Retail giant, Amazon, has said it is buying online pharmacy PillPack, sending shares in rival healthcare firms tumbling over fears of competition.

Shares in pharmacy chains CVS Health and Walgreens Boots Alliance plunged more than eight per cent, as reported by the BBC.

Amazon expects to complete the deal later this year.

US company, PillPack, was founded in 2013 and is available in every state except Hawaii. Last year it said it expected to make $100m in revenue. 

The company's services are aimed at people who take multiple medications, delivering drugs in pre-sorted dose packages. It also helps to co-ordinate refills and renewals.

It is not yet clear whether Amazon will move into the healthcare market outside the US.

This follows news earlier this year that Amazon had seen a 43 per cent rise in profits .

Punchline said: "Is there no market immune from an Amazon takeover? They've moved in on everything from fashion to groceries and there is still no stopping them. With their incredible buying power and their low overheads, retail is no longer a level playing field. This has been a really tough year for retail. So if you want your high street to be there in five or 10 years' time, get out there and spend your money locally, whether that's with an independent retailer or a chain store."

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