Amazon Launches Online Pharmacy Service

Amazon Launches Online Pharmacy Service.

Amazon has announced their entry into the $300 billion pharmacy market with a new service called Amazon Pharmacy.

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Customers over the age of 18 in 45 states will now be able to order prescription medication for home delivery.

Hawaii, Illinois, Kentucky, Louisiana and Minnesota are not included, but Amazon expects to serve those states in the future.

Amazon Pharmacy will reportedly accept most forms of insurance as well as offer savings for uninsured customers.

Doctors will also be able to send prescriptions directly to Amazon Pharmacy, as the service will have tools to verify legitimate prescriptions and prevent potential fraud.

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In addition, Amazon Prime members will receive free two-day delivery and access to discounts of up to 80 percent on generic medications and 40 percent on brand-name.

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We think this new benefit will add tremendous value to our members … It’s relevant as folks try to do more from the comfort and safety of their homes, Jamil Ghani, Vice President of Amazon Prime.

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Since its launch on Tuesday, stocks for traditional pharmacies and retailers that offer pharmacy services have dropped.

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CVS shares fell 7.5 percent, Walgreens Boots Alliance shares dropped more than 10 percent and shares of Rite Aid dropped more than 11 percent