Amazon CEO says healthcare needs to be 'reinvented'

Amazon's shares have fallen more than 20 percent this year and the company will slow hiring, but healthcare is still a top priority, CEO Andy Jassy told The Wall Street Journal.

He said the massive hiring spree Amazon went on over the last few years as customer demand increased during the pandemic may have sparked overexpansion. The company is now focused on adding revenue in new areas, including healthcare.

"If there's one area that really needs to be reinvented, very obviously it's healthcare," Mr. Jassy told the Journal.

Amazon is in the midst of acquiring One Medical for $3.9 billion and transforming its virtual and in-person services after the company announced it would close Amazon Care at the end of the year. The Federal Trade Commission is scrutinizing the deal.

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