Is It Profitable To Develop A Prescription Discount App Like SingleCare?
There is no need to sugarcoat; if you are from America, you know how prescription pricing in the US is a bit distressing. Chain pharmacies like CVS and Walgreens price their “usual and customary” very high to maximize profit while billing insurance companies since this is 97% of their pharmacy business.
This complicated, insurance-focused pricing game is unfair for underinsured and uninsured individuals. Consequently, they have to pay high drug prices. This is where prescription saving cards like SingleCare come to the rescue. Developing a prescription discount app like SingleCare, the company also boasts an average of about $27.8 Million in annual revenue.
It’s a meaningful cause to develop an app like SingleCare that helps people afford expensive medication as a result. Because most people are unaware that there is a way to save on prescriptions. This means that their drug can cost less than what they pay in insurance premiums and copays. To some, it sounds like it’s too good to be true.
However, with prescription coupons mobile app development, companies like SingleCare and Good Rx simplify the healthcare experience.
Think about this scenario,
You walk into your local drugstore and decide it’s time to fill that pesky allergy prescription. It’s not a particularly expensive drug, but it still means you’ll spend $30-$40 out of pocket at the pharmacy. You know, prescription drugs can be cheaper in some places.
But you don’t want to take the time or deal with the hassle of researching every medication you take to find the best price. Alternatively, you can open the SingleCare app on your smartphone and compare your prescription medication price in available pharmacies. Then, you can get a free coupon card and apply it to your order to save money. That’s it!!
So, are you set to be a part of the cause and help people save on prescriptions by developing an app like SingleCare? Then let’s get into the depth of SingleCare so that you can strategize your project requirements, design, and cost structure.
Business Model Of SingleCare
SingleCare app users save up to 80% though, it depends on a number of factors, such as the medication type and insurance. Nevertheless, SingleCare partners straight with pharmacies to serve its customers and negotiates lower prices with participating pharmacies. SingleCare partners with over 35000 pharmacies nationwide, from local to pharmacy chains.
- Duane Reade
- Harris Teeter
- Longs Drugs
On that account, SingleCare customers can fill their prescriptions at affordable prices. At the same time, pharmacies on the app can still maximize earnings on their insurance claims.
When it comes to making money, SingleCare charges a small fee from their pharmacy partners when any customers use SingleCare cards to save. And that’s how the prescription discount app can offer the service for free.
You can also create a medicine delivery app and offer discounts. Read here how!
How Does SingleCare Work?
To get a prescription discount card, users must register on the app. The best part is that the SingleCare card never expires. Moreover, customers can use it for their entire family at any participating pharmacy without any limitations. It only takes three steps to save on medication costs from signing up.
- First, users need to look up prescribed medication on the app to find the lowest prices in their area and can also customize the dosage and quantity as per their prescription.
- Once they find favorable prices, they have to click on the ‘Get free coupon’ and download, text, or email it to themselves.
- Lastly, they have to bring this coupon and show it to the selected pharmacy to pay the indicated price. The pharmacist will input the number from the coupon and apply savings on your order.
How to Develop a Prescription Discount App Like SingleCare?
Now that you know the business model and workflow let us delve into the development process.
Find your technology partner
When you have figured out the target audience and technical solution to their pain points, you need a team of experts. Since you cannot develop an app like SingleCare on your own, hiring mobile app developers is a wise choice. On the other hand, if you partner with an outsourcing software company, they bring a full-fledged development team with them.
Tip: You must look into the company’s portfolio, domain expertise, and experience before handing your project over.
Next, you need to take sessions with a business analyst from your tech partner company to break the project down into deliverable sprints and milestones. This way, you can easily keep track of your prescription coupons app development and make necessary changes during the project, if any.
At this phase, you create a prototype of your prescription-saving app following wireframing. Wireframing helps you define the most user-friendly UI/UX, while prototyping lets you validate your idea and attract investors.
It is the stage when developers write code and create functionality specified in the project requirements document.
Tips: ask your developers to review codes to save time during app testing.
Testing and deployment
Once the app is designed and coded, it needs to go through quality assurance. Here quality analysts run various tests to ensure the app is bug-free and ready to deploy on its targeted platform. If any bugs are found, it goes back to developers to work and eliminate the error.
Estimated Cost to Develop an app like SingleCare
The estimated cost to develop an app like SingleCare can range from $15000 to $30000. However, before getting a quote for your prescription discount card app development from any developer, get acquainted with the below factors. These are the main factors that affect the app development cost irrespective of its type.
- App designing and development;
- Basic features of the app;
- Advanced functionalities of the app;
- App Platform (Android or IOS);
- The complexity of the app;
- Qualified developers’ rates as per their location.
Any factor from above can fluctuate the budget radically. For example, you hire mobile app developers from the USA that charge roughly $125 to $150 per hour. On the contrary, app developers from Asia charge about $30 to $50 per hour.
Most of us, at some point in our lives, most of us face the harsh reality of medical costs. Anyone can have a life-threatening or chronic illness. People with such conditions know that healthcare costs are likely to follow them throughout their recovery and treatment. With prescription drugs being so expensive and the high cost of doctors’ visits, this situation is not only stressful but also dangerous.
That’s where your prescription discount app like SingleCare can be bliss for people living with medication support. Besides, you will also make money with this movement and keep going to make it support for all. So, are you ready to serve your people with the most sought-after solution in healthcare?