Amazon, Berkshire Hathaway, and JP Morgan Chase on Tuesday announced a partnership to cut health-care costs and improve services for their U.S. employees. The announcement slammed the shares of multiple companies in the health-care sector.
The giant companies, which together employ more than 1.1 million workers, will launch an independent operation that’s intended to be free from profit-making incentives.
The new company’s goal at first will be to target technology solutions to simplify the health-care system.
Details of the new company were sketchy, with principles of Amazon, Berkshire and J.P. Morgan noting that the way it will work remains to be seen. They’re hoping that their sheer size will help bring the necessary scale and resources to tackle the issue.