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Amazon, Berkshire Hathaway and JPMorgan create healthcare company

Amazon.com, Inc., Berkshire Hathaway and JPMorgan Chase & Co. announced to collaborate on health care for their employees with the aim of improving employee satisfaction and reducing costs. All three companies bring complementary expertise in long-term business through independent, incentive-free companies and profit constraints.

"The healthcare system is complicated and we get into this challenge with a wide-eyed view of the difficulty level of reducing the health burden on the economy while improving the yields for employees and their families to make it worth the effort," said Amazon founder and CEO Jeff Bezos.

Tinuku Amazon, Berkshire Hathaway and JPMorgan create healthcare company

The initial focus of this new company is a technology solution that will provide employees and their families with simplified, high quality and transparent health care for a reasonable fee. The unification of the three organizations is expected to take a new approach to these critical issues.

"The cost of swelling in health care as a parasite in the American economy. We did not address this issue with the answers, but we also did not accept it as inevitable," said Berkshire Hathaway CEO Warren Buffett.

"We share the belief that putting our collective resources behind the country's best talent in time can examine the rising health costs while simultaneously increasing patient satisfaction," Buffett said.

The effort announced today is the initial planning phase with the company's initial formation pioneered by Todd Combs as Berkshire Hathaway's investment chief, Marvelle Sullivan Berchtold as Managing Director of JPMorgan Chase, and Beth Galetti as Senior Vice President of Amazon. Long-term management team, head office location and key operational details will be communicated in due time.

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