Amazon.com, Berkshire Hathaway and JPMorgan Chase have formed a joint venture to provide healthcare to their employees. The trio hope to both improve healthcare provision and cut costs.
The venture will initially focus on developing technology for “simplified, high-quality and transparent healthcare” for their US employees.
Eventually, the venture could negotiate directly with pharmaceuticals firms, doctors and hospitals, bringing significant savings on healthcare.
Shares of US health insurers and benefit managers weakened on Tuesday following the announcement.
“Tackling the enormous challenges of healthcare and harnessing its full benefits are among the greatest issues facing society today,” said the firms in a joint statement.