Concept and VisionThe idea were necessitated by personal experience in the search for getting medication during the COVID-19 pandemic. Buheji and Ahmed (2020) confirm that despite the devastating effects that COVID-19 has had on both the global and local economy, it has also led to the need for creations and innovations that solve the pandemic’s related problems. This can be used as a base for establishing the market opportunity for the suggested Healthcare App. One way it addresses the issue of market opportunity is by making it easier for patients to get their medication on time while still ensuring safety from the transmission of COVID-19.
One thing that makes the application more compelling is that it is being launched at a time when people are encouraged to stay at home and avoid going outside due to the pandemic. Indeed, the application will have to be protected through both trademark and copyright laws (Quesada-González & Merkoçi, 2017). There is significant competition as there are numerous pharmaceutical companies that have already launched similar applications (Koçkaya & Wertheimer, 2016). However, the Healthcare App differs from the rest and has a competitive edge as it provides the user with custom-made content based on their interaction with doctors. Thus, it is not just an app for ordering medicine but also offers to monitor of overall health and also scheduling appointments.
After graduating from UOS, I would like to go into exploring the use of technology in the international relations stage. A second career goal is the creation of an application that serves the masses by teaching matters diplomacy to anyone interested for free. In regards to my educational goal, I anticipate I will be able to do my Master’s degree a few years after working and understanding my field of interest better.
Market Analysis
The proposed application targets the pharmaceutical industry in the UAE. One of the factors that makes this market interesting is the fact that there are few similar applications in the region. A majority of the health and wellbeing applications used by residents in UAE are foreign. Indeed, several local pharmaceutical companies have apps where users can upload a prescription and get their medicine delivered to their homes. However, none offers the inclusivity that Healthcare App proposes in that it links doctors’ appointments and patient history into the user profile. Indeed, there is a need to do market research to highlight the features that the app should have depending on the needs of the target audience. Babar (2017) notes that the market is projected to grow by 80% by 2030.
Ten interviews were done to collect the primary data needed. Out of the 10 interviewees, 8 agreed that they would use the app if it were placed in the market. Interestingly, 6 said they would buy the app while 2 said they would only use the app if it was offered for free. Additionally, the interviews revealed that those who did not want the app (2 participants) felt that they could get the same service from their local and online pharmacies. The primary data suggests that the best target market to pursue are people who have long-term health conditions that require frequent medication and doctor appointments.
Market Positioning Statement
Two formulas will be used to develop the market position statement. The first formula is the “For (target customer), Who (statement of need or opportunity), The (product of service name) is a (product category), That (statement of benefit)” will be used in developing the market positioning statement highlighting the value to the customer (Sentence #1). Additionally, the second formula, “unlike…” our product…” will be used to highlight the uniqueness of the brand (Sentence #2).
Sentence #1: For people living with a terminal illness who want to avoid the hassle of queueing to get their medication, the Healthcare App is a health managing app, that allows you to get your e-prescriptions, schedule doctors’ appointments and order for your medicine to be delivered at your doorstep in a timely manner.
Sentence #2: Unlike pharmacies that have delivery options, our product does not need you to upload prescriptions as your profile is linked directly to your doctor who writes an e-prescription that is then forwarded to your local pharmacy and picked up and delivered at your doorstep.
Elevator pitch. When you are living with a terminal condition, it seems unfair to have to go to your doctor all the time to get a prescription, then go to your local pharmacy again to pick up the medication. Yes, you who has a great drug store that allows you to upload your prescription and get your medication delivered to you at home can still dread the uploading process. We make it easier for you by linking you to your doctor and to your pharmacy digitally. Healthcare App joins the dots and your doctor sends an e-prescription to your local drug store, who then pack it up and our delivery team brings it right to your doorstep. This is what convenience in healthcare looks like!
