Amazon, Buffett, JP Morgan Health Care Company To Be Based In Boston

Dr. Atul Gawande at the White House Frontiers Conference at the Jared L. Cohon Center on the campus of Carnegie Mellon University in Pittsburgh Pa. Thursday Oct. 13 2016

The three corporate titans said Wednesday that Gawande will lead an independent company that focuses on a mission they announced earlier this year: figure out ways to provide high-quality, affordable care.

The Boston-based venture will target the cost of serving the companies' employees and will operate free from profit-making incentives, the three companies, which employ more than 1 million people, said in a joint statement.

"I'm thrilled to be named CEO of this health care initiative", Gawande said in a statement.

"I have devoted my public health career to building scalable solutions for better healthcare delivery that are saving lives, reducing suffering, and eliminating wasteful spending both in the United States and across the world", Gawande said in a statement from the group announcing his appointment. "(Gawande) embodies all three, and we're starting strong as we move forward in this challenging and worthwhile endeavor".

"The choice suggests that the (Amazon, Berkshire, JPMorgan) coalition is looking not at the drug value chain in isolation, but more broadly at the overall healthcare system across payers and providers of care delivery", Leerink Partners LLC analyst Ana Gupte said in a note.

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Neither companies nor many of their employees are happy with how the system now works. Gawande, who now practices general and endocrine surgery at Boston's Brigham and Women's Hospital and is a professor at the Harvard T.H. Chan School of Public Health and Harvard Medical School, will assume the position on July 9. "I have devoted my public health career to building scalable solutions for better health care delivery that are saving lives, reducing suffering, and eliminating wasteful spending both in the USA and across the world".

They have announced few details since then but have emphasized that this process will take time. "The system is broken, and better is possible", he said.

However, it is unclear so far what exactly the new company will do.

Amazon's participation and customer-first focus will be crucial, according to Brian Marcotte, CEO of the National Business Group on Health, a nonprofit that represents large employers. "And, you know, if you had some really smart people running it that knew a lot about medicine, they're going to-they could do a lot about it", Buffett said in the appearance. If, for instance, you are a runner considering knee surgery, Amazon could lay out the best or common practices for your condition and maybe show that surgery isn't your only option.

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