The giant American electronic commerce and cloud computing company has announced plans to buy online pharmacy PillPack, thus creating fears among rival healthcare firms of new competition from the online retail company.
Shares in pharmacy chains CVS Health and Walgreens Boots Alliance plunged more than eight per cent in early trade on Amazon’s announcement.
Amazon’s latest move confirmed earlier speculation that the company was interested in expanding into the healthcare business.
Amazon did not reveal how much it was paying for PillPack; however, it expects to complete the deal in the second half of the year.
PillPack, which was founded in 2013, is available in every U.S. state except Hawaii, and last year said it expected to make $100 million in revenue.
Readers Bureau, Contributor
Edited by Jesus Chan
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