Amazon launches online pharmacy

Amazon has launched Amazon Pharmacy, a new online pharmacy allowing patients to purchase their prescriptions through the retail giant's website. 

Patients can add their insurance information and manage prescriptions through Amazon Pharmacy, and Amazon Prime members receive free two-day delivery of their medications. Prime members also receive an up to 80 percent discount off generic drugs and 40 percent off brand-name drugs when paying without insurance. 

Amazon Pharmacy also has pharmacists available 24/7 by phone to answer patients' questions about their medications.

"As more and more people look to complete everyday errands from home, pharmacy is an important and needed addition to the Amazon online store," said Doug Herrington, senior vice president of North American consumer at Amazon. 

Prescriptions are delivered in discreet packaging to patients' homes. All prescriptions must be given by a licensed healthcare provider, and Amazon Pharmacy won't deliver schedule II controlled drugs, including most opioids. 

Pharmacy stocks fell sharply after Amazon Pharmacy's announcement, according to CNBC. Walgreens dropped 8 percent, CVS Health dropped more than 6 percent and Rite Aid dropped 11.9 percent. 

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