FOR IMMEDIATE RELEASE

Contact

Conan Knoll
conan@emccommunications.com, (831) 524-6764

Jared Thompson
jared@smallbusinessforamericasfuture.org, (260) 797-2530

Small business group: Build Back Better Agenda will lower prescription drug costs for small businesses

Statement by Kristi Martin, senior advisor to Small Business for America’s Future for healthcare, on the president delivering remarks on how the Build Back Better agenda will lower prescription drug prices

Washington, D.C., August 12, 2021—The plans President Biden discussed today to lower the costs of prescription drugs by negotiating with drug companies, prohibiting price increases above inflation, and reducing out-of-pocket costs for seniors are good news for small businesses, which have been adversely affected by soaring drug prices.

There is broad small business support for the president’s proposals. In Small Business for America’s Future’srecent national survey of more than 1,000 small business owners, 89% of small businesses surveyed say the costs of prescription drugs are too high, 66% say the current prescription drug market is not working and is in need of a major overhaul, and a whopping 87% of small business owners believe is it important that the Biden-Harris Administration and Congress take action to lower prescription drugs costs. 

Small businesses have been among the most impacted by rising drug prices. Lowering drug prices means that workers are going to be more productive because they can spend their time focusing on working and not how they’re going to pay for rising drug costs. 

The same survey found 55% of small businesses providing coverage to employees say the rising costs of healthcare have delayed growth opportunities for their business, as well as overwhelming support for a variety of policy solutions to address the issue. More than 8 in 10 small business owners voiced support for prohibiting drug companies from raising drug prices faster than inflation, 85% support allowing Medicare to negotiate directly with drug companies and 89% support capping out-of-pocket prescription drug costs for seniors in Medicare. These solutions are good for business, and will save our federal government money. For example, the Congressional Budget Office (CBO) estimates that price negotiation alone will save hundreds of billions in health care costs and reduce premiums for employment-based insurance.   

We applaud the administration’s commitment to tackling rising prescription drug costs. Small business owners are the backbone of the nation's economy--driving economic growth and job creation--and lowering prescription drug costs will allow small business owners to spend more on expanding their business and rebuilding Main Street from the effects of the pandemic. 

To request an interview with Kristi Martin contact Jared Thompson at (260) 797-2530 or jared@smallbusinessforamericasfuture.org.

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About Small Business for America’s Future
Small Business for America’s Future is a national coalition of small business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize the nation’s 30 million small businesses to create an economy that works for them, their workers and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.