After spending $750
million on PillPack in 2018, it's clear that Amazon is interested in the
prescription drug market. In recent months, the company has started to enter
the pharmacy business through its Amazon Pharmacy service.
Starting next
month, Amazon will begin offering prescription drugs through its app and
website. It will also allow Prime members to pay for two-day delivery. The move
follows the company's acquisition of online pharmacies.
The company's new
pharmacy service will allow customers to buy prescription drugs through its
website, app, or smartphone. Through Amazon's new Prime savings account,
customers can compare and choose the cheapest insurance plan. If they pay for
insurance out of pocket, they can save up to 80% on their prescriptions.
To use Amazon
Pharmacy, customers can add their insurance information and request a new or
existing prescription from their prescribers. The purchase will then be
confirmed through the company's website or app. Amazon Pharmacy will allow
customers to create a pharmacy profile and manage their prescriptions. They can
also compare prices and pay for their medications without entering their
details.
Amazon Pharmacy
will allow customers to create a pharmacy profile and manage their
prescriptions. They can also compare prices and pay for their medications
without entering their details. With a secure pharmacy profile, customers can
add insurance details, manage their prescriptions, pay for their medications,
and check in.
The company claims
that it accepts most insurance plans, and it will also give customers the
option of consulting a pharmacist. Amazon's launch of Amazon Pharmacy is not
surprising.
The company claims
that its pharmacy profiles are secure and allow customers to add insurance
details, manage their prescriptions, and pay for their medications. In a
statement, Amazon said that customers can easily add insurance details and pay
for their medications using a secure pharmacy profile.
Through Amazon
Pharmacy, customers will have access to a variety of self-service options and
telephone customer service. The company also claims that Prime members who pay
for their prescriptions using insurance will receive a 10 percent discount.
Amazon has been
steadily expanding its healthcare offerings for some time. The company's entry
into the pharmaceutical market is expected to be a significant step for the
company.
In 2018, Amazon
purchased PillPack for around $1 billion, and in the same year, it acquired
another pharmaceutical company called Medtronic for about $2 billion.
It's widely
believed that Amazon has been eyeing the pharmacy business for some time. The
company's entry into the market could potentially shake up the operations of
the country's biggest drug stores, such as Walgreen and CVS Health.
The announcement
sent shares of Amazon's competitors, such as Walgreen and CVS Health,
plummeting.
In morning trading,
the shares of Amazon dropped more than eight percent. The decline came just
weeks after the company acquired PillPack, which was an online pharmacy that
sells prescriptions for various medical devices and drugs.
In accordance with
HIPAA, Amazon Pharmacy will securely store and manage customer data. The
company will also share health information with government agencies.
Starting next month, Amazon will begin offering a variety of commonly prescribed medications, such as antibiotics and painkillers. Large pharmacies will have a hard time competing with the company's offerings, which include groceries, snacks, and shampoos.
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