NEW YORK : Berkshire Hathaway Inc, Amazon. com Inc and JP Morgan Chase & Co on Wednesday named Atul Gawande as the chief executive officer of the health venture.

The new company would be based in Boston and operate free from profit-making incentives, the company said in a statement.

The three companies announced in January that they would form a healthcare company aimed at cutting costs for their employees, rattling shares of the healthcare supply chain, including CVS Health, Express scripts ESRX O, among others.

Gawande practices general and endocrine surgery at Brigham and Women's Hospital, and is a professor at  the Harvard T.H.Chan School of Public Health and Harvard Medical School.

''All felt that better care can be delivered and that rising costs can be checked...........we have found in  Atul the leader who will get this important job done,'' Berkshire Hathaway and Chairman and CEO, Warren Buffet said. [Reuters]


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