Pharmacies take a $10 billion hit as Amazon lands Whole Foods deal (CVS)

Jeff BezosSpencer Platt/Getty Images

Amazon is buying Whole Foods for $ 13.7 billion, and pharmacy stocks are feeling the heat. 

The pharmaceutical supply chain is down by a total market cap of $ 10 billion, according to UBS.

In addition to the grocery stores whose stocks have been getting clobbered on the news, here are the drug industry companies that are also taking a hit. 

It’s not the first time the prescription drug industry has been concerned about Amazon entering the pharma business. CNBC reported in May that Amazon is seriously considering entering the pharmacy business, leading to speculation about what that might look like

Whole Foods doesn’t have a pharmacy, though it does sell vitamins and supplements. That means that Amazon’s entrance into the pharmacy business, at least at a brick-and-mortar-level, might not be immediate. 

“We recognize that the sheer establishment of a physical presence is likely to give pause to those more concerned by the Amazon risk but note that Whole Foods does not have pharmacy and therefore is less likely to serve as a specific conduit towards driving whatever Amazon’s eventual pharmacy strategy might be,” UBS said in a note. 

Screen Shot 2017 06 16 at 12.10.19 PMMarkets Insider

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Post Author: martin

Martin is an enthusiastic programmer, a webdeveloper and a young entrepreneur. He is intereted into computers for a long time. In the age of 10 he has programmed his first website and since then he has been working on web technologies until now. He is the Founder and Editor-in-Chief of BriefNews.eu and PCHealthBoost.info Online Magazines. His colleagues appreciate him as a passionate workhorse, a fan of new technologies, an eternal optimist and a dreamer, but especially the soul of the team for whom he can do anything in the world.

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