Joint Amazon-Berkshire-JPMorgan Health Care Venture Disbands

The idea was 'to bring together the resources of the three companies to create better outcomes, greater satisfaction, and lower costs.'
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Haven, the healthcare entity formed three years ago by Amazon  (AMZN) - Get Report, Berkshire Hathaway  (BRK.B) - Get Report and J.P. Morgan Chase  (JPM) - Get Report is disbanding, the group announced Monday.

The idea of the venture was “to bring together the resources and capabilities of the three companies to create better outcomes, greater satisfaction, and lower costs for their U.S. employees and families,” Haven’s web site says.

“In the past three years, Haven explored a wide range of healthcare solutions, as well as piloted new ways to make primary care easier to access, insurance benefits simpler to understand and easier to use, and prescription drugs more affordable,” Haven said in a statement Monday.

“Moving forward, Amazon, Berkshire Hathaway, and JPMorgan Chase will leverage these insights and continue to collaborate informally to design programs tailored to address the specific needs of their own employee populations.”

Haven will end its independent operations at the end of February, 2021.

Plenty of people have had plenty of ideas to try to fix the U.S. health system’s array of problems over the years. But that has proven to be a tough nut to crack. Obamacare, which was approved in 2010 and redid the health insurance system, likely represents the biggest change over the last 20 years.

Looking at the three Haven companies’ stock performance over the last year, Amazon has risen 66%, Berkshire has barely changed and JPMorgan has slid 9%.

JPMorgan stock recently traded at $125.82, down 0.98%; Berkshire Class B shares traded at $227.73, down 1.79%; and Amazon traded at $3,179.32, down 2.38%.

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