Billionaire John D. Arnold, a former hedge fund manager and energy trader, is putting up millions of dollars to fight the pharmaceutical industry over drug prices, according to The Wall Street Journal.
Here are four things to know:
1. Since 2014, Mr. Arnold has spent more than $100 million on healthcare-related grants. He pledged up to $5.7 million to Initiative for Medicines, Access & Knowledge, which challenges the validity of certain drug patents in court. Another $1 million went to Civica Rx, a nonprofit formed by health systems to manufacture their own generic drugs.
2. Mr. Arnold funded research about the relationship between pharmaceutical packaging and drug costs. That research led Medicare to pass new rules in 2017, according to WSJ.
3. "Everybody thinks that the pharma industry is abusive in their tactics and doesn't price drugs fairly," Mr. Arnold told WSJ.
4. Mr. Arnold is a powerful opponent for drug companies. The foundation set up by Mr. Arnold and his wife has assets of $2.2 billion. That's more than the American Red Cross, which had net assets of $1.2 billion last year, according to WSJ.
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