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CVS, Walgreens shares fall on report that Amazon could open pharmacies 

Retailer indicators from CVS, Ceremony Assist and Walgreens shops.

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Shares of CVS Well being, Walgreens Boots Alliance and Ceremony Assist are falling Wednesday on a report that Amazon could open brick-and-mortar pharmacies.

CVS shares have been down about 3%, Walgreens shares have been down practically 4% and Ceremony Assist shares have been down greater than 4%.

Amazon is contemplating whether or not to push additional into promoting prescriptions by opening standalone retail pharmacies or including pharmacies to Entire Meals shops, in keeping with a report by Enterprise Insider that cited three nameless folks accustomed to the matter.

Based on the report, discussions are in exploratory phases and if Amazon strikes ahead with the concept, it might take greater than a 12 months for the corporate to begin opening shops.

Amazon has proven curiosity in increasing into well being care over the previous a number of years. It acquired on-line pharmacy PillPack in 2018. Final 12 months, it formally entered the enterprise with Amazon Pharmacy, one other transfer that despatched shares of drugstore chains tumbling. With that new service, clients in most states can get prescriptions lined by most insurance coverage firms and get drugs delivered to their door.

CVS, Walgreens and Ceremony Assist have already been squeezed by Amazon, as extra customers purchase front-of-store gadgets like shampoo and bathroom paper on-line. That disruption has brought on drugstore chains to search for different methods to drive foot site visitors and increase gross sales. CVS is including extra health-care companies to its shops, from main care visits to sleep apnea screenings. Walgreens has centered on speedy and handy companies, reminiscent of curbside pickup and residential supply. And Ceremony Assist has refreshed its shops with new signage and a special mixture of merchandise on cabinets.

Individually, Amazon introduced plans Wednesday to purchase MGM Studios for $8.45 billion, in a bid so as to add extra content material to its Amazon Prime Video enterprise.

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