CVS, Walgreens shares fall on report that Amazon may open brick-and-mortar pharmacies

Retailer signs from CVS, Ceremony Relief and Walgreens retail outlets.

Getty Photos

Shares of CVS Health, Walgreens Boots Alliance and Ceremony Relief are falling Wednesday on a document that Amazon may maybe well also merely starting up brick-and-mortar pharmacies.

CVS shares were down about 3%, Walgreens modified into down almost about 4% and Ceremony Relief fell extra than 4%.

Amazon is pondering whether to push further into promoting prescriptions by opening stand-alone retail pharmacies or including them to Entire Meals retail outlets, based fully mostly on a document by Industrial Insider that cited three nameless people acquainted with the topic.

In step with the document, discussions are in exploratory stages and if Amazon moves forward with the thought, it may maybe well maybe probably well also settle extra than a 365 days for the company to starting up opening retail outlets.

An Amazon spokesperson stated the company does no longer observation on rumor or speculation.

“Amazon Pharmacy is focused on making at-dwelling provide pharmacy more uncomplicated and further handy for potentialities,” the spokesperson stated in a deliver.

The corporate has shown interest in expanding into well being care over the past several years. It obtained on-line pharmacy PillPack in 2018. Closing 365 days, it formally entered the industry with Amazon Pharmacy, but any other switch that sent stocks of drugstore chains tumbling. With that new carrier, potentialities in most states can procure prescriptions lined by many insurers and procure medications introduced to their door.

CVS, Walgreens and Ceremony Relief possess already been squeezed by Amazon, as extra buyers settle front-of-store objects admire shampoo and bathroom paper on-line. That disruption has caused drugstore chains to perceive other methods to force foot site site visitors and enhance sales. CVS is including extra well being-care companies and products to its retail outlets, from basic care visits to sleep apnea screenings. Walgreens has focused on rapid and handy companies and products, much like curbside pickup and residential provide. And Ceremony Relief has refreshed its retail outlets with new signage and a assorted mix of products on shelves.

Individually, Amazon presented plans Wednesday to procure MGM Studios for $8.45 billion, in a show to add extra impart to its Amazon High Video industry.