Anna Sheffer
January 30, 2018 11:26 am
Andrew Harrer/Bloomberg via Getty Images

Health care in America is outlandishly expensive, and sometimes that’s the case even for people who have health insurance. But now, in a bizarre twist, billionaires are working together to establish affordable health care. Warren Buffett’s company Berkshire Hathaway, Amazon, and the bank JPMorgan Chase have joined together to create a new health care company for their employees.

The three companies announced the new initiative on January 30th, saying that they would focus on creating new medical technology that could provide low-cost, high-quality health care to employees and their families. They described the company as being “free from profit-making incentives and restraints.”A joint press release issued by the three companies revealed that one person from each company will lead the new project and that the development process is still in its early stages.

This isn’t the first attempt by a large corporation to streamline health care. Walmart and Intel both have tried to provide health care directly to employees, but the existing insurance system has still remained intact.

Amazon, in particular, has been working to cut health care costs for its employees since last year. In 2017, it held a meeting with primary care companies like Kaiser Permanente and Iora, and on January 19th, the company hired a Seattle-based doctor to work for it.

Health care isn’t the only new industry the online giant is breaking into. In June, Amazon bought Whole Foods, expanding its empire in a $13.4 billion deal.

We won’t know how effective this new health care initiative will be for several years. But not having access to health insurance is a huge problem in the U.S., so we’re glad to see these three corporations using their money for good. Even though this health care company is one step closer to a total Amazon takeover, we’re excited to see what it will mean for the future of medicine.