Amazon shakes up the Pharmaceutical world
On November 17, Amazon introduced Amazon Pharmacy to the world, in the hopes of bringing more convenience to the industry.
Amazon ventured into the pharmaceutical world back in 2018 with its acquisition of the pharmacy startup, PillPack — which serves those who take multiple daily doses of medication for chronic conditions. Amazon Pharmacy and the Amazon Prime prescription benefit serve as timely additions to Amazon’s Rx suite as COVID-19 continues to heighten the desire to handle daily tasks without leaving one’s home.
The retail giant hopes to make prescription refills as painless as any other purchase on its site by leveraging customers’ ability to compare Rx prices and elect home delivery all in one convenient place.
The Amazon Pharmacy website showcases its simplified Rx process and promises solutions to common pain points of traditional pharmacies. While playing up users’ ability to explore pricing options, Amazon also eased hesitations regarding personal medical information and stated a pharmacist was always available.
Amazon first took to its owned social media to announce its pharmacy news, with paid efforts expected to follow closely behind.
What we think
Amazon made waves when Amazon Pharmacy went public on November 17 – resulting in big time players, CVS and Walgreens, taking a hit to their stock. According to Mintel research, nearly three-fourths of Amazon shoppers anticipate the retail giant’s entry into any new market to drive prices down. This sentiment will likely hold true as Amazon Pharmacy offers a seamless experience, backed by transparent cost.
Amazon’s continued entry into pharmacy should keep legacy providers on their toes as the lines within the healthcare industry continue to blur. It is crucial for brands to stay attuned to their customer experiences offered by the tech and retail giants entering their landscapes because the standards they set will undoubtedly create new expectations, not to mention they are backed by millions of loyal shoppers – regardless of the industry they embark on.