Amazon shares rise as it confirms PillPack acquisition

Amazon shares are higher Thursday as the tech giant announced the acquisition of online pharmacy, PillPack.

Amazon shares rise as it confirms PillPack acquisition

Amazon shares are higher Thursday as the retail behemoth shared the news it is buying online pharmacy, PillPack. Jeff Bezos’ firm didn’t share any details as to how much the deal is costing Amazon but did say they expect to complete some time in the second half of 2018.

By 1655 BST, Amazon shares were 1.96% higher at $1,693.29. The stock has moved mainly higher in recent weeks, although it has experienced some weakness amid the US import row.

Amazon’s new pharmacy deal

Amazon announced Thursday it had struck an agreement to buy PillPack. The online pharmacy began operating in 2014 and delivers drugs in pre-sorted doses across every US state, excluding Hawaii.

“PillPack’s visionary team has a combination of deep pharmacy experience and a focus on technology,” says Jeff Wilke, Amazon CEO Worldwide Consumer.

“PillPack is meaningfully improving its customers’ lives, and we want to help them continue making it easy for people to save time, simplify their lives, and feel healthier. We’re excited to see what we can do together on behalf of customers over time,” Wilke added.

Meanwhile, PillPack was also upbeat on the news.

“PillPack makes it simple for any customer to take the right medication at the right time, and feel healthier,” said TJ Parker, co-founder and CEO of PillPack.

“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,” Parker added.

Amazon’s call to delivery entrepreneurs

Separately, Amazon Wednesday announced a new initiative to support entrepreneurs interested in creating a delivery service.

‘Delivery Service Partners’ is a new programme from the tech giant where it will support delivery entrepreneurs build a fleet of dedicated Amazon delivery drivers across the US.

“It’s exciting to continue to see the logistics industry grow,” said Dave Clark, Amazon’s senior VP of worldwide operations.

“Customer demand is higher than ever and we have a need to build more capacity….We are going to empower new, small businesses to form in order to take advantage of the growing opportunity in e-commerce package delivery,” Clark added.

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