Amazon is buying PillPack

Amazon buys PillPack an online pharmacy that was rumored to be talking to Walmart		
		
	Ingrid Lunden

       @	   
   	7 hours

The e-commerce giant on Thursday said it agreed to buy the online drug store PillPack.

"PillPack's visionary team has a combination of deep pharmacy experience and a focus on technology", said Jeff Wilke, Amazon CEO Worldwide Consumer. The service is available in 49 states, with its main pharmacy located in Manchester, New Hampshire.

The firm says it is 'designed to provide the best possible customer experience in the US for people who take multiple daily prescriptions'.

Here's how PillPack works: Users receive a monthly roll of pre-sorted medications with labels that include photos and instructions.

Shareholders suffered jitters after Amazon closed a deal with PillPack, which sells prescriptions in every USA state except Hawaii.

There's a reason shares of CVS, Walgreens, and Rite Aid were tumbling Thursday, and it can be summed up in one word: Amazon.

"We know that we have to change the level of our services to the customers and we are working quite hard on that direction, but we are not anxious", Pessina said. The firm also helps to co-ordinate refills and renewals.

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PillPack was founded in 2013 and had a reported valuation of about $330 million as of two years ago, according to Fortune.

PillPack revealed the news via its Twitter account, and the deal is expected to be finalised by the end of the year.

Pharmacy shareholders will perhaps find solace in the fact that they're not the only industry to have billions in market value erased by a single Amazon announcement.

The news comes just a week after a joint venture of Amazon, Berkshire Hathaway Inc (BRKa.N) and JPMorgan Chase & Co (JPM.N) named a CEO who will be tasked with significantly cutting healthcare costs.

PillPack, for the uninitiated, is an online pharmacy that makes it easy for people who take several different prescriptions a day. "Pharmacy networks are controlled by managed care companies and pharmacy benefit managers with captive mail order capabilities".

With Amazon's (amzn) firepower behind it, PillPack can upend how customers buy and receive their prescription medications.

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