Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
John Arnold, a former energy trader and hedge fund manager, is putting up millions of dollars to fight the pharmaceutical industry over drug prices, the Wall Street Journal reports.
By the numbers: Arnold has given $19 million to ICER, the independent organization that studies whether drugs are worth what they cost.
- Arnold and his wife have pledged another $5.7 million to I-MAK, an organization that challenges patents of brand name drugs.
- Another $1 million went to Civica Rx, the drugmaker founded by a consortium of hospitals to produce generic drugs.
- Arnold's foundation also funds the advocacy group Patients for Affordable Drugs, which has taken on industry allies from both political parties.
Why it matters: The pharmaceutical industry is so powerful and has remained free from political intervention for so long, in part because it's enormously well-funded — both in its direct lobbying and in its advocacy work.
- No one person is likely to outmatch the entire drug industry, but Arnold's foundation controls assets of more than $2 billion, per WSJ. That's more than the Red Cross — and enough to provide a credible counterweight to pharma.