class features to help budding entrepreneurs get to the market fast.
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