Health Care

Amazon to acquire PillPack online pharmacy

Amazon to acquire PillPack online pharmacy”

"PillPack's visionary team has a combination of deep pharmacy experience and a focus on technology", noted Jeff Wilke, Amazon CEO for worldwide consumer.

The online retail giant also announced a joint venture with JPMorgan Chase and Berkshire Hathaway aimed at lowering health costs for the companies' USA employees.

There's a reason shares of CVS, Walgreens, and Rite Aid were tumbling Thursday, and it can be summed up in one word: Amazon.

PillPack was reported in April 2018 to be in talks to be acquired by Walmart, for a price of less than $1 billion.

"Together with Amazon, we are eager to continue working with partners across the healthcare industry to help people throughout the United States who can benefit from a better pharmacy experience", PillPack co-founder and CEO TJ Parker said in a statement.

More news: The Coldest Place on Earth Is Even Colder Than Scientists Thought

Walgreens shareholders seem particularly nervous about Amazon's advances into the pharmaceutical space.

Separately Thursday, Amazon announced plans to expand its own delivery fleet to reduce its dependence on services like Fedex and the US Postal Service.

With Amazon's (amzn) firepower behind it, PillPack can upend how customers buy and receive their prescription medications.

Parker grew up behind the counter of his father's drug store in Concord, N.H., and has spoken of his exasperation seeing customers resort to spreadsheets to figure out how to schedule and sort their medications. It has also developed pharmacy software that helps coordinate refills, makes sure the shipments are on time, and provides an online dashboard for patients. Customers can use the technology to contact pharmacists that can answer questions. It counts Accel Partners, Atlas Venture, CRV, Founder Collective, Menlo Ventures, Sherpa Ventures, Techstars among its investors.

It expects to complete the deal in the second half of the year.



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