No two private citizens have had more sway over drug pricing policy than these Texas-based energy and hedge fund billionaires. Their philanthropic organization Arnold Ventures — which invests in “correcting system failures” in health, criminal justice, education, and public finance — has directed a river of cash over the last decade toward think tanks, researchers, lobbyists, and political candidates pushing for lower drug prices. It scored a major victory in 2022 with the passage of the Inflation Reduction Act. Congressional Democrats packed the bill with provisions that will cap Medicare patients’ drug expenses, allow the government to negotiate prices for some drugs, and make drug companies pay a rebate to the government if prices of drugs covered by Medicare rise faster than inflation. “The reforms in the Inflation Reduction Act stand as proof that evidence-based philanthropy can help shape good policy and effect change at scale,” the Arnolds said in a statement when President Biden signed the law.
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