Amazon has launched an online delivery service for prescription medicine in the US, offering big discounts in an effort to disrupt the pharmaceutical sector and challenge retailers such as Walgreens and CVS Health.
Amazon Pharmacy will offer discounts of up to 80 per cent on generic drugs for Prime subscribers paying without insurance, either on its site or at more than 50,000 bricks-and-mortar pharmacies nationwide, the world’s largest online retailer said in a statement on Tuesday. It is also offering discounts of up to 40 per cent on branded medicines.
The ecommerce company ventured into the pharmaceutical industry in 2018 when it paid roughly $1bn to buy PillPack, a mail-order pharmacy that packages and delivers tablets by post. However, the latest move is a significant step up in those efforts.
Shares in competitors were shaken by the announcement. Walgreens Boots Alliance tumbled 11.8 per cent in pre-market trading on Tuesday, while CVS Health, the largest pharmacy operator in the US, dropped 9.5 per cent and Rite Aid shed 12.3 per cent. Amazon shares climbed 2.7 per cent.
Setting up the store during the pandemic could help Amazon as online sales of other products such as groceries have rapidly grown while people have been stuck at home. Although prescription medicine has lagged behind other products in selling online, consumers could be tempted by the convenience of ordering from Amazon, and the discounts available.
“We understand the importance of access to affordable medication, and we believe Prime members will find tremendous value with the new Amazon Prime prescription savings benefit,” said Jamil Ghani, vice-president of Amazon Prime.
PillPack’s services will remain separate from Amazon Pharmacy.
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November 17, 2020 at 08:25PM
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Amazon launches online pharmacy in challenge to traditional retailers - Financial Times
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