CTECHAmazon in agreement to buy Online Pharmacy Company, PillPack

Amazon in agreement to buy Online Pharmacy Company, PillPack

Amazon, for years, has been hard at work in the effort to dominate the online e-commerce market space.  The e-commerce giant on Thursday said it agreed to buy the online drug store, PillPack. A startup, which was founded in 2013. PillPack has a unique method of distributing drug, where the company ships medications to people in the US in presorted dose packaging and also, caters for people who take multiple prescriptions a day. The deal between Amazon will guarantee Amazon pharmaceutical licences to ship in every US state, except Hawaii.

The deal fulfills reports that Amazon is planning to jump into the pharmacy and health care industries. For instance, the St. Louis Post-Dispatch reported in October that Amazon obtained approval to be a wholesale distributor of pharmaceuticals in 12 states. Amazon likely decided to push into the new field to help it maintain its rapid growth and bring in more customers.

Stocks for a handful of drugstore companies sank Thursday, including Rite Aid, CVS and Walgreens Boots Alliance, a typical market move anytime Amazon jumps into a new market.

 

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