Amazon is buying online pharmacy PillPack — a move that could disrupt the drug store business.
PillPack has pharmacy licenses in all 50 states. The company delivers medications to customers in pre-sorted doses designed to make it easier for people to take multiple medications a day.
Amazon () was widely expected to move into the pharmacy business.
And Amazon CEO Jeff Bezos, the world’s richest man, is creating a health care company along with JPMorgan Chase () and Warren Buffett’s Berkshire Hathaway ( ).
The PillPack deal is already scaring investors in the top two drug store chains.
CVS (newest Dow component, plunged more than 10%. Walgreens was already trading lower after reporting a drop in same-store sales at its US pharmacies.) fell 9% in early trading. Walgreens Boots Alliance ( ), the