Amazon launched its new online pharmacy yesterday. The service allows customers to complete an “entire pharmacy transaction” (i.e. upload insurance information, manage prescriptions, and order medications) directly on Amazon and will offer savings up to 80% for Prime members who pay without insurance.
More context: The launch marks the latest effort by Amazon in the healthcare space, including the ~$1B purchase of online pharmacy PillPack in 2018 and a joint venture with JP Morgan and Berkshire Hathaway that focuses on employee health coverage across the three companies.
Extra: CVS and Walgreens shares dropped 9% and 10%, respectively, after the announcement.