The President and CEO of Amazon, Andy Jassy just wrote an 11-page letter to shareholders outlining his vision for the company.
4. Do we have the competence in that area? And if not, can we acquire it quickly?
Jassy says if management likes the answers to those questions, then they will invest. This process has led to some expansions that seem straightforward, and others that some folks might not have initially expected to see. Jassy went on to explain that the future will also reflect evolving existing businesses. Healthcare is an area that started with pharmacies. Started in 2020, it is today a full-service on-line pharmacy business that is growing quickly. It continues to innovate. Recently Amazon Pharmacy launched RxPass, which for a $5 per month flat fee enables Prime members to get many of the eligible prescription medications they need for dozens of common conditions .
Customers have expressed a strong desire for a better alternative to the inefficient and unsatisfying broader healthcare experience that exists today, and Amazon responded. “We decided to start with primary care as it’s a prevalent first step in the patient journey. We evaluated and studied the existing landscape extensively. including some early Amazon experiments like Amazon Care.
Jassy speaks about the team that works together. He says that the company has reprioritized its resources, a review that led to the hard decision to eliminate 27,000 corporate roles along with other decisions such as free grocery shipping over $35 to ensure a profitable performance. Jassy said that these decisions were made only after they took a deep look across the company, business by business.Andy Jassy is competing with Warren Buffet as the CEO who writes the best stockholder letter.
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