In its never ending quest to provide us with everything from A to Z, Amazon is now looking to do an end run on the U.S. healthcare system.
Amazon.com Inc (AMZN.O), Berkshire Hathaway Inc (BRKa.N) and JPMorgan Chase & Co (JPM.N) said on Tuesday they will form a company to cut health costs for hundreds of thousands of their employees, setting up a major challenge to an inefficient U.S. healthcare system.The move by three of the best-known U.S. business leaders – Amazon’s Jeff Bezos, Berkshire’s Warren Buffett and JPMorgan’s Jamie Dimon – would take on the world’s most expensive healthcare system, whose mounting costs have hurt corporate profit. Shares of U.S. healthcare companies fell across the board. The new, not-for-profit venture will initially focus on technology for “simplified, high-quality and transparent healthcare” for their more than 500,000 U.S. employees, the companies said. They did not elaborate on their strategy, but said they are searching for a chief executive officer.