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Senate has taken meaningful steps to address drug affordability while maintaining incentives for true innovation. House urged to quickly pass legislation.

WASHINGTON, D.C. — Following Senate passage of the Inflation Reduction Act, which included significant reforms to lower drug prices, Laura and John Arnold, co-founders of the philanthropy Arnold Ventures, issued the following joint statement:

The Senate has passed historic health care reform that will help make prescription drug prices more affordable for Americans across the country. These long-overdue reforms are supported by an overwhelming majority of Americans.

Allowing Medicare to negotiate for the prices of certain drugs and capping out-of-pocket costs in the program takes steps toward meaningfully improving affordability while maintaining incentives for true innovation. Prescription drugs don’t work if patients can’t afford them — yet today nearly 1 in 3 Americans finds themselves unable to pay for the medications they need. It is disappointing, however, that the inflation rebate provisions intended to keep rapid price escalations in check won’t ultimately be extended to all Americans.

The success of this reform is the result of tireless work by thought leaders across the country who dedicated countless hours to generating evidence for policy action, and the incredible patient advocates who were truly relentless in their fight for these critical reforms. Their unwavering commitment to the research and evidence, coupled with personal storytelling, made all the difference.

No legislation is perfect, but the historic and immensely popular health care reforms, along with new investments in secure, reliable energy, are proven investments in our country’s future. We also applaud prioritizing the long-term fiscal sustainability of our federal budget. This is a critical lens through which we encourage all members of Congress to view future spending bills — regardless of which party is in charge.

The hard work of realizing the benefit of these critical reforms is far from complete. We urge the House to quickly pass this legislation so we can all turn to the important task of implementing these priorities.”

Arnold Ventures is a philanthropy dedicated to tackling some of the most pressing problems in the United States. We are a team of more than 100 subject-matter experts headquartered in Houston with offices in New York and Washington, D.C. We work in four key issue areas: Criminal Justice, Education, Health, and Public Finance. Our work is guided by Evidence-Based Policy, Research, and Advocacy.