US giants pull the plug on major healthcare joint venture Haven

By Rahul Vaimal, Associate Editor
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American multinational giants Amazon, Berkshire Hathaway, and JPMorgan Chase have decided to disband their joint venture, Haven, after just three years of its operation.

The joint venture was launched to reduce costs and improve outcomes in the US healthcare sector. Through its website, Haven announced that the venture will end in February, adding that the three companies plan to “continue to collaborate informally to design programs targeted to address the specific needs of their own employee populations.”

The companies said in a statement, “In the past three years, Haven explored a wide range of healthcare solutions, as well as piloted new ways to make primary care easier to access, insurance benefits simpler to understand and easier to use and prescription drugs more affordable.”

In 2019, Jeff Bezos’s Amazon, Warren Buffett’s Berkshire Hathaway, and the financial giant JPMorgan Chase had announced they would create a non-profit healthcare initiative to “provide US employees and their families with simplified, high-quality and transparent health care at a reasonable cost.”

The trio aimed to become a disruptor in the healthcare sector, like Amazon has been in retail, using their combined data, technology, purchasing power, and customer contacts to enhance delivery while reducing costs.

“We’re proud of the progress the Haven team made exploring a wide range of healthcare solutions, including pilots at our company to make primary care easier to access and insurance benefits simpler to understand and easier to use,” said Jamie Dimon, CEO of JPMorgan Chase.

The companies did not reveal how many individuals would profit from the new initiative, but a spokesperson told that at the time domestic workers of the companies and their dependents would possibly amount to at least a million individuals nationally.