Transfiguring the Dispensary and Drugstore Business with Subscription Business Model

With subscriptions, the first thing that comes to mind is the subscription for Netflix, Amazon Prime, and Hulu etc. However, the subscription business has flourished beyond this. Many businesses are adopting a subscription billing model to earn predictable recurring revenue. The behaviour of consumers has also changed. The demand for the ownership of the products has decreased. People are more interested in the timely fulfilment of their needs at an affordable subscription fee.

Subscriptions to pharmacies are going to be as successful as they are for streaming services. Whether you run a small pharmacy or a chain of dispensaries, you must know that software for subscription management for pharmacies are the future of this business.

Experts at the SubscriptionFlow are welcoming and showing subscription options to various drugstores. If you are interested, it is mandatory to learn some emerging business models in healthcare boosting the scope for business for dispensaries or drugstores. Some of these include:s

Telehealth

Telehealth is a wider concept. It refers to effective communication between patients and physicians, and the provision of remote health care. Telehealth aims to provide quick e-consultancy to patients which can be a piece of advice, reminder, a monitoring call, and health-related education suggestion or recommendation (non-clinical services).

Telemedicine

Clinical services are related to direct patient care and telemedicine is the provision of clinical services remotely. Smartphones or computers are used to offer these remote services at the right time and the right place.

Also Read: Subscription-Based Business Model Explained-Proliferate Revenue Opportunities with Recurring Billing

However, subscriptions for pharmacies will facilitate people with the timely provision of their medicine that they frequently need. Your subscription billing model paired with pharmacy and telemedicine services can become an ultimate lifesaving platform. Recently, the COVID-19 outbreak has increased the importance of telemedicine more than it has ever been before. Now that you have the basic idea about telehealth, telemedicine, and subscriptions for pharmacies, you will understand that how subscriptions for the following pharmacy items can bring a boom in this business.

1. Insulin Injections

Diabetic patients need insulin injections as per the prescription that their doctors provide. Doctors make a schedule for diabetic patients. Most of the patients require two injections per day but it completely depends on the condition of the patient. Subscriptions of a reliable pharmacy for insulin injections can provide patients genuine medicine at the right time and pharmacies can earn recurring revenue.

2. Dietary Supplements

Many people have to use dietary supplements regularly to fulfil nutritional requirements. Subscriptions for these supplements can save patients from annoying conditions like medicine shortage etc.

3. Blood Pressure Medicines

Patients suffering from hypertension need to take blood pressure medicines as per the doctor’s advice. There are pharmacies and pharmaceutical companies that have stepped forward to offer subscription or subscription bundles of BP medicines and insulin injections on a recurring basis. The basis of subscriptions for such important medicines is the on-demand and on-time delivery of medicines.

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4. First Aid boxes

Refilling the first aid boxes can be made easier and feasible for people. Pharmacies can offer subscriptions for the refilling of first aid boxes. Not only the hospitals but people also need them at their homes and subscriptions for such items always flourish.

Also Read: You Need A Recurring Revenue Stream to Draw Success in 2021 And Onwards

5. Contraceptives and Other Sexual Well-being Products

You would have heard about home deliveries of contraceptive drugs and devices but their subscription can make pharmacies earn huge recurring revenue. The prime concern for people in the provision of safe contraceptive products, and through your pharmacy, you can offer not only one drug or condoms but a package of contraceptive products on a recurring basis.

6. Infant & Toddler Vaccines

Doctors make a proper schedule for vaccination of babies and toddlers against Hepatitis, Rotavirus, Tetanus, Pertussis, Polio, Chickenpox, and HPV etc. Pharmacies can offer subscriptions for these vaccines. All parents have to complete the course of baby vaccination and your subscription can bring ease to the life of such parents. They would not need to hassle from one pharmacy to another rather they will be able to get vaccines from the right place & at the right time. You can discuss your plan to adopt medicines subscription management software for telemedicine with the team of experts at SubscriptionFlow.

7. Weight Loss Pills

Subscriptions are the way to expand the pharmacy business but they are also bringing new business ideas. For example, for people who get subscriptions to the gym, many of them need to complete the course of weight loss pills as per the prescription of their physiotherapists and doctors. There is a window opened for gyms and pharmacies to collaborate and offer subscription package to the clients. The profit will be multiplied when clients will get regular gyming services and a supply of weight-loss medicines with the collaboration of pharmacies and drugstores.

Also Read: Fitness Industry is Proliferating with Automated Recurring Payments-This Is Why Gyms, Yoga, and Training Centers Should Capitalize On Subscription-Based Services

8. Sanitary Pads & Napkins

Women need sanitary pads, pills for menstrual cramps, heat packs, tea, and herbal tinctures on regular basis. Pharmacies offering subscriptions should grab this opportunity and offer a complete subscription box for all these products of reliable brands. Many companies are already offering menstrual subscription boxes. You can customize your subscription box by using the SubscriptionFlow platform.

9. Baby Care Products

All parents need milk, baby wipes, diapers, lotions, and oils for their babies. Just like vaccines or a menstrual subscription box, you can offer a complete subscription package for baby care products. You can take a step forward and add vaccines and medicines to your subscription box for baby care products. You can also add a few products that mothers need mandatorily during the time of their early motherhood.

Also Read: Gift Subscriptions—The Powerful Business Growth Approach to Grow your Customer Base and Revenue Net

10. Sanitisers

Today, people not only need sanitisers for their body but they also need sanitation and home cleaning supplies on a recurring basis. Dispensaries can harness opportunity and offer monthly subscriptions for different sanitisers. Every household needs sanitisers and it is high time to customize your subscription box of sanitisers and some other cleaning products and launch it.

Challenges for Pharmacies to Offer Subscriptions

It is unequivocal that there is a huge margin for dispensaries and drugstores to earn recurring revenue by offering subscriptions. There are some evident challenges as well. Pharmacies cannot provide medicines without prescription and doctors change the prescription from time to time. It will be challenging to cater to the needs of those subscribers whose prescriptions change frequently. Moreover, if you want to run a subscription billing model for pharmacies, you will need a general physician available to ensure customer care and the provision of the right medicines. You will need the budget to hire a general physician. SubscriptionFlow is the platform that not automates your recurring billing process, it will also help you to understand the frictions, challenges, and pain points on setting in the business and grab opportunities to offer pharmacy subscriptions.

Also Read: Subscription Box Business 101: A Beginner’s Guide to Start A Valued Subscription Box Service—From Prospects & Marketing to Subscription Box Billing & Management

Subscription billing has become a successful business model and both service-based and product-based businesses are opting for subscriptions. Who wants to leave let go of the chance to earn recurring revenue? If you run a pharmacy business, then you have this window of opportunity open for you. You can get in touch with consultants of SubscriptionFlow and make your plan to introduce subscriptions.