The landscape of mobile health applications is evolving rapidly. This includes a growing set of medication-related health apps. Keeping track of the functional diversity in medication apps is a challenge for both practitioners and regulators, limiting the scope of innovative use of digital technologies in healthcare service delivery. In this paper, we present the results of a systematic search and functional classification of medication apps. We combine this with a discussion of the current and future landscape of regulation and reimbursement decision-making. We show that a majority of apps offers a cluster of functions including medication information, interaction checks and/or medication plans. The number of apps in the functional categories most affected by the Medical Device Regulation (identification, dosage, monitoring) is still low. This suggests that there is a window of opportunity for public sector decision-making on quality criteria.