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Will Amazon's Move into the Prescription Drug Industry Hurt Other Pharmacies?

As plans become more likely pharmacy managers CVS Health, Express Scripts and Walgreens crashed into correction or bear market territory.

You might be able to buy your prescription meds on Amazon now. The online retail giant could be entering the medicine-selling business meaning you might be able to order your prescription drugs online. They stand to capture a portion of this $560 billion-a-year market.

Shares of CVS Health  (CVS) are down 12.3% since setting its post-election high of $84.72 on Jan. 18. Raymond James downgraded Express Scripts  (ESRX) underperform. Walgreens  (WMB)  is nearing bear market territory, 19.5% below its post-election high of $88.00 set on Feb. 21.

According to CNBC the online retailer has already begun hiring staff for a new pharmacy devision.

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