October 17, 2018

Amazon to buy online pharmacy PillPack

03 July 2018, 12:44 | Silvia Roy

Amazon to buy online pharmacy PillPack

Amazon had long been rumored to be interested in the pharmacy business

PillPack supplies pre-sorted prescription drugs and other services to people who take multiple medications, a growing market as the US population ages and requires treatment for multiple complex, chronic conditions. Amazon rose 2.6 per cent, while UPS fell 2.3 per cent and FedEx lost 1.3 per cent. While speculation about Amazon entering the health-care space has plagued the sector for months, Robert W. Baird & Co. called the PillPack news "a full frontal attack" on companies whose valuations were already near historical lows. Walgreens Boots Alliance was down almost 7% at the open, CVS dropped more than 9% and Rite Aid was down more than 11%.

On Thursday, Amazon announced it had bought PillPack, an online pharmacy for about $1 billion, a source briefed on the deal told The New York Times. "I think there's the potential for (this to be) a very powerful deal, a powerful acquisition".

Lekraj noted that PillPack's business is geared largely toward patients with recurring medication needs, which, as a group, tend to be older, and many of those people still prefer to go to bricks-and-mortar pharmacies. Following the acquisition news, shares of Walmart tumbled about 1%. According to Reuters, the share prices of drug wholesalers like Mckesson, Cardinal Health and Amerisource Bergen also dropped. In January, Amazon, Berkshire Hathaway and JPMorgan Chase announced plans to create an independent company that's "free from profit-making incentive" and geared toward providing innovative healthcare solutions to their USA employees. However, the transaction is subject to some regulatory approvals. PillPack is a niche player now, with more than 50,000 customers. Its PharmacyOS - the system it has built that forms the basis of the company - is a platform that helps manage patient data and figure out how to balance meds together in safe doses for its customers.

LeBron James's National Basketball Association move to LA has really got people talking
We won't get into that here, but we assume a number of Lakers fans are already deleting some of their old tweets trashing James. By most accounts, Magic appears willing to keep his young team intact and wait until next offseason to do some heavy lifting.

The remaining equity is owned by the firm's employees, the person said.

Walgreens doesn't seem too anxious.

"The pharmacy world is much more complex than just delivering certain pills or certain packages", Pessina said. "We're all just waiting and tapping our foot to see the actual policy". "The Street will view this Amazon move as the beginning of the threat, not the entirety of it".

Growing response to Maryland newspaper shooting: 'Subscribe to your local newspaper'
He was charged with five counts of first-degree murder in one of the deadliest attacks on journalists in United States history. Those killed included Rob Hiaasen , 59, the paper's assistant managing editor and brother of novelist Carl Hiaasen.

"I think this is a fundamental step for Amazon, to begin to attack the pharmacy industry", said Adam Fein, president of Pembroke Consulting and an expert on the drug supply chain.

But no area of the market felt the pain worse than pharmacies themselves. It is an in-network pharmacy for some PBMs and for major Medicare Part D plans, a federal drug benefit to help Medicare beneficiaries pay for self-administered prescription medicines.

The deal is expected to close in the second half of 2018.

Dele Alli: "This is where I should be"
He added that it was "important we react positively to the defeat" against Belgium. They are risky at set plays but we are as good as anybody at set plays.

Other News

Trending Now

Michael Cohen: I Am Putting My Family And Country Before Donald Trump
In fact, he's stopped answering the question altogether, although he tells Stephanopoulos that "I want to answer". CNN has reported that Cohen has felt increasingly isolated from the President in the wake of April's raids .

Milwaukee Bucks center Thon Maker in brawl during FIBA qualifying game
Australia were lead 79-48 in the third quarter when guard Chris Goulding was knocked to the court by a Philippines player. A Filipino official at the arena asked those present to "show respect to our friends of Australia".

US Economy Could Lose $14B Over Auto Import Tariffs
A BMW logo is pictured before the annual news conference of German premium automaker BMW in Munich, Germany, March 19, 2014. General Motors warned Friday that new auto tariffs would undermine its ability to compete.

Trump reportedly wants US to withdraw from World Trade OrganizationNaija247news
Analysts say chances of a U.S. withdrawal from the WTO would be slim, as such a move would require Congressional approval. Trump spoke about the WTO aboard Air Force One en route to Bedminster, New Jersey. "Not at this point".

Suspect faces terrorism charges for planning July 4 attack in Cleveland
In his final meeting with an undercover agent, he said he was ready to strike and had no regrets about the innocent people who would be killed.

Suspect in Boise stabbing identified; six children injured
The motive for his alleged attack is not yet known, and it's unclear what country or countries the victims are from. Police Chief William Bones said Sunday that 30-year-old Timmy Kinner has been charged with several felonies.

Jurassic World 2 still king at the box office
And North American audiences came out in larger than expected numbers for both " Sicario: Day of the Soldado " and " Uncle Drew ". The film has been a favorite with critics and viewers, earning a 93 percent on Rotten Tomatoes and an A+ CinemaScore .

Mexico eliminated from 2018 World Cup after 2-0 loss to Brazil
Then with two minutes to go in regulation, Brazil clinched their spot in the quarterfinals. Germany finished bottom of Group E after opening the World Cup with a defeat to Mexico .

Roseanne Barr Says She Has 'So Many' Offers to Return to TV
As an actress, she has been known to loudly express her frowned-upon ideologies and viewpoints , specifically on social media. In an EW interview, Maher explains that Barr's mental issues will prevent Hollywood executives from taking a risk on her.

Wimbledon 2018: Andy Murray carrying lighter load than usual at Wimbledon
His win in NY was nearly nine years ago and he has sent most of the intervening years trying to overcome injuries to both wrists. I'm practising at a high level, a high intensity every day with some of the best players in the world.