CNBC is reporting that Amazon has signed an agreement to purchase online pharmacy PillPack. While the terms of the deal were not disclosed, competing pharmacies lost $11 billion in market value after news of the purchase broke. Rite Aid dropped 11.1%, Walgreens fell 9.9%, and CVS went down by 6.1%. Meanwhile, Amazon shares went up nearly 2.5%, adding more than $19.8 billion to their market value.
It's honestly getting scary how much power Amazon has. Thanks to @cageymary for the story.
"PillPack’s visionary team has a combination of deep pharmacy experience and a focus on technology," Jeff Wilke, Amazon CEO Worldwide Consumer, said in a statement. "PillPack is meaningfully improving its customers' lives, and we want to help them continue making it easy for people to save time, simplify their lives, and feel healthier. We’re excited to see what we can do together on behalf of customers over time."
It's honestly getting scary how much power Amazon has. Thanks to @cageymary for the story.
"PillPack’s visionary team has a combination of deep pharmacy experience and a focus on technology," Jeff Wilke, Amazon CEO Worldwide Consumer, said in a statement. "PillPack is meaningfully improving its customers' lives, and we want to help them continue making it easy for people to save time, simplify their lives, and feel healthier. We’re excited to see what we can do together on behalf of customers over time."