Corporate titans are tired of waiting for Washington to rein in the rising cost of medical care. Amazon, JPMorgan Chase, and Berkshire Hathaway today announced they are setting up a nonprofit company that leverages their size and technology to provide their 1 million employees with affordable health care.聽聽
You might call it Corporate America versus the health-care industry. And these big three aren鈥檛 alone. Last year, more than 40 companies formed a similar initiative called the . They鈥檙e using their buying power to reduce the cost of prescription drugs and set up a lower-cost doctors network, and they are tapping IBM鈥檚 Watson to analyze health-care data.
Rising medical costs are a big problem for companies. About 60 percent of Americans get health insurance coverage through their employers.
What鈥檚 intriguing is how this trio of capitalists plans to approach the problem. Amazon鈥檚 CEO Jeff Bezos says, 鈥淪uccess is going to require talented experts, a beginner鈥檚 mind, and a long-term orientation.鈥
"A beginner鈥檚 mind." That鈥檚 encouraging. When tackling a chronic problem, Mr. Bezos suggests that what鈥檚 needed is an unjaded, innovative, and fresh perspective.
Will that offer a credible path forward? It's credible enough that health-care stock prices tumbled today.
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