With the rapid expansion of online retail sales and increasing consumer demands for Online Pharmacy App Development, the digital pharmacy market has experienced rapid expansion over recent years. Consumers enjoy ordering medication and health products directly from home, so pharmacy apps have quickly become an alternative to traditional stores.
Market competition in this fast-evolving industry is fierce. Established companies such as CVS, Walgreens, and Rite Aid have expanded their online offerings with delivery services and mobile apps designed to cater to customer preferences as they evolve.
What is a Pharmacy App?
The pharmacy application is a smartphone application designed to give users easy access to various pharmacy-related features and services. It acts as an online platform to connect users to their pharmacy, allowing them to manage their medications, prescriptions, and other health-related needs using mobile devices. Apps for a pharmacy could:
- Customize the needs of customers and increase their number
- Improve profitability and decrease costs
- Increase communication between the consumers and the pharmacy administration.
Market Statistics of Online Pharmacy App Development
Online pharmacies are becoming more popular with consumers due to their ease of use, top-quality services, accessibility to the Internet, and wide range of drugs. Furthermore, the number of smartphone users has risen substantially, driving the exponential growth of online options for the delivery of medical services.
- The global revenue generated by the market for digital health’s “Online Pharmacy” category was predicted to grow gradually by $36 billion between 2023 and 2028.
- Recent research estimates the size and percentage of the internet-based pharmacy industry at approximately $69.25 billion in 2020. It is anticipated to expand at a rate of around 17.83 percent between 2021 and 2028, averaging around USD 210.35 billion at the end of 2028.
- The forecasts suggest that by 2024, the business will generate a staggering $52.51 billion worth of revenue.
- In addition, experts predict that the market will grow at an 11.57 percent annual growth rate (CAGR 2024-2028), resulting in a projected market size of $81.37 billion in 2028.
- According to forecasts, the number of users is projected to be 23.62% by the end of 2024 and 30.92% in 2028.
- This is a sign of a significant increase in the international customer base and its popularity.
- It’s estimated to be $28.69 if ARPU is taken into consideration.
Steps to Build an Online Pharmacy App
Developing an online pharmacy application requires careful consideration. So if you want to make sure your app is a success in the market, you need to make sure you follow a proper process for online pharmacy app development.
Market Analysis
Each successful application’s development begins with a thorough analysis of the market.
The stage consists of various substages. During this stage, you’ll have to figure out the size of the market, learn about the various perspectives for medicine delivery apps within a particular region, what issues could be encountered along the way, and who your competition is.
Monetization and Business Model Strategy
Once you’ve analyzed the app market for the medical delivery environment, it’s time to determine the right business method for your application. Review the previous sections that explain various ways to monetize your business and the various models. Determine the features you’ll require in your application to meet the needs of the model that you select.
Find a Mobile App Development Company
Finding the best developer for your software is no more important than creating an effective USP. There are many areas to outsource app development. But Europe stands out thanks to its wide range of companies, top-quality technology, and relatively low costs.
Decide on Prescription Delivery App Functionality
Depending on the model of business and monetization method you’ve selected, you must choose the features of the app you’re planning to launch.
It is possible to begin the development process with the initial version of your app, which includes only the basic functions. Be careful not to fill it with features that users do not require.
After successful app idea validation and the next development stage, additional features may be added to the app.
Test and Launch a Medicine Delivery App
Development of apps for medicine delivery must incorporate a testing phase during which Quality Assurance Engineers test every element of the app, starting with UX and UI before moving on to front-end code.
Plan for Ongoing Development & Support
The work you put into your app does not stop after its release. Once it has been released successfully, you must plan its next version and make changes to improve your users’ experience.
Marketing & Partnerships
In addition to online pharmacy app development, you must also dedicate time to advertising your application and locating partners, couriers, suppliers, and so on. You can ask your partners to promote your app to bring in new customers. You can also find large chain pharmacies to join the app, which will advertise your product and increase your brand’s reputation.
Business Model for a Prescription Delivery App
An effective business model is crucial to manage your medication delivery company and earn money effectively.
Select the most suitable business model before developing an online medical delivery app.
Aggregator Model
This is also referred to as the business model of marketplaces using the aggregator model. The app works with various pharmacies to display their items, allowing customers to browse and buy prescriptions from multiple pharmacies through the same platform.
Dedicated Model
Sometimes referred to as an operating business model, this specific model aims to manage and control the entire supply chain, from sourcing prescriptions from pharmacies to delivering them to customers on their doorsteps.
Reasons for Increased Demand for Online Pharmacy App Development
Health professionals must be able to satisfy the needs of their patients to ensure their businesses are running and keep customers returning. Here are a few reasons your pharmacy should have an application.
Convenience
Allow patients to refill prescriptions anywhere they are comfortable. This will reduce stress and increase the chance that they will need to refill their medication.
Saves Time
Convenience and time-saving go hand in hand. When patients refill their prescriptions from the palm of their hands instead of calling or going to pharmacies in person, they can save time and effort every time they require refills.
