Thursday 18 October 2018

Amazon, JPMorgan and Berkshire Hathaway to create new healthcare company

The announcement sent a shockwave through the health industry as Warren Buffett called the cost of US healthcare a “hungry tapeworm on the US economy”.

Investor Warren Buffett called the cost of healthcare a
Investor Warren Buffett called the cost of healthcare a "tapeworm on the American economy" (AP)

By Associated Press Reporters

Online retail giant Amazon, Warren Buffett’s Berkshire Hathaway and the New York bank JPMorgan Chase are teaming up to create a healthcare company “free from profit-making incentives and constraints”.

Mr Buffett, in a prepared statement, called the skyrocketing costs of healthcare in the US the “hungry tapeworm on the American economy”.

The ambitious goal, they say, is in the early planning stages, but the announcement sent a shockwave through the health industry.

Shares of healthcare companies are falling in early trading.

Press Association

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