Berkshire Hathaway’s CEO Warren Buffer has recently revealed to CNBC that the trio are set to name its new Chief Executive for its joint healthcare venture to lower healthcare costs for employees.
The news of the partnership created shockwaves across the healthcare industry back in January. If successful, the trio’s new healthcare model could be rolled out across the US, where long-standing technical and multi-industry expertise in the development of new, customer-focused tech solutions will seek to enable improved, high quality and overall transparency, whilst reducing healthcare costs.
“The ballooning costs of healthcare act as a hungry tapeworm on the American economy,” Buffet has previously stated.
“Our group does not come to this problem with answers. But we also do not accept it as inevitable. Rather, we share the belief that putting our collective resources behind the country’s best talent can, in time, check the rise in health costs while concurrently enhancing patient satisfaction and outcomes,” he added.
Reaching an agreement with the chosen Chief Executive, Buffet commented: "It isn't like there's anybody out there that's connected with the system that thinks we've already arrived at nirvana, and they know how difficult the job will be to make major changes.
"Nobody disagreed with the mission, the importance of it or the feasibility. It’s going to take significant time. We've got the right person."
The company is set to face fierce opposition from companies across the healthcare space – from hospital providers, pharmaceutical operations and distribution networks, amongst others. However, the trio are renowned for innovating and disrupting traditional industries to the benefit of consumers, which will be mirrored in this space.
“Success is going to require talented experts, a beginner’s mind, and a long-term orientation,” reflected Buffet.
Shares in healthcare companies, from pharmaceutical, drug distribution and insurance, fell upon the announcement by up to 10% in some cases in January.