Drug bondage decrease on reports Amazon eyeing their pie

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(Reuters) – Shares of drug retailers Walgreens Boots Alliance Inc (WBA.O), CVS Health Corp (CVS.N) and Rite Aid Corp (RAD.N) tumbled on Friday after reports that Amazon.com Inc (AMZN.O) was looking to make a pierce into offered drugs online.

Amazon is reported to be in discussions with mid-market pharmacy advantage managers and has been employing talent to consider a drug retailing marketplace for a entry, brokerage organisation Leerink researcher Ana Gupte wrote in a note to clients.

“We are assured that AMZN will roughly positively enter a drug placement value sequence within 2 years, elaborating into a some-more disruptive charity over time,” Gupte said.

Amazon’s entrance into pharmaceuticals has been prolonged rumored in a media.

On Friday, CNBC reported that a e-commerce giant would confirm before Thanksgiving either to pierce into offered medication drugs online, citing a association email and a source informed with a matter. (cnb.cx/2hTIxvL)

Amazon does not criticism on rumors or speculation, a association mouthpiece said.

Shares of drug retailers Walgreens sealed down 5.8 percent, Rite Aid 4.9 percent and CVS Health 4.9 percent.

Reporting by Munsif Vengattil in Bengaluru; Editing by Anil D’Silva

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