Billionaire trio forms health care firm to be based in Boston

Dr. Atul Gawande

Dr. Atul Gawande has been named CEO of the health care company founded by Berkshire Hathaway (BRK-A, BRK-B), Amazon (AMZN), and JPMorgan (JPM) in an effort to push down health care costs. In 2010, Berkshire vice chairman Charlie Munger wrote a $20,000 check to The New Yorker after Gawande published an article about health care in Texas. On Wednesday, it was announced that Warren Buffett, Jamie Dimon and Jeff Bezos have picked a leader for the new joint health care venture, set to be headquartered in Boston. The company will also be "free from profit-making incentives", according to a statement. Many patients, especially the sickest, struggle with that.

Publicly, though, the three have lamented a system where rampant price increases have left the nation with an increasingly heavy financial burden, and it's a discussion which biopharma companies have a direct interest in.

The healthcare venture JPMorgan, Amazon and Berkshire Hathaway announced back in January finally has a CEO.

At the time, the article also attracted the attention of Buffett and his business partner Charlie Munger.

"You have these enormous variances around the country".

That could change if they go through a well-known platform like Amazon, which could then reach into its vast trove of customer data to personalize the shopping, Marcotte said. Gawande donated the money to an global project to improve surgical equipment in developing countries, according to the Huffington Post.

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Hagin "brought a level of expertise and institutional knowledge that is unrivaled". "He will be greatly missed by all of us". The Washington Post reported two weeks ago that Hagin was planning to depart the White House soon after the summit ended.

I'm thrilled to be named CEO of this healthcare initiative.

Fed up with the status quo, some major firms like Walmart Inc. have separately experimented with bypassing insurers entirely, instead buying health care for their workers directly from doctors and hospitals. The move rattled shares of the healthcare supply chain, including CVS Health and Express Scripts, among others. Buffett has said his ambitions are larger.

Healthcare spending is taking up an increasing proportion of the United States economy, and a goal of the venture is to "at least" halt that, Buffett said on CNBC in February.

"All felt that better care can be delivered and that rising costs can be checked".

Dimon told CNBC earlier this month that this will be a long-term project and that the three companies are "not looking for immediate success". And he's one of the best-known figures in the industry.



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