Fewer Phone Calls
Your website and application are your best defense against calls. To demonstrate this, you must ask yourself how much time you spend using the phone. What percentage of those calls will be needed to fill prescriptions? Let them handle the work for you via your app.
The patient fills their prescription through the app for your pharmacy for each prescription. This means just one phone call to make. The fewer phone calls, the more time spent face-to-face with the patient in-store
Better Customer Service
Being on the phone because someone is busy can be frustrating. Community pharmacies are renowned for their individual, person-to-person approach to helping patients. It is possible to communicate with the vast majority of patients who have an app and want to access their medicines electronically. If you prefer visiting a pharmacy in person, you can use a portion of your time to meet with patients.
Three Common Pharmacy Mobile App Types
The types of apps available in the pharmacy field are distinctive in the same way as the market. You can create a medicine delivery app, a prescription-management app, and more. These are the three main categories of apps for pharmacies:
Digital Pharmacies
These apps provide many functions like ordering medicine deliveries, analyzing sales, etc. These apps for online pharmacies provide full-service distribution of medicines from the manufacturers up to the end user.
Price Aggregators
They gather information about the prices and availability of medicines across various chain pharmacies in various ways. Also they don’t offer a delivery service, but the goal of the mobile app aggregator is to present the most comprehensive data from the most pharmacies possible. They can use different information and pricing sources; however, they do not take responsibility for any errors in the information.
Product Aggregators
Like price aggregators, these apps for the delivery of medicines collect information from pharmacies. They also allow for medicine ordering. Customers can pick the medication for the lowest price and place an order right from the website, giving them complete freedom of choice.
Cost of Online Medicine Delivery Application Development
You’re probably contemplating, “What is the cost of creating a mobile medical app?”. It all depends on various factors and the complexity of your project. We’ve divided an app into three categories: basic, moderate, and complex, based on the app size and features.
- The basic app for delivery of medicine development costs can range from $8000 to $13,000.
- The app for moderate delivery of medicine development costs between $14000 and $ 17000.
- Developing a sophisticated online application for medicine delivery could reach $22,000.
- However, you could be required to shell out up to $20,000 for a premium native application explicitly designed to run on a specific platform. Developing a hybrid application that runs seamlessly on Android and iOS will likely fall around $25,000 to $30,000.
Furthermore, it is important to understand that these estimates are only estimates. The development of a medicine delivery app costs increase according to various critical factors. It’s no surprise that the integration of features that demand a lot of time and resources can increase the cost of app development.
Therefore, it is recommended that you talk with an online pharmacy app development company that will assist you in selecting the features and also inform you of the exact price.
Compliance Requirements for a Pharma App
Before you begin developing apps for distribution, it is important to consider laws and regulations. Like medical apps, pharmaceutical digital products must meet compliance requirements. The goal of these apps is to safeguard the personal medical data of patients and pharmacy customers. Different regions and countries have regulations specific to them.
HIPAA
HIPAA is the acronym for the Health Insurance Portability and Accountability Act. It has been the primary privacy legislation in the USA since 1996. It ensures that healthcare providers, including online pharmacies and e-health apps, comply with the regulations protecting confidential health information and security.
GDPR, CCPA, PIPEDA
The General Data Protection Regulation (GDPR) is a legal framework for regulating personal data protection within European Union countries. It is designed to protect all types of personal information, including health information. GDPR compliance has been essential to the European healthcare apps market.
Compliance with PIPEDA (Personal Information Protection and Electronic Documents Act) is necessary in Canada.
CCPA (California Customer Privacy Act) is a set of privacy laws that are in force to be followed in the USA.
HITECH
The Health Information Technology for Economic and Clinical Health Act was enacted in the USA in 2009. Alongside HIPAA compliance, medical and pharmaceutical electronic products must comply with HITECH regulations to secure information related to EHR (Electronic Health Record). EHR (Electronic Health Record).
NIST
NIST is the acronym for the National Institute of Standards and Technology. It’s a standard security framework that offers guidelines and tools to help you comply with HIPAA privacy laws. NIST was designed to establish a security plan for healthcare providers using digital technology.
DSCSA
The FDA (Food and Drug Administration) enforced the US Drug Supply Chain Security Act (DSCSA). Pharmacies must follow this act to stop the supply of non-approved medications that could cause harm or even be deadly.
CSA
The Controlled Substance Act (CSA) is a different regulation required by US pharmacies. It covers a variety of aspects related to the storage and distribution of medications. It’s all about security for records, inventory, prescriptions, etc.
The Key Takeaway
Online pharmacy app development solution can help you grow your business by increasing your client base, enhancing your brand’s image to make your business more efficient, and boosting revenue and sales.
The online pharmacy market is predicted to grow at 11.57% by 2028. This market is predicted to grow over time.
If you’re looking to build your medicine delivery application, the best choice is to choose an experienced mobile app development firm.
