Amazon's new pharmacy deal ruined a perfectly good earnings report for Walgreens

28 June, 2018, 22:25 | Author: Bruce West
  • Pillpack

Amazon announced Thursday it is expanding into the pharmaceutical space with plans to acquire online pharmacy PillPack.

Amazon said Thursday that PillPack offers a combination of deep pharmacy experience and a focus on technology.

PillPack is an online pharmacy which operates in all 50 USA states and offers pre-sorted dose packaging and home delivery.

PillPack is pitched as a way to bring convenience to people who take multiple medications every day.

Those companies increasingly rely on medications to bring customers into their stores.

A PillPack spokesperson said the deal won't have any impact on the Somerville workforce. Amazon says it expects the deal to close during the second half of this year, pending regulatory approval.

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Pharmacy stocks in the United States market dropped on the deal announcement, most notably those of CVS (-8.1%), Rite Aid (-3.1%), and Walgreens Boots Alliance (-9.2%).

"We know that we have to change the level of our services to the customers and we are working quite hard on that direction, but we are not anxious", Pessina said. It also handles deliveries, refills, and adjustments to medications.

PillPack revealed the news via its Twitter account, and the deal is expected to be finalised by the end of the year. "Together with Amazon, we are eager to continue working with partners across the healthcare industry to help people throughout the USA who can benefit from a better pharmacy experience". Pharmacy and health benefits companies have long fretted that they'd be next. In January, the company announced a collaboration with JPMorgan and Berkshire Hathaway meant to reduce healthcare costs for USA workers.

Pharmacy shareholders will perhaps find solace in the fact that they're not the only industry to have billions in market value erased by a single Amazon announcement.

Amazon, which has become a retail behemoth since its start as an online bookseller in 1994, is known for its willingness to forego profit, while slashing prices to win customers. Just hours before Amazon announced it's buying PillPack, Walgreens beat analyst estimates on third-quarter revenue and earnings.

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