Amazon lands in the pharmaceutical sector and launches its own online pharmacy marking the way for what could be a revolution in a $ 300 billion market. The e-commerce giant opens in the United States “Amazon Pharmacy“, The new portal that will sell generic drugs that can be purchased by Prime subscribers without health insurance at discounted prices up to 80%.
Amazon opens the online pharmacy: the new service
Sales figures would be the first step to attract consumers, so far wary of buying medicines online. Given the daily habits upset by the pandemic and spending on the web has now become normal, especially through Amazon, the billionaire Jeff Bezos has bet precisely on greater consumer openness even with respect to drugs.
To access the service, customers, for now Americans, must ask their doctors to send prescriptions directly on the platform. The platform has made it clear that it will not ship products that can be abused, including many opioids, and that it will accept a large portion of US health insurance.
“We are aware of the importance of medicines at affordable prices and we believe Prime subscribers will see significant value ”in the new service, said the vice president of Amazon Prime Jamil Ghani.
The online pharmacy “is an important and necessary addition to the platform,” added Doug Herrington, vice president of Amazon’s North American consumer division.
The shipping giant’s move was prepared in 2018 with theacquisition of PillPack for nearly $ 750 million. This is a service designed for those who suffer from chronic ailments and are forced to take multiple medicines per day. The new pharmacy of Amazon it has taken its footsteps from the example of Pillpack, but with a global catchment area at its disposal.
Amazon opens the online pharmacy: the reactions on the stock exchange
The announcement of the multinational provoked immediate reactions on the stock market, with the collapse of the stocks of the giants of the sector: CVS lost 8.91%, Rite Aid 17% and Walgreens Boots Alliance 9.17%. The fear is that the new project could cause the same effects experienced by traditional shops and department stores with Amazon breaking into the market.
The title of the Big Tech giant, meanwhile, continued its surge, not far from its all-time highs over 3 thousand dollars per share.