It looks like Warren Buffett is sticking to ice cream and railroads for the moment.
The billionaire CEO of Berkshire Hathaway backed out of two major holdings in the pharma industry, Forexlive first reported, including a $410 million investment in AbbVie and a $324.4 million stake in Bristol Myers Squibb.
After a tumultuous three years marked by halting progress and high rates of employee turnover, Haven — the ambitious health care venture launched by Amazon, JPMorgan Chase, and Berkshire Hathaway — is dissolving.
Amazon, Berkshire Hathaway and J.P. Morgan have a non-profit called “Haven,” which is aimed at improving health care for their 1.2 million combined employees.
The healthcare joint venture started by Amazon (NSDQ:AMZN), Berkshire Hathaway and J.P. Morgan has officially launched under the name Haven.
The ABC healthcare venture will test this year how changes in traditional healthcare could drive patient satisfaction, lower costs and improve value -- before it implements any strategy. Details on the secretive venture launched last year by J. P. Morgan (NYSE:JPM), Berkshire Hathaway Inc. (NYSE:BRK-A; NYSE:BRK-B) and Amazon.com Inc. (NASDAQ:AMZN) were revealed in court testimony from ABC's COO Jack Stoddard unsealed Wednesday.
The Amazon-Berkshire Hathaway-J.P. Morgan Chase venture focused on shrinking employee healthcare costs has retained Cambridge, Massachusetts-based consulting firm Monitor Group to advise on strategies for enhancing care of people with chronic diseases, STAT reports.
It’s hard to imagine having to endure a more exacting executive search committee than the triad of corporate chieftains atop Amazon, JPMorgan Chase, and Berkshire Hathaway.
Dr. Atul Gawande — the prominent physician, prolific writer, and all-around health care celebrity — will become the chief executive of the new health care company launched by Amazon, Berkshire Hathaway, and JPMorgan Chase, the three companies announced Wednesday.
News that Amazon, Warren Buffett and JPMorgan Chase & Co. were interested in Geisinger Health System’s CEO to run their healthcare venture is a signal employers are ready to take control of their own healthcare, perhaps without the help of health insurance companies.