Jeff Bezos of Amazon is joining with Warren Buffett’s Berkshire Hathaway and JPMorgan Chase in a bid to slash health care costs for their 1.1 million employees by combining resources to create an independent company that will initially focus on “technology solutions” to provide “high-quality and transparent health care at a reasonable cost.”
All of this on the heels of Amazon’s announcement that they will be getting into the prescription drug business. The news delivered a $69 billion body blow to stocks across the healthcare sector. The health insurance companies and drug companies are already squawking.
Healthcare executives and investors in the $3.47 trillion industry quickly responded. Among stocks in the drug supply chain, Express Scripts Holding Co was down 3.3 percent drug-store chain CVS Health Corp was down 4.1 percent, and pharmaceutical distributor McKesson Corp was down 3 percent. Health insurance stocks also took a hit. Cigna Corp was down 7.2 percent, Anthem Inc down 5.3 percent and UnitedHealth Group declined 4.2 percent.
I say good for Warren Buffett and Jeff Bezos. Health insurance companies, drug companies and Congress have been screwing us long enough, putting profit ahead of people.
Just one day more…












