Published: Fri, June 29, 2018
Health Care | By Oscar Goodwin

Amazon to buy Somerville online pharmacy startup PillPack

Amazon to buy Somerville online pharmacy startup PillPack

Amazon on Thursday said it is buying online pharmacy PillPack for an undisclosed sum. The company is aimed at people who take multiple prescriptions, offering services like pre-sorted dose packaging and home delivery. PillPack has also developed expertise in battling with payers and pharmacy benefit managers to have its services covered, and Amazon will bring new clout to those negotiations.

"PillPack's visionary team has a combination of deep pharmacy experience and a focus on technology", Amazon CEO of Worldwide Consumer Jeff Wilke said in a statement. The deal is expected to close later this year. "We're excited to see what we can do together on behalf of customers over time".

Amazon.com had made a major step in its bid to revolutionise the healthcare indutsy by buying an online pharmacy.

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PillPack is an online pharmacy which operates in all 50 USA states and offers pre-sorted dose packaging and home delivery.

Amazon, Berkshire Hathaway and JPMorgan announced a joint venture in January, saying USA health care costs were rising too fast and holding back economic growth.

Amazon will pay about $1 billion for Boston-based PillPack, according to a person familiar with the matter.

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The purchase follows the announcement in January that Amazon, Berkshire Hathaway Inc and JPMorgan Chase & Co were forming a joint venture to tackle rising US healthcare costs. Amazon didn't disclose the value of the deal. Losses in Walgreens Boots Alliance, CVS, and Rite Aid exceeded 10% at their worst, with almost $15 billion of market value wiped out. He took on the $800 billion grocery industry with last year's purchase of Whole Foods, and broke into consumer electronics with the creation of the Kindle e-reader and Echo voice-controlled speaker.

Some analysts played down the immediate threat Amazon poses. Our subscribers rely on FiercePharma as their must-read source for the latest news, analysis and data on drugs and the companies that make them.

The reasoning is simple: Amazon has a ton of cash and an unparalleled logistical network, and when it looks poised to enter or expand its position in a market, traders get scared and bail out of holdings in competing companies. And what's notable about this particular case is the outsized degree of the market cap erased, relative to the price Amazon paid for PillPack. The startup has raised upwards of $120 million in funding from backers including TechStars, Menlo Ventures, and Accel. It's raised more than $118 million from brand-name investors including Accel, Sherpa Capital and NY rapper Nas's Queensbridge Venture Partners.

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