Buffett, Bezos, Dimon's health care venture a step closer to reality
Amazon CEO Jeff Bezos, JPMorgan CEO Jamie Dimon and Berkshire Hathaway CEO Warren Buffett are one step closer to bringing their health care venture to life.
Buffett said on Thursday morning that the power trio had picked a CEO for their health care initiative during an interview with CNBC, though they declined to immediately name the person.
“We have an outstanding individual: character, culture, capability, heart, mind, the whole thing," Dimon said.
Buffett added that the public can expect an announcement within two weeks.
Amazon, JPMorgan and Berkshire Hathaway announced in February that they were teaming up to form a health care company that aims to increase transparency and cut costs for their employees.
It is unclear at this point how exactly the three prominent business executives plan to lower health care costs, though once they have a model in place, Buffett has said he would potentially like to use it on a wider scale across the country.
Dimon told CNBC on Thursday that this will be a long-term project and that the three companies are “not looking for immediate success.”
One of the big influences the prominent U.S. corporate giants could have in the health care market is pricing leverage. They will theoretically be able to negotiate discounted rates directly with drugmakers on behalf of their massive collective network, cutting out middlemen like pharmacy benefit managers.