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Tuesday, January 30, 2018

=Amazon (AMZN), Berkshire Hathaway (BRK.A/BRK.B) and JPMorgan Chase (JPM) partner to form healthcare company

Warren Buffett, Jeff Bezos and Jamie Dimon of JPMorgan Chase are launching an independent tech-focused healthcare company for all of their US employees

  • Buffett, 87, said the initiative would be technology focused and will aim to serve the three companies' employees
  • Jamie Dimon, JPMorgan's President and CEO, said it could eventually serve 'all Americans' 
  • The announcement coincided with the continued fall of healthcare company stock prices  
  • Health care providers like UnitedHealth (UNH), Aetna (AET), and Anthem (ANTM), and drug retailers like CVS Health (CVS) and Walgreens Boot Alliance (WBA) plummet

Amazon, Berkshire Hathaway (BRK.A/BRK.B) and JPMorgan Chase (JPM) partner to form healthcare company 
The co's announced that they are partnering on ways to address healthcare for their U.S. employees, with the aim of improving employee satisfaction and reducing costs. The three companies, which bring their scale and complementary expertise to this long-term effort, will pursue this objective through an independent company that is free from profit-making incentives and constraints. The initial focus of the new company will be on technology solutions that will provide U.S. employees and their families with simplified, high-quality and transparent healthcare at a reasonable cost.
  • The effort announced today is in its early planning stages, with the initial formation of the company jointly spearheaded by Todd Combs, an investment officer of Berkshire Hathaway; Marvelle Sullivan Berchtold, a Managing Director of JPMorgan Chase; and Beth Galetti, a Senior Vice President at Amazon. The longer-term management team, headquarters location and key operational details will be communicated in due course. 

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