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takyon writes:

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

Original Submission

1. "takyon" - https://soylentnews.org/~takyon/
2. "Amazon, Berkshire Hathaway and JPMorgan Team Up to Disrupt Health Care" - https://www.nytimes.com/2018/01/30/technology/amazon-berkshire-hathaway-jpmorgan-health-care.html
3. "hit by the news" - https://www.bloomberg.com/news/articles/2018-01-30/amazon-berkshire-jpmorgan-to-set-up-a-health-company-for-staff
4. "$54 Billion Anthem-Cigna Health Insurer Merger Rejected by U.S. Judge" - https://soylentnews.org/article.pl?sid=17/02/10/019218
5. "CVS Attempting $66 Billion Acquistion of Health Insurer Aetna" - https://soylentnews.org/article.pl?sid=17/10/27/0231201
6. "Original Submission" - https://soylentnews.org/submit.pl?op=viewsub&subid=24600

printed from SoylentNews, Amazon, Berkshire Hathaway, and JPMorgan Chase to Offer Their Own Health Care to U.S. Employees on 2024-05-02 22:10:54