Amazon is buying PillPack

Above PillPack

Shares of Walgreens, Rite Aid, and CVS Health were down on Thursday morning.

TJ Parker, PillPack's co-founder and chief executive, said: "Together with Amazon, we are eager to continue working with partners across the healthcare industry to help people throughout the U.S. who can benefit from a better pharmacy experience".

The announcement comes one week after Amazon, JPMorgan Chase and Berkshire Hathaway revealed the CEO of their new healthcare tech company.

"Together with Amazon, we are eager to continue working with partners across the health care industry to help people throughout the United States who can benefit from a better pharmacy experience", PillPack chief executive TJ Parker said in a statement.

"Together with Amazon, we are eager to continue working with partners across the healthcare industry to help people throughout the USA who can benefit from a better pharmacy experience", PillPack co-founder and CEO TJ Parker said in a statement.

PillPack was launched by two members of the "hacking medicine" initiative at the Massachusetts Institute of Technology, and helps people manage multiple medications with a software platform that offers reminders, dose-specific packaging and delivery.

Walgreens shareholders seem particularly nervous about Amazon's advances into the pharmaceutical space. Also on Thursday, Amazon announced a new program that will partner with outside entrepreneurs to create a last-mile delivery system for Amazon packages, effectively creating an alternative to UPS or FedEx. Walmart was reportedly interested in buying PillPack earlier his year, but Amazon seems to have won out in the end. Drugs are sorted by day and time, rather than medication.

The transaction is expected to close during the second half of 2018. The firm also helps to co-ordinate refills and renewals.

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