Amazon, Berkshire Hathaway, and JPMorgan Chase & Co. are partnering in an effort to seek solutions for delivering healthcare to their employees. The three companies will pursue this objective through an independent company that is free from profit-making incentives and constraints, they said in a statement. The initial focus of the new company will be on technology solutions that will provide US. employees and their families with simplified, high-quality and transparent healthcare at a reasonable cost.

The group says it hopes to draw on its combined capabilities and resources to take a fresh approach to these critical matters.

Shares of insurer Express Scripts and other health-care related stocks slid Tuesday after the announcement of the new venture, CNBC noted in its reporting of the Amazon, Berkshire, JP Morgan venture.

Berkshire Hathaway Chairman and CEO, Warren Buffett  said in a statement, quote: “The ballooning costs of healthcare act as a hungry tapeworm on the American economy. 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 initial formation of the company is  jointly spearheaded by representatives of each company. The longer-term management team, headquarters location, and key operational details are yet to be communicated.