Global Retail Alliance
info@gra.world
  • Login
  • Register
  • Newsletter
  • Virtual Library
  • Choose your country
    • Australia
    • Brazil
    • China
    • Poland
    • Latin America
    • Middle East
GRAGRA
  • Home
  • Membership
    • Silver
    • Gold
    • Platinum
  • Event
  • News
  • Retail Tour
    • Our Tours
    • Europe Retail Tour
    • Retail Tour – New York
    • Retail Tour – Düsseldorf
  • Contact
  • Home
  • Membership
    • Silver
    • Gold
    • Platinum
  • Event
  • News
  • Retail Tour
    • Our Tours
    • Europe Retail Tour
    • Retail Tour – New York
    • Retail Tour – Düsseldorf
  • Contact

Innovation & Technology

  • Home
  • Innovation & Technology
  • Amazon eyes move into the pharmacy business

Amazon eyes move into the pharmacy business

  • Categories Innovation & Technology
  • Date May 18, 2017
  • Comments 0 comment

Amazon is hiring a business lead to figure out how the company can break into the multibillion-dollar pharmacy market.

For the last few years, Amazon has held at least one annual meeting at its Seattle headquarters to discuss whether it should enter the pharmacy business, says two people familiar with the company’s plans.

But this year, with the rise of high-deductible plans and the trend toward consumers paying for health care, it is ready to get more serious.

Two people said that it’s not a done deal that Amazon will move into this space, given the complex web of established players. But it is bringing on a new general manager to lead the team and formulate a strategy, and is deep in discussions with industry experts. That hire would sit under the consumables business, the source said.

Another person said Amazon has started to recruit more broadly from the pharmacy space.

The company recently started selling medical supplies and equipment in the U.S., and is hiring for its “professional health care program” to ensure that the company is meeting regulatory requirements. It also hired Mark Lyons two months ago from Premera Blue Cross. A source said that Lyons is tasked with building an internal pharmacy benefits manager for Amazon employees, which might be later scaled out.

Amazon declined to comment.

Japan Times reported in April that the company expanded its Prime Now delivery service to include drug and cosmetic sales, with the support of local partners. Amazon’s category page on its Japanese site now includes “pharmaceuticals,” and sells drugs to patients with approval from a pharmacist.

In the United States alone, more than 4 billion prescriptions are ordered every year. In 2015, patients, insurance companies and other payers spent an estimated $300 billion on prescription drugs.

For Amazon, it’s a lucrative market that would require navigating a variety of existing players. For consumers with a high dollar deductible, Amazon could someday be a go-to destination to shop for drugs.

Buck estimates that it’s a $25 billion to $50 billion market opportunity for Amazon, if executed well. But the company would also face challenges entering a regulated market. “Prescription transfer laws and e-prescribing make it a little more difficult than putting something in a cart and checking out,” he said.

Amazon previously backed a “dotcom” darling called Drugstore.com in the late 1990s, with CEO Jeff Bezos taking on a director role. At that time, it was speculated that Amazon could carve out a huge chunk of the prescription and over-the-counter drug sales market. Drugstore.com later sold to Walgreens, which eventually shut it down.

Source: http://www.cnbc.com/2017/05/16/amazon-selling-drugs-pharamaceuticals.html

  • Share:
gsiino

Previous post

Global Powers of Luxury Goods 2017
May 18, 2017

Next post

McDonald's rolls out UberEats delivery in more US cities
May 18, 2017

You may also like

solana
Crypto project Solana is opening a store in NYC. Take a look inside
27 July, 2022
Senza-titolo-2
Co-op extends robot deliveries to Bedford
25 July, 2022
aldi-new-store-trigo
Trigo, ALDI Nord Open Netherlands’s First AI-Powered Frictionless Supermarket
19 July, 2022

Leave A Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search News:

News category:

News Archive:

Last News:

Walmart Has a New Idea to Take on Amazon
10Aug2022
The Supermart by ZALORA x adidas opens at Bugis Junction
06Aug2022
Brands are getting creative with being real
02Aug2022
Mango Teen opens new store in Barcelona
27Jul2022
Crypto project Solana is opening a store in NYC. Take a look inside
27Jul2022

Twitter:

GRA_World Follow

An association made up and dedicated to the retail industry world's leading companies. Become a member today!

Gra_World
Retweet on Twitter GRA_World Retweeted
meshaalbomairh Meshaal Bin Omairh @meshaalbomairh ·
19 May

Very happy to announce that I am now a member of the GRA, one of the world’s most important associations for #retail industry leaders.
يسعدني جدًا أن أعلن أنني أصبحت عضوًا في GRA ، وهي واحدة من أهم الجمعيات في العالم لقادة صناعة البيع بالتجزئة: https://twitter.com/Gra_World/status/1526975525411033089

gra_world GRA_World @gra_world ·
20 May

🚀Los invitamos al próximo #webinar #GRA donde un panel de líderes de #Latinoamerica van a compartir tendencias, experiencia y el futuro de #Marketplaces✍🏻: https://bit.ly/3yNggfI

Load More...

© 2022 Global Retail Alliance | info@gra.world | Privacy Policy