Amazon moves to disrupt pharmacy sector with new acquisition

Amazon moves to disrupt pharmacy sector with new acquisition

Amazon moves to disrupt pharmacy sector with new acquisition

FILE PHOTO: The Walgreens logo is seen outside the store in Times Square in NY, U.S., July 5, 2016.

Parker grew up behind the counter of his father's drug store in Concord, N.H., and has spoken of his exasperation seeing customers resort to spreadsheets to figure out how to schedule and sort their medications.

With its far-reaching and widely popular online site, Amazon moves closer to establishing beachheads in medicine chests across the USA and using that muscle to alter the traditional playbook for prescription drug distribution. This system is particularly convenient for people who require ongoing repeat prescriptions, as PillPack arranges the refills and renewals on behalf of the patient. The parties expect to close the transaction during the second half of 2018.

"PillPack's visionary team has a combination of deep pharmacy experience and a focus on technology", said Jeff Wilke, Amazon CEO Worldwide Consumer.

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Shares in Walgreens Boots Alliance - which owns Boots in the United Kingdom, and CVS Health and Rite Aid were sent tumbling on Thursday afternoon, wiping $12.8bn (£9.7bn) off their combined market value.

"Together with Amazon, we are eager to continue working with partners across the health care industry to help people throughout the U.S. who can benefit from a better pharmacy experience", PillPack chief executive TJ Parker said in a statement.

'Together with Amazon, we are eager to continue working with partners across the healthcare industry to help people throughout the U.S. who can benefit from a better pharmacy experience, ' Parker said in a statement.

Terms of the arrangement were not immediately disclosed.

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"Manchester is proud to be home to innovative companies like PillPack that are not only driving our city's economic growth, but improving people's lives".

Amazon is pushing further into pharmacy with a deal to acquire prescription-management service PillPack.

Shares of drug wholesalers McKesson Corp, Cardinal Health and AmerisourceBergen also fell sharply.

Amazon is also working with JP Morgan Chase and Berkshire Hathaway on a new health care company that is seeking to lower costs and improve care.

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PillPack delivers prescription drugs to customers' doors.

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