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Crisis Management: Amazon Pharmacy is a threat to drugstores

Yahoo Finance Canada Videos

Amazon is expanding into the drug retail sector.

The e-commerce behemoth is launching Amazon Pharmacy, a new service that will allow Prime members to order prescription drugs online and get them delivered to their door via two-day shipping. Amazon's entry into the pharmaceutical sector will increase competition with American retail giants such as CVS and Walgreens.

While the service is only available in the United States, it's a move that Canadian drug retailers need to pay attention to, says business strategy expert Mark Satov.

As he tells Yahoo Finance Canada's Alicja Siekierska, online pharmacy services have not taken off in Canada to the same degree it has in the United States. He explains why that is, and what pharmacy companies need to be thinking about now when it comes to competing with Amazon.