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Saturday
Feb032018

Amazon, Berkshire Hathaway, JPMorgan Chase to tackle health care for employees

iStock/Thinkstock(NEW YORK) -- Three corporate giants are teaming up to enter a new field for them: health care.

Amazon, Berkshire Hathaway Inc. and JPMorgan Chase & Co. plan to start a new health care company that is "free from profit-making incentives and constraints” and will serve their combined 1 million employers based in the U.S., according to Bloomberg.

The effort is being spearheaded by Marvelle Sullivan Berchtold, a managing director at JPMorgan; Todd Combs, who helps oversee investments at Berkshire; and Beth Galetti, a senior vice president for human resources at Amazon.

After the announcement on Jan. 30, health care stocks sunk. Express Scripts Holding Co. and CVS Health Corp., which manage pharmacy benefits, slumped 6.9 percent and 4.9 percent, respectively. Health insurers such as Cigna Corp. and Anthem Inc. companies also dropped, according to Bloomberg.

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