The announcement by Amazon On November 17, 2020 that it was starting an online Pharmacy sent pharmacy stocks tumbling. CVS shares fell 8.6% on Tuesday. Walgreens Boots Alliance dropped 9.6%. Shares of Rite Aid slid 16.2%. GoodRx, which helps consumers find discounts on prescription drugs, fell 22.5%. You can read the full announcement here.
Is this an overreaction? Amazon has failed often before (remember the Fire Phone), and the market seems to agree that its acquisition of Whole Foods in 2017 was a flop.
Discuss Amazon’s pharmacy plans…
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