On a broader basis, the pharmacy space is just the latest area to feel the disruptive force of Amazon.
In a statement, PillPack CEO and Co-Founder TJ Parker said the company, together with Amazon, plans to "continue working with partners across the healthcare industry to help people throughout the USA who can benefit from a better pharmacy experience". The company sorts your pills by dose, including vitamins and over-the-counter medicine, into personalized daily packets and delivers everything right to your door each month. Amazon says it expects the deal to close during the second half of this year, pending regulatory approval.
"PillPack's visionary team has a combination of deep pharmacy experience and a focus on technology", Jeff Wilke, Amazon CEO Worldwide Consumer, said in a statement.
Watch Walgreens, CVS, and Rite Aid trade here. Shares of drug wholesalers Mckesson Corp, Cardinal Health and AmerisourceBergen were also down. The trend has been playing out repeatedly over the past year, with grocery stores, athletic-apparel retailers, and package-delivery services among the afflicted groups.
The good times in the pre-market lasted less than 90 minutes, unfortunately, thanks to Amazon's latest foray into a non-core industry.
"We are not particularly anxious", Pessina said, but added that the company was not complacent either. The firm's shares have spiked 435% since the beginning of 2015, more than 14 times the return for the benchmark S&P 500 over the same period. "We're excited to see what we can do together on behalf of customers over time". Stay tuned for the latest twists and turns as the nation's largest corporations battle for healthcare supremacy. It also offers a business opportunity for those companies best placed to meet the healthcare needs of this growing population.
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