Amazon’s Drugstore Isn’t Revolutionizing Anything--for Now

When Amazon.com Inc. muscles into a new market, the entrenched players often take a hit on Wall Street. And so it went on Tuesday when the world’s largest online retailer announced it had started a web drug store and would offer discounted meds to Prime subscribers. CVS Health Corp. shed about 8.6% and Walgreens Boots Alliance Inc. sank 9.6% as investors and analysts tried to figure out whether Amazon was set to disrupt another industry as it has done with books, logistics and cloud computing.

Amazon has worked hard to rid its digital shopping mall of the opaque pricing and powerful intermediaries ...