The retail colossus opened an online pharmacy Tuesday that allows customers to order medication or prescription refills, and have them delivered to their front door in a couple of days. The potential impact of Amazon’s arrival in the pharmaceutical space rippled through that sector immediately. The stocks of CVS Health Corp., Walgreens and Rite Aid all tumbled Tuesday.
“The news represents a disruption to the system and competitive threat that will likely shift scripts away from the retail channel,” analysts at Citi Research said in a note. Read more here.
(Source: Tom Murphy; AP; 11/24/20)