In December Walgreen’s announced a 40% stake in Sinopharm Holding Guoda Drugstores in China, expanding the company’s global reach. And the pharma retailer is getting into the data game, having spent over $500 million to-date on updating pharmacy management and data collection system and turning its 88.6 million user “Balance Rewards” program into a customer insight tool. Despite these expansion efforts and stronger than expected Q2 earnings, shareholders have watched the pharma retailer’s share price drop 22% since January, largely due to Amazon’s plan to sell prescription drugs to doctors and hospitals.
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The move instantly turns Amazon into a major online druggist.
As Walgreens stock jumps 5%.
The change marks the end of an era for GE and reflects an evolving U.S. economy.