Business

Amazon Announces New Medicine Delivery Service, Pharmacy Stocks Plummet

(Photo by Mark Makela/Getty Images)

Dylan Housman General Assignment Reporter
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Online retail giant Amazon will now be able to deliver prescriptions and other medical supplies right to consumers’ doors after opening its online pharmacy service Tuesday.

Customers can now get their prescription refills and other medication delivered by Amazon within a couple of days, reported the Associated Press (AP). The move appears to have struck fear into pharmacy competitors, as stock prices for CVS, Rite Aid and Walgreens all took a nosedive following the announcement. (RELATED: Happy Birthday COVID-19. We Hope You Die)

Amazon said its online pharmacy will offer frequently-prescribed pills and creams, as well as items that need refrigeration, such as insulin, according to AP. Some higher-risk medications, including some opioids, will reportedly not be offered. (RELATED: Mouthwash Kills Coronavirus In 30 Seconds, According To Study)

While most insurance plans will be accepted, customers who do not have insurance but do have an Amazon Prime subscription will be able to get their drugs at a discounted rate, according to the same report. Amazon already made one foray into the drug business when it acquired online pharmacy PillPack for $750 million in 2018. (RELATED: ‘If You Have Access To A Vaccine, Get Vaccinated,’ Vaccine Scientist Peter J. Hotez Says)

Amazon is well-known for turning the brick-and-mortar bookstore industry into a shell of its former self, and their successful entry into other markets like streaming, delivery and consumer goods provides legitimate reason for drug stores to be concerned.

Amazon doesn’t take over every industry they try to get involved with, though. Grocery chains have held up quite well after Jeff Bezos’ company acquired Whole Foods three years ago, despite grocery stocks initially tanking, the AP reported.