COVID-19 lockdown played a crucial role in digitizing almost all operational processes in all business industries. As a result, cabs to medicines, all services, and product retail went online serving immense convenience.
Talking about the pharmacy industry, we see a plethora of medicine delivery apps available online to deliver medicines to the doorstep just like food and other home services. As a result, more and more entrepreneurs are looking forward to developing and launching a pharmacy app. This not just leads you to foster a robust business base but ends up in turning your local business into a leading brand in the marketplace.
During and post COVID-19, the pharmacy world saw impeccable growth. Many researchers even promised to see a compound annual growth rate of 20% by the end of 2025. It’s when the revenue generation is predicted to reach up to US $27.60bn in 2022 itself.
By the time medicine delivery apps have gained traction in the local and global markets, we see an accelerating number of medicine delivery clone apps like 1mg clone, PharmEasy clone, Practo clone, and much more. This all ends in a rising demand for on-demand delivery app development digitizing the pharmacy world globally.
And why not when it has become super-easy and quick to get build and launch a medicine delivery app that gives your business a much-required recognition? Plus, thinking to launch a pharma app won’t ever make you run at a loss. If you are also planning to have a pharma app as yet another asset to your business, let’s take you through multiple business models first.
Want To Keep It Short & Well-Explanatory? Here’s A Video Explaining Crucial Steps To Launching A Pharmacy Delivery App.
This business model is based on the partnership concept. Here, an online pharmacy portal collaborates with different local pharmacies, without needing to stock up on the medicines in the inventory. Therefore, whenever a customer places an order online, the online pharmacy portal sends the medicine order request to the local pharmacies to check availability. This process isn’t a part of the overall medicine delivery app functionalities.
Here, the online pharmacy medicine delivery portal acts more like an intermediary platform between the local pharmacies and end customers. The medicine delivery app becomes the primary face of the medicine store for app users to order, track, and pay for the medicine orders placed.
Since the entire process is automated, this marketplace business model requires little infrastructure with core expertise in managing operational flow.
The operational business model is all about a pharmacy retailer launching and running a pharmacy delivery app. Basically, it’s more like an offline pharmacy expanding itself as an online pharmacy delivery service provider as well.
Customers (app users) get to upload the prescription and place an order for the suggested medicines. Moving forward, end customers are required to choose a specific mode of payment to complete the order placed. This reflects the order tracking ID, order delivery estimated time, and driver’s contact information.
Getting an on-demand delivery app developed for your medicine business can prove profit-worthy. But only when you know the right revenue generation streams to include in your online medicine delivery business model.
Here’s a sneak peek into what we are talking about!
This is one of the most common and successful revenues generation models followed by almost all e-commerce portals these days. The pharma store owner can seek a certain amount of commission on each order placed via the medicine delivery app. Generally, this commission share is charged based on the current market scenario and rates. However, pharma businesses with a good reputation are likely to fluctuate the commission percentage keeping their profit rates higher than usual.
This one is for a single-store medicine delivery app. Here, the pharma store owner can seek a certain amount over the bill as delivery charges on each order placed. It is a proven method to seek good profit while expanding your medicine delivery market locally or globally. The delivery charges are calculated based on the total amount of medicine order, destination, and availability of drivers.
Advertising medicines, medicine, or health-oriented products/ads, hospitals, or local healthcare centers via the medicine delivery app has turned out to be a great source of revenue. It’s more like your on-demand app for the medical industry becomes an advertisement platform for the industry leaders. For which you can seek a certain amount as advertising cost on each ad you run or display.
The medicine delivery app market is expanding progressively. The biggest proof is current profit growth and future predictions for the pharmaceutical industry. The overall revenue generation is likely to reflect the increased CAGR of 13.65%. Further, this will result in projected revenue of US$52.33bn by the end of 2027.
Here’s a quick graph showcasing the revenue growth in the pharma delivery app industry.
Deciding on the right revenue and business models for a medicine delivery app like Practo or 1Mg makes more sense when you are entering the market as a newbie. From different business models to multiple revenue generation streams, there’s a lot to evaluate, analyze, and experiment around.
If you want to keep it simple and quick to get build and run your own pharmacy delivery app, we at Code Brew Labs can be your technology partner. Our approach begins with creating an MVP followed by planning a suitable solution for your business type.
So, take a step ahead, share your business idea with us, and we ensure to turn your idea into a successful reality!August 16, 2022