Three major companies are joining forces to lower health care costs and improve services for their employees in the U.S.
Amazon, Berkshire Hathaway and JPMorgan Chase announced the new partnership Tuesday.
The three corporations are preparing to create one independent company that aims to "provide U.S. employees and their families with simplified, high-quality and transparent healthcare at a reasonable cost."
Berkshire Hathaway chairman and CEO Warren Buffett said in a statement: "The ballooning costs of healthcare act as a hungry tapeworm on the American economy. Our group does not come to this problem with answers. But we also do not accept it as inevitable."
Even though it's still in early planning stages, news of the effort seems to have spooked the health industry.
According to Fortune, CVS Health, Walgreen Boots Alliance and Express Scripts Holding dropped between 4.5 and 6 percent in premarket trading.
