U.S. firms led by to some of the world's richest people will form a healthcare company aimed at cutting costs for more than 500-thousand American employees.
The company to be set up by Amazon, Berkshire Hathaway and JPMorgan Chase will not aim to make profit and initially focus on technology to provide what they called "simplified, high-quality and transparent healthcare."
In a statement on Tuesday, Berkshire Hathaway Chairman Warren Buffett called skyrocketing costs of health care in the U.S. the "hungry tapeworm on the American economy."
The announcement of the new firm sent shares in the broad healthcare sector sharply lower in early trading.