Amazon acquires online pharmacy PillPack, reports peg deal at almost $1B

PillPack prepackages and mails consumers pills.									Pat Greenhouse  The Boston Globe

PillPack prepackages and mails consumers pills. Pat Greenhouse The Boston Globe

News of the acquisition is also a bitter pill to swallow for Walmart, which was said to be looking into buying PillPack for under $1 billion earlier this year, according to CNBC.

TJ Parker, PillPack's co-founder and chief executive, said: "Together with Amazon, we are eager to continue working with partners across the healthcare industry to help people throughout the U.S. who can benefit from a better pharmacy experience".

CVS shares tumbled 8.6 percent in pre-market trade on the news, while Walgreens slumped 8.5 percent.

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"Together with Amazon, we are eager to continue working with partners across the healthcare industry to help people throughout the U.S. who can benefit from a better pharmacy experience", PillPack co-founder and CEO TJ Parker said in a statement. "PillPack makes it simple for any customer to take the right medication at the right time, and feel healthier", its cofounder and CEO TJ Parker said in a press release.

This is just the most recent example of Amazon's ability to disrupt an industry with a single action.

Of course, Amazon is in the midst of developing a joint healthcare venture in partnership with the CEOs of Berkshire Hathaway and JP Morgan Chase.

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Acquiring PillPack marries the company's aspirations to move into consumer-centric healthcare verticals and its strong focus on complex logistics and delivery systems.

The damage also spread through the pharmacy supply chain, with drug wholesalers seeing deep losses. The service is aimed at people taking more than one prescription drug every day. It also handles deliveries, refills, and adjustments to medications. Customers can use the technology to contact pharmacists that can answer questions. Once the deal closes, Amazon could potentially start selling prescription drugs directly through its site, delivering them via mail and impacting retail pharmacies.

The company's backers include Accel Partners, Atlas Venture, CRV, Founder Collective, Menlo Ventures, Sherpa Ventures and Techstars.

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