Posted by Michael Wonder on 22 Oct 2018
A billionaire pledges to fight high drug prices, and the industry is rattled
21 October 2018 - Ex-energy trader John Arnold has put $100 million behind efforts to curb prices.
Billionaire John D. Arnold is spending a chunk of his fortune to campaign against America’s high drug prices. The drug industry is spending a chunk of its fortune to counter him.
Mr. Arnold is the biggest single spender on his side of the battle. He made his money placing bets on price swings in the natural-gas market, first as an energy trader at Enron, then at his own hedge fund after Enron’s collapse. Now retired, the 44-year-old Texan with an estimated $3.3 billion in assets is dedicating himself to the topic.
