Drugstores, Insurers Suffer $22 Billion Blow on Amazon Move
- Walgreens, Rite Aid, CVS under pressure with more competition
- Anthem, Humana and other managed-care stocks also declined
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The leading drugstores, drug distributors and health insurers lost about $22 billion in market value Tuesday after Amazon.com Inc. revealed plans to start selling prescription drugs to its Prime members in the U.S.
The long awaited move pushed Walgreens Boots Alliance Inc. and CVS Health Corp. down the most since March, while Rite Aid Corp. sank 17%.