Arnold Ventures’ Statement on the Removal of Drug Pricing from the Build Back Better Framework

The Biden administration’s decision today to remove evidence-based prescription drug pricing reforms from its Build Back Better framework demonstrates a disregard toward an overwhelming majority of Americans and breaks a central campaign promise advanced by both President Biden and members of Congress.

President Biden and members of Congress repeatedly pledged to lower prescription drug prices, promising Americans they would deliver the financial relief they deserve. One out of every three Americans cannot access the medications they need because they cost too much. More than four out of 10 cancer patients deplete their entire net worth within the first two years of treatment.

Requiring drug makers to reimburse taxpayers when they hike their prices faster than inflation and giving Medicare the power to negotiate drug prices would result in substantial savings for patients, employers, and taxpayers. Making prescription drugs more affordable also ensures that more people can access the lifesaving medications they need. It’s no wonder that nearly 90% of Americans across the political spectrum support efforts to lower drug prices.

President Biden and Congress still have an opportunity to get this policy reform right. We urge the Biden administration and Congress to do the right thing and refuse to fall prey to Big Pharma’s lobbying and influence. Fulfill your campaign promises to constituents who are begging for help and restore drug pricing reform to the Build Back Better plan.