Amazon, Berkshire, JPMorgan Closing Down Joint Healthcare Venture

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Amazon.com, Berkshire, JPMorgan Closing Down Joint Health Care Endeavor

The healthcare joint venture of Amazon.com Inc., Berkshire Hathaway Inc. and also JPMorgan Chase & Co., will certainly disappear at the end of February, it claimed on Monday.

The step comes 3 years after the firms collaborated to create Sanctuary to deal with the increasing health care expense in the USA.

The firm had actually claimed in May in 2014 that its Chief Executive Officer Atul Gawande, a Harvard doctor and also writer, will certainly tip down and also play chairman.

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Declaration from Sanctuary: “In the past three years, Haven explored a wide range of healthcare solutions, as well as piloted new ways to make primary care easier to access, insurance benefits simpler to understand and easier to use, and prescription drugs more affordable. Moving forward, Amazon, Berkshire Hathaway, and JPMorgan Chase & Co. will leverage these insights and continue to collaborate informally to design programs tailored to address the specific needs of their own employee populations. Haven will end its independent operations at the end of February 2021.”

The announcement to form the company drank the shares of medical insurance firms such as UnitedHealth Team Inc. and also Cigna Corp. that handle huge company advantages on concerns that Amazon.com would certainly interfere with the standard insurance policy and also medication advantage services.

CNBC, which initially reported that Sanctuary will certainly dissolve, additionally reported that a lot of the Boston-based firm’s 57 employees are anticipated to be positioned at Amazon.com, Berkshire Hathaway or JPMorgan Chase.

( Coverage by Manas Mishra in Bengaluru; Modifying by Arun Koyyur)

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