Amazon.com Inc unveiled its biggest push into selling prescription drugs with the launch of a digital pharmacy and discounts for paying US Prime members that sent shock waves through shares of drugstore chains and distributors. — Bloomberg
When Amazon.com Inc muscles into a new market, the entrenched players often take a hit on Wall Street. And so it went on Nov 17 when the world’s largest online retailer announced it had started a web drug store and would offer discounted meds to Prime subscribers.
CVS Health Corp shed about 8.6% and Walgreens Boots Alliance Inc sank 9.6% as investors and analysts tried to figure out whether Amazon was set to disrupt another industry as it has done with books, logistics and cloud computing.
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