Published: Tue, July 03, 2018
Health Care | By Cedric Leonard

Walgreens and CVS stocks plummet as Dr

Walgreens and CVS stocks plummet as Dr

Its pharmacy is based in Manchester, N.H., and its business operations are located in Somerville, Mass. Terms of the deal were not disclosed, but Amazon referred to the deal as a "definitive merger agreement". PillPack had reportedly been in talks with Walmart - one of Amazon's big rivals - for an acquisition, and we confirmed that this was indeed the case.

Amazon, however, has threatened to cause the biggest disruption with stealthy moves to widen its product and distribution reach.

PillPack delivers drugs in pre-sorted packaging to match the dosage.

Contradictory comments this week from US officials about trade policy have led the market to lurch between gains and losses, sometimes by the hour.

"PillPack's visionary team has a combination of deep pharmacy experience and a focus on technology", said Jeff Wilke, Amazon Worldwide Consumer CEO.

"We wouldn't be surprised to see pharmacies in Whole Foods at some point", he told the news service. The Amazon deal is expected to close during the second half of 2018. Shares of Walgreens, CVS, and Rite Aid plunged Thursday, collectively losing $12.8 billion, according to CNBC.

PillPack holds pharmacy licenses in all 50 states, has URAC and VIPPS accreditation and is an in-network pharmacy with most PBMs including major Medicare Part D plans. The startup serves tens of thousands of customers and last summer launched PharmacyOS, a system created to simplify interactions between pharmacies, patients and payers and assist patients who manage multiple prescriptions.

Spain and Greece agree with Berlin to accept refugee migrants from Germany
Sunday's meetings will see the CDU leadership meet in Berlin while the CSU leadership and parliamentary group will meet in Munich. Afterwards, Merkel announced that she had also reached separate agreements with Spain and Greece on taking back asylum-seekers.

The PillPack deal is already scaring investors in the top two drug store chains.

Shares of drug wholesalers McKesson Corp, Cardinal Health and AmerisourceBergen also fell sharply.

They have more experience in health care than Amazon, and they have access to patients that Amazon doesn't have through contracts with insurers and pharmacy benefits managers.

But no area of the market felt the pain worse than pharmacies themselves.

Earlier this week, Amazon announced that it hired respected physician and author Atul Gawande to head up the healthcare initiative it launched with Berkshire Hathaway and JPMorgan Chase in January with the goal of providing "high-quality and transparent health care at a reasonable cost".

Those deals were announced after two mega insurer mergers were blocked by federal judges early a year ago on antitrust grounds.

PillPack was a 2014 finalist for Co.Design's Innovation By Design Awards.

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