Statement from Laura and John Arnold on Landmark Law to Lower Prescription Drug Prices

Arnold Ventures has spent years advancing evidence-based reforms included in the Inflation Reduction Act.

WASHINGTON, D.C. – Laura and John Arnold, co-founders and co-chairs of the philanthropy Arnold Ventures, issued the following joint statement after President Biden signed into law the Inflation Reduction Act, which includes historic reforms to help make prescription drug prices more affordable for Americans:

“Today, our country is taking meaningful steps forward on evidence-based reforms that address some of the biggest barriers to cost reduction in Medicare and will help people afford their medications. Over time, this means lower premiums and out-of-pocket expenses for older Americans and people with disabilities and lower program costs for taxpayers.

“We are deeply inspired by and grateful for the thought leaders and advocates who worked relentlessly to secure this historic achievement. And we commend the tireless work of Congressional supporters who have pushed for and supported these reforms.

“Arnold Ventures has for years countered the drug industry’s unchecked level of influence with research, unfiltered patient stories, and expertise from many thought leaders in the field. The reforms in the Inflation Reduction Act stand as proof that evidence-based philanthropy can help shape good policy and effect change at scale.

“As the job turns to implementing this incredible achievement, we look forward to building additional momentum around future efforts to lower costs.”

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.