What Amazon's online pharmacy announcement did to CVS, Walgreens and Rite Aid stock

Retail pharma giants' stock prices plunged Nov. 17, the same day Amazon launched a new online pharmacy that allows patients to purchase prescriptions through its website. 

By the market close, CVS Health shares dropped 8.6 percent, Walgreens Boots Alliance shares dropped 9.6 percent and Rite Aid shares dropped 16.2 percent, The Motley Fool reported.

The shares are likely to remain under pressure as Amazon continues to break into the pharmacy industry, according to The Motley Fool.

More articles on pharmacy:
Pfizer says its COVID-19 vaccine is 95% effective
White House preparing to activate "most favored nation" drug-pricing
New York patients struggling to get prescription opioids since excise tax

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