Amazon buys online pharmacy PillPack

Posted at 7:06 AM, Jun 28, 2018
and last updated 2018-06-28 09:10:41-04

By Paul R. La Monica, CNN Money

Amazon is buying online pharmacy PillPack — a move that could disrupt the drug store business.

PillPack has pharmacy licenses in all 50 states. The company delivers medications to customers in pre-sorted doses designed to make it easier for people to take multiple medications a day.

Amazon has widely expected to move into the pharmacy business.

The PillPack deal is scaring investors in the top two drugstore chains.

CVS fell 8% in early trading. Walgreens Boots Alliance, the newest Dow component, plunged nearly 10%. Walgreens was already trading lower after reporting in its latest earnings report that same-store sales in its US pharmacy business fell.