- Warren Buffett told CNBC on Monday that Berkshire Hathaway’s new healthcare venture with Amazon and JPMorgan would be “something that other people can pick up on.”
- Additionally, Buffett said his relationship with Amazon CEO Jeff Bezos and JPMorgan CEO Jamie Dimon would help make the venture smoother because “we trust each other.”
Warren Buffett has some big ambitions for Berkshire Hathaway’s new healthcare venture with Amazon and JPMorgan.
In an interview with CNBC on Monday, the legendary investor said the recently announced venture between Berkshire Hathaway, JPMorgan, and Amazon to address healthcare costs could grow and become “something that other people can pick up on.”
While the details around the venture are still vague at best, Buffett said the initiative led by him, Amazon CEO Jeff Bezos, and JPMorgan CEO Jamie Dimon was an attempt to get the private sector to do more about skyrocketing healthcare costs.
Buffett said the partnership was “looking for something much bigger” than just shaving off a few percentage points from healthcare costs.
“It isn’t difficult to shave a little bit off here,” he said. “The question is whether we can come up with something better. I’m hopeful, but don’t expect any miracles.”
Buffett also said the venture should have its own CEO within a year and picking the right person was the “first and most important job” that would set the direction of the partnership.
Additionally, the Berkshire CEO said his relationship with Bezos and Dimon should help make big changes easier for the new initiative.
“Our companies are big, and we can still make things happen,” Buffett told CNBC. “We don’t have bureaucratic problems or constituency problems that some others might, and we like we each other, we trust each other.”
Despite the massive amounts of capital the three companies have, Buffett said the venture was not looking to acquire any healthcare-specific firm to grow the business.
Buffett’s stated goals for the venture echo what Dimon told Business Insider earlier in February.
“There are ways that, when you face this, maybe we can change things to make it much better for everybody,” Dimon said. “We want happier employees, better medical outcomes, and I do think at the end of the day that will actually be cheaper.”