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Amazon sends pharmacy stocks tumbling after snapping up online chemist
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Amazon’s purchase of an online chemist that opens an immediate nationwide drug network in the US has shaved billions off the value of three major pharmacy chains.
Shareholders suffered jitters after Amazon closed a deal with PillPack, which sells prescriptions in every US state except Hawaii.
Shares in Walgreens Boots Alliance - which owns Boots in the UK, and CVS Health and Rite Aid were sent tumbling on Thursday afternoon, wiping $12.8bn (£9.7bn) off their combined market value.
The US market for prescription medicine is enormous, with consumers spending $328.6bn on retail prescription drugs in 2016, according to Bloomberg.
Fears that the tech giant was primed to shake up the pharmaceutical...
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