Amazon is not a health care company. It does not treat patients, sell insurance, or make prescription drugs. And although it has revolutionized modern commerce, it has not discovered a cure for cancer.
And yet, when the company announced a partnership with JPMorgan and Berkshire Hathaway to fix health care for employees last Tuesday, a $3.5 trillion industry began to tremble. Leading health stocks nosedived, losing $69 billion in value before the ink was dry on a 400-word press release that provided no detail on what Amazon will do in health care, or how it will do it.