In a decade we will be asked, when did healthcare change? Everyone will say around the time of the pandemic, but was that the catalyst or the accelerator?
"We have the best healthcare in the world in terms of doctors, hospitals, pharmaceutical and medical device companies, but we certainly do not have the best outcomes," CEO Jamie Dimon said in the statement. "There are ways we can make significant improvements and we intend to take a disciplined approach to solving some of these issues in a meaningful way."
The American health system has proven to be a difficult nut to crack: It's a complicated network of entrenched players including insurers, drugmakers, physicians and middlemen that cost the country $3.8 trillion in 2019, according to the Centers for Medicare and Medicaid Services. In its three-year run, Haven, the joint venture that folded in January, had little to show in terms of concrete results.
JPMorgan is betting it will have better success on its own, in part by focusing on local providers and partnering directly with provider groups, insurers and other organizations.
I will answer the question by saying it was when the free market started investing heavily in solving the challenge of healthcare in the US. Addressing cost, inequities, and outcomes with investment.