Threat from Amazon still minimal for pharmacies - Cowen

Altex Industries

13/10/2021 12:23

** Brokerage Cowen says Amazon.com Inc's  AMZN.O  pharmacy
holds minimal share in retail pharmacy market with only 1.1%
people filling a prescription at retail having used co's online
pharmaceutical services in the third quarter, based on a
quarterly survey
    ** According to Cowen analyst Charles Rhyee, inconvenience
of contacting one's doctor to switch pharmacies is the main
reason for fewer people switching to Amazon Pharmacy; cuts PT of
AMZN to $4,300 from $4,400
    ** Cowen survey shows that 74.8% of their respondents used
the services of CVS Health Corp  CVS.N , Walgreens Boots
Alliance Inc  WBA.O  or Walmart Inc  WMT.N , consistent with Q2
data
    ** Based on Cowen's survey, 62.1% of people in Q3 responded
that they would consider switching to AMZN Pharmacy, an increase
from 58.2% in Q2
    ** Brokerage says AMZN Pharmacy has potential to gain
greater market share in the future as young consumers are more
inclined to switch to using co's services
    ** AMZN has fallen 0.29% YTD

 (Reporting by Oishee Majumdar in Bengaluru)
 ((oishee.majumdar@thomsonreuters.com;))