Amazon's new pharmacy deal ruined a perfectly good earnings report for Walgreens

Pillpack

"We're excited to see what we can do together on behalf of customers over time".

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.

MarketWatchPillPack is geared towards patients who take multiple daily prescriptions.

The deal is expected to close during the second half of 2018.

TJ Parker, PillPack's co-founder and chief executive, said: "Together with Amazon, we are eager to continue working with partners across the healthcare industry to help people throughout the United States who can benefit from a better pharmacy experience".

CVS shares tumbled nine percent in opening trading on the news, while Walgreens Boots Alliance slumped 10.5 percent. Led by Parker, a licensed pharmacist, it was an early entrant into the field of online medication delivery.

Terms were not disclosed on the deal for PillPack, an online pharmacy which operates in all 50 USA states and offers pre-sorted dose packaging and home delivery.

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"We want to help them continue making it easy for people to save time, simplify their lives, and feel healthier".

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

"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". Shares of drug wholesalers Mckesson Corp, Cardinal Health and AmerisourceBergen were also down.

Amazon's purchase of an online chemist that opens an immediate nationwide drug network in the U.S. has shaved billions off the value of three major pharmacy chains.

The announcement comes one week after Amazon, JPMorgan Chase and Berkshire Hathaway revealed the CEO of their new healthcare tech company.

Amazon's acquisition of PillPack is sure to rankle the business-development team at Walmart, which was reportedly looking at buying the pharmacy startup in early April.

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