CVS Rallies After Amazon Report
- Shares of CVS, Walgreens, drug distributors all rise
- Amazon has been focused on supplies for hospitals, doctors
Amazon Shelves Plan To Sell Prescription Drugs
This article is for subscribers only.
CVS Health Corp., along with rival drugstores and drug distributors, rallied after a report that Amazon.com Inc. had shelved plans to sell drugs to hospitals and other businesses.
The report on Monday by CNBC said little about whether Amazon would ultimately enter the broader retail prescription-drug market, but the idea that the online giant might not take on one segment of the supply chain was enough to send shares of pharmacies and drug distributors surging. Bloomberg has previously reported that Amazon’s health efforts have been mostly focused on selling basic medical supplies to physician offices and hospitals.