Amazon acquires pharmacy startup PillPack; purchase price thought to be near $1b

Amazon acquires pharmacy startup PillPack; purchase price thought to be near $1b

PillPack pre-sorts pills into date- and time-stamped packets for patients who take multiple drugs - common for older people dealing with several chronic conditions.

Forget yesterday's news. Get what you need today in this early-morning email. Industries ranging from grocery stores to athletic-apparel retailers to package-delivery services have also, in the past year, seen billions in market value erased by a single Amazon announcement. "The market and the press are making it out to be a bigger deal than what it actually is", Lekraj said.

Walgreens Chief Executive Stefano Pessina, in a conference call after reporting quarterly results, said he was "not particularly worried" about the PillPack deal, describing it only as a "declaration of intent" by Amazon.

In premarket trading, shares of drugstore chains Walgreens, CVS and Rite Aid slid. It had raised $123 million in financing, most recently $5 million in debt from TriplePoint Venture Growth in August 2017, according to data from industry research firm PitchBook.

"They've gotta go to the store three or four times a month because the pharmacy can't even fill them the same day", Parker said. The specifics of what the company will do, though, are still unknown.

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PillPack was founded in 2013 by then-pharmacy student T.J. Parker and Elliot Cohen through the Massachusetts Institute of Technology's Hacking Medicine initiative.

As it has grown, the company has found itself entangled with some of the traditional powers in the business.

"Manchester is proud to be home to innovative companies like PillPack that are not only driving our city's economic growth, but improving people's lives". "Pharmacy networks are controlled by managed care companies and pharmacy benefit managers with captive mail order capabilities". The companies patched things up a few weeks later.

Amazon, which has become a retail behemoth since its start as an online bookseller in 1994, is known for its willingness to forego profit, while slashing prices to win customers.

That's bad news for Walgreens.

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