"The ballooning costs of [healthcare] act as a hungry tapeworm on the American economy," Buffett said in a prepared statement. "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."
The new company will be independent and "free from profit-making incentives and constraints." The businesses said the new venture's initial focus would be on technology.