Arnold Ventures Optimistic Upon Seeing the First Round of Medicare Negotiated Drug Prices Announced

Statement From Mark E. Miller, Executive Vice President Health Care at Arnold Ventures.

WASHINGTON D.C. (Aug. 15, 2024) –​“At a time when 31% of adults report not taking their medications as prescribed and more than five million Medicare enrollees struggle to afford their prescriptions, today’s announcement of the negotiated prices by Medicare for certain pharmaceuticals marks an important step in lowering health costs for Americans. This negotiation process, made possible by the landmark Inflation Reduction Act, is widely popular with the public and we are encouraged to see its successful execution.“ 

“The fact remains the U.S. continues to pay some of the highest pharmaceutical prices in the world, even for drugs that have been on the market for long periods of time and have likely recovered the cost of their research and development. This leaves many lifesaving medications financially out of reach for those who need them. We will continue to work towards additional commonsense reforms that increase competition, such as reducing patent thickets and pay-for-delay tactics, to make drugs more affordable and accessible for all Americans.” 

Read more about AV’s support for finding solutions for more affordable prescription drugs. 

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Arnold Ventures is a philanthropy that supports research to understand the root causes of America’s most persistent and pressing problems, as well as evidence-based solutions to address them. By focusing on systemic change, AV is working to improve the lives of American families, strengthen their communities, and promote their economic opportunity. Since Laura and John Arnold launched their foundation in 2008, the philanthropy has expanded, and Arnold Ventures’ focus areas include education, criminal justice, health, infrastructure, and public finance, advocating for bipartisan policy reforms that will lead to lasting, scalable change. As signatories of the Giving Pledge, the Arnolds have committed to giving away most of their wealth during their lives.

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