Proven ways to Monetize Healthcare Apps in India

1. Proven ways to Monetize Healthcare Apps in India India’s digital healthcare industry has been growing at a staggering pace. The market has been further steered during the covid times when a nationwide lockdown forced millions of Indians to go digital for their healthcare requirements. Today, healthcare practitioners and people, in general, are looking to monitor health through remote applications. The Healthcare apps are developed with the intent of helping users manage their medical conditions, hospital visits, fitness goals, and insurance claims. These apps are used to educate users about preventive healthcare measures, offer treatment support, track progress in patients' health, and assist in clinical trials. Meanwhile, app owners are also contemplating various ways to monetize the app business. Alongside preparing a popular health app, it is also important to develop a proven framework to monetize the app. App monetization is defined as ways through which it can make money. It can also enable app owners to generate revenue without relying on external funding. With the average app usage every day climbing at lightning speed, app monetization has become a great way to generate income for app creators and owners.

2. Find below some excellent healthcare app monetization strategies that will surely work for healthcare businesses. (In the thought piece, we will be mainly focusing on health and fitness apps and not pharma e-commerce and digital consultation apps.) Integrate Ads in App - Not only the healthcare business but any popular app (business, news, etc.) should include ads in their app, as it is a great opportunity for earning. Besides, it is also the first thought that comes to mind while thinking of apps monetization. App owners just have to integrate commercials inside their healthcare apps or can opt for affiliate marketing to get paid from third-party ad networks. The app owners are paid when the ad is clicked by the user or when the user installs the applications through advertisement. The major types of ads that are shown in the app are: Interstitial Ads - It is a full-screen pop-up ad that is displayed at specific time frames that can be closed by the users by clicking on the close button given at the left or right upper corner. Banner Ads - Banner ads are displayed in diverse sizes at the top or bottom parts of the app screen. These are small and less obstructive and allow users to freely use the app. In-app Video Ads - These are automatically displayed ads used generally as a reward video in exchange for some in-app reward. Native Ads - These ads are integrated in a way that appears as a natural element in the app and is incorporated to promote a product or a mobile app. This type of ad is more popular because users find such ads less intervening, though revenue can be low compared to other ads. Subscriptions - Subscription is a viable monetization strategy that can be used by healthcare app owners. App owners can offer free content in their apps for a limited period (free trial) and later on charge users a subscription fee for accessing full content without any restrictions. Though a majority of apps are free for use, many app developers are now thinking about a subscription model to improve their revenue. Subscriptions are for a limited time after which users need to renew them to continue using the app. Data Monetization– Users while using the app generate data and this information can be quantified while keeping users' identities anonymous for safety reasons. The data provides valuable & actionable insights into aspects like consumer behavior, spending patterns, market segments, etc. If the healthcare app has an increasingly large user base, then data monetization is an ideal way to create a trusted source of income. It can also offer a lot of valuable data analytics for healthcare companies, pharma companies, diagnostic chains, development agencies, online pharma companies, etc. Launch App’s Premium Version– Naturally, Apps that are free to download are more popular, as users do not have to pay anything upfront. Such apps after creating a buzz among users can be relaunched with amazing features for a premium. Healthcare app owners can create a premium version of the app and load it with some distinct features and services that can be

3. accessed by users after paying a price. People who have used the free version of the app know about the app usage and functionality and if they find the app useful and effective, then they are more likely to download the premium version of the app and not mind a bit extra. However, app developers must create clear distinctions between both versions of the app and should make it worthy by successfully monetizing the premium version of the apps. How India Watch Can Help Though the healthcare app market is still in its infancy, it is a huge market in its wings and is backed by strong fundamentals such as a rise in discretionary income, large aggregate population, rapid growth in internet penetration, and a general rise in digital consumerism. Meanwhile to successfully start, run and grow an app would also need a tremendous amount of data, insights, and research. In the absence of insights and data, app owners might find it difficult to successfully strategize their business. This is where, research advisories like TheIndiawatch.com come into the picture, as they can render valuable research and data. Our scope of services will include but is not limited to Feasibility study and business plan formation, for new business and start-ups Detailed corporate decks for upcoming businesses and start-ups Knowledge partner service to render data and insights Custom research and data advisory services Content marketing, strategic communication, PR services, etc. Strategic business intelligence that includes, segmentation analysis, competitive intelligence, regulatory inputs etc. Market research surveys For more information, feel free to mail us at info@theindiawatch.com