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Amazon, Berkshire Hathaway and JPMorgan Team Up to Disrupt Health Care
Amazon, Berkshire Hathaway and JPMorgan Chase announced on Tuesday that they would form an independent health care company to serve their employees in the United States. The three companies provided few details about the new entity, other than saying it would initially focus on technology to provide simplified, high-quality health care for their employees and their families, and at a reasonable cost. They said the initiative, which is in the early planning stages, would be a long-term effort "free from profit-making incentives and constraints."
The partnership brings together three of the country's most influential companies to try to improve a system that other companies have tried and failed to change: Amazon, the largest online retailer in the world; Berkshire Hathaway, the holding company led by the billionaire investor Warren E. Buffett; and JPMorgan Chase, the largest bank in the United States by assets.
Various health insurance and pharmacy companies were hit by the news:
The move sent shares of health-care stocks falling in early trading. Express Scripts Holding Co. and CVS Health Corp., which manage pharmacy benefits, slumped 6.7 percent and 5.5 percent, respectively. Health insurers Cigna Corp. and Anthem Inc. also dropped. The health-care industry has been nervously eyeing the prospect of competition from Amazon for months. While the new company created by Amazon, Berkshire and JPMorgan would be for their U.S. staff only, this is the first big move by Amazon into the industry. The new collaboration could pressure profits for middlemen in the U.S. health-care supply chain.
Related: $54 Billion Anthem-Cigna Health Insurer Merger Rejected by U.S. Judge
CVS Attempting $66 Billion Acquistion of Health Insurer Aetna
(Score: 3, Offtopic) by realDonaldTrump on Tuesday January 30 2018, @09:37PM (1 child)
Thank you for your support! I always thought you were a Dem, a lot of Dems are starting to come around. The ones who love America, they see how hard I'm working to Make America Great Again. VERY SUCCESSFULLY! And they want to be part of that. I welcome them, I'm saving seats for them at my table. I'm very bipartisan, believe me. One Team, One People, One American Family!
Let me tell you, the Democrats' ObamaCare is imploding. Massive subsidy payments -- BAILOUTS -- to their pet insurance companies has stopped. Because I signed an Executive Order. Dems should call me to fix! And I can sign another Executive Order to end the MASSIVE BAILOUTS for Members of Congress! I'm sitting in my office in Washington, pen in hand. Pen in hand, folks. I'm making ObamaCare IMPLODE!
Our HealthCare Bill, as you know, went down in flames I worked very hard on the Repeal & Replace of ObamaCare, I call it the American Healthcare Act. Many people are calling it Trumpcare. It's a great honor, I'm very honored. But I didn't do it alone, I can't do it alone, I'd love to do it alone, I'm not a dictator. We have guys in Congress, they've been working on it for years. But it FAILED very badly because our Congress is a mess. We have some guys in our House, supposedly they're R's, the Freedom Caucus. They didn't caucus with us on that one, they caucused with the Dems. We wanted to STOP THE FUNDING for Planned Parenthood, they said that wasn't enough. They want us to go fully to the Right. So they told us "no." And the Democrats are smiling in D.C. The Freedom Caucus, with the help of Club For Growth and Heritage, have saved Planned Parenthood & Obamacare!
And our Senate is a DISASTER too. The very outdated filibuster rule must go. Republicans in the Senate will NEVER win if they don't go to a 51 vote majority NOW. They look like fools and are just wasting time. Mitch M, go to 51 Votes NOW and WIN. IT'S TIME! Republican Senators are total quitters, Repeal & Replace is not dead! Demand another vote before voting on any other bill!
(Score: 3, Insightful) by fyngyrz on Wednesday January 31 2018, @12:41PM
Seems like you might seriously hurt yourself repeatedly twisting your mind into "word salad, with turds and anchovies" mode.
Just saying. It is funny, because Trump is such a profoundly dysfunctional assclown, but damn. I worry about you.