A health-care venture launched with great fanfare by three of the world’s most prominent companies— Amazon.com Inc., Berkshire Hathaway Inc. and JPMorgan Chase & Co.—and their chief executives is folding about three years after its founding.
Haven Health, sparked by an idea from JPMorgan Chief Executive Jamie Dimon and supported by Amazon ’s Jeff Bezos and Berkshire’s Warren Buffett, sought to “transform health care” and reduce costs for hundreds of thousands of workers at the three companies by pooling resources and technology.
The joint venture, which was announced in 2018 with expectations high enough to push down major insurers’ shares, will cease operations in February without having achieved those aims.
Haven’s transformative ambitions proved too difficult to achieve, according to people familiar with the matter. Its shutdown attests to the challenges of making sweeping changes to the U.S. health-care system and of bringing innovations to hundreds of thousands of employees around the country working at different companies, the people said.
“The Haven team made good progress exploring a wide range of health-care solutions, as well as piloting new ways to make primary care easier to access, insurance benefits simpler to understand and easier to use and prescription drugs more affordable,” a spokeswoman said.