Executive Briefings

What Amazon Could Do to the Business of Selling Prescription Drugs

Investors sold off shares of pharmacy giant CVS Health and Walgreens last week amid renewed speculation that Amazon would enter the business of selling prescription drugs.

As the stock market suffered its biggest loss since before the November election, shares of CVS and Walgreens closed down more than 3 percent, to $76.34 and $81.73, respectively.

CNBC reported that the online retail giant is considering wading into the complicated retail pharmacy market. The news organization reported that Amazon is hiring a general manager to lead a team to explore the idea but hasn't made a final decision.

An Amazon spokeswoman did not immediately respond to a request for comment. (Amazon chief executive Jeffrey P. Bezos owns The Washington Post.)

Selling prescription drugs is a big business in the United States - retail pharmacy is a $400bn industry according to an analysis by Adam Fein, president of Pembroke Consulting. The top 15 pharmacies — including CVS, Walgreens, Express Scripts and Wal-Mart — accounted for about three-fourths of all prescriptions by revenue in 2016, Fein said.

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As the stock market suffered its biggest loss since before the November election, shares of CVS and Walgreens closed down more than 3 percent, to $76.34 and $81.73, respectively.

CNBC reported that the online retail giant is considering wading into the complicated retail pharmacy market. The news organization reported that Amazon is hiring a general manager to lead a team to explore the idea but hasn't made a final decision.

An Amazon spokeswoman did not immediately respond to a request for comment. (Amazon chief executive Jeffrey P. Bezos owns The Washington Post.)

Selling prescription drugs is a big business in the United States - retail pharmacy is a $400bn industry according to an analysis by Adam Fein, president of Pembroke Consulting. The top 15 pharmacies — including CVS, Walgreens, Express Scripts and Wal-Mart — accounted for about three-fourths of all prescriptions by revenue in 2016, Fein said.

Read Full Article