Small Business Group Applauds Administration’s Move Aimed At Lowering Prescription Drug Costs, Urges Continued Action

Statement by Small Business for America’s Future Senior Advisor Rhett Buttle, former Director of Private Sector Engagement at US Department of Health and Human Services (HHS), on the agency’s prescription drug announcement



Washington, D.C. Aug. 29, 2023—“Today's anticipated remarks by President Biden and the Department of Health and Human Services (HHS) regarding prescription drugs is a significant stride forward in addressing the soaring cost of healthcare, a top concern in the small business community. 

“For far too long, the rising cost of healthcare has been a huge burden on small business owners that has prevented them from hiring and retaining workers, affecting their competitiveness in the labor market and cutting into their bottom lines. 

“Prescription drug costs are one of the key drivers of high healthcare costs. A new survey conducted by Small Business for America’s Future and released today reveals 50% of respondents anticipate that the reduced costs of medications will have a positive financial impact on their businesses, their families, or their employees. The survey also found that the policy will have a direct impact on small business owners and their employees with nearly one in four small business owners having employees enrolled in Medicare and nearly a third of small business owners themselves are enrolled. 

“Addressing healthcare costs can help continue the