The trio will team up on the independent company, which will be “free from profit-making incentives,” reports CNBC. The company will reportedly target technological solutions to improve healthcare and bring costs down. There’s not a lot of other detail known about the new healthcare company yet–including when it plans to begin operating. But the CEOs of all three companies involved have released short statements:
Berkshire CEO Warren Buffett:
“The ballooning costs of healthcare act as a hungry tapeworm on the American economy. Our group does not come to this problem with answers. But we also do not accept it as inevitable. Rather, we share the belief that putting our collective resources behind the country’s best talent can, in time, check the rise in health costs while concurrently enhancing patient satisfaction and outcomes.”
Amazon CEO Jeff Bezos:
“The healthcare system is complex, and we enter into this challenge open-eyed about the degree of difficulty.”
JP Morgan CEO Jamie Dimon:
“The three of our companies have extraordinary resources, and our goal is to create solutions that benefit our U.S. employees, their families and, potentially, all Americans.”
Traditional healthcare company stocks plummeted in pre-market trading after the news broke.