(Jan 31): Amazon.com Inc, Berkshire Hathaway and JPMorgan Chase & Co said on Tuesday they will form a company to cut health costs for hundreds of thousands of their US employees, setting up a major challenge to an inefficient US healthcare system.

The move by three of the best-known US business leaders - Amazon’s Jeff Bezos, Berkshire’s Warren Buffett and JPMorgan’s Jamie Dimon - would take on the world’s most expensive healthcare system, whose mounting costs have hurt corporate profits. Shares in US healthcare companies fell across the board.

The new, not-for-profit venture will initially focus on technology for “simplified, high-quality and transparent healthcare” for their more than 500,000 US employees. They did not elaborate on their strategy, but said they are searching for a chief executive officer.

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