Customers and Customer Development
As mentioned, primary data shows that the primary consumer is patients with terminal illnesses residing in UAE. 9 out of the 10 participants agreed that the app would be more useful to people who needed medication regularly. These are patients who have to regularly purchase different medications they need to manage their conditions. Borrowing from primary research, the consumers will be patients living with terminal illnesses such as cancers, hypertension, Parkinson’s disease, and diabetes. As stated previously, these patients need frequent refilling of their medications. This can be done either at the hospital or at local drug stores. Indeed, such medications would also need prescriptions from the patients’ doctors. Since these are lifesaving medications, it is important to note that many of the patients will be willing to pay for a service that ensures they not only get their medication on time, but that they are also protected from COVID-19, which has a higher mortality rate for patients with such underlying conditions. According to Affinito and Mack (2016), such patients can be reached through their doctors as they have already created a rapport with them.
Competition and Positioning
The most significant competition so far is made up of individual pharmaceutical companies that allow patients to upload prescriptions and either collect or get their medications delivered to their homes. Arguably, hospitals might want to provide the same service to their patients in the future in an attempt to also capture the competitive edge over each other. An advantage that hospitals will have is that they are more trusted by their patients. However, a disadvantage of the same would be that patients who see different doctors in different hospitals will not have a synchronized platform for managing their prescriptions and doctor’s appointments. One barrier to entry into the market is that none of the team members has prior knowledge of the pharmaceutical industry in regards to its laws and policies. Ample research has to be done to ensure that the business is both successful and impactful.
Business Model
The opportunity will be turned into business by having hospitals subscribe to the service. Therefore, hospitals that are subscribed will encourage their patients to create profiles for free and be able to get e-prescriptions and receive their refillable medications on time right at their door step. Users will also be able to upgrade their profiles by paying a certain fee. The upgrade will ensure that the users’ medical histories and doctors are all looped into the same system for easier consultation and tracking.
Learning and Adaptation
When we began the assignment, we did not anticipate to have a fully viable idea by Week 12. However, after talking with our target audience, it is now apparent that this is a viable idea with a positive growth projection. Through the process, it has become clear that the development of a project, from conception to implementation and release to the market can be affected by various things such as finances, current events, and even viability of the project after testing it with the target audience. The current prototype can be made better and marketable through a customization process where each user has a customized experience based on the health data they provide. Customization allows for the incorporation of better lifestyle options such as suggestions on nutrition and exercises that can be delivered as pop-ups within the app.
Risk and Mitigation
The risks and mitigations will be tracked and measured using three key milestones. The first milestone is the development of the app and its success will be measured through the successful launch of the same. One anticipated risk at this stage is project and cost overruns. The second milestone will be recruiting 10 hospitals and clinics to join the app in the first year. The risk can be mitigated through proper planning at the initial stages. The success of this phase will be determined by the number of institutions who come onboard during the stipulated time. One risk that can be experienced is low uptake of the app. This can be resolved by making realistic goals and doing enough research prior to developing the app. The third milestone will be breaking even after two years of operation. A reliable accounting and finance analysis will be used to measure this milestone. One anticipated risk for this milestone is not getting enough clients to allow the company to break even. This can be resolved through proper marketing of the app.
Financial Plan
The financial plan is presented below in the form of a business model canvas projects the next 2 years.
Summary
Through research and the collection of primary data it is clear that the creation of such an app is a good idea with significant potential for helping people and also ensuring a return on investment. Therefore, the idea should be strongly supported if only on the basis that it is beneficial to patients living with terminal illnesses.
References
Affinito, L., & Mack, J. (2016). Socialize your patient engagement strategy: How social media and mobile apps can boost health outcomes. Routledge
Babar, Z. (Ed.). (2017). Pharmaceutical policy in countries with developing healthcare systems. Springer.
Buheji, M., & Ahmed, D. (2020). Foresight of Coronavirus (COVID-19): Opportunities for a better world. American Journal of Economics, 10(2): 97-108.
Koçkaya, G., & Wertheimer, A. (2016). Pharmaceutical market access in emerging markets. SEEd.
Quesada-González, D., & Merkoçi, A. (2017). Mobile phone-based biosensing: An emerging “diagnostic and communication” technology. Biosensors and Bioelectronics, 92, 549-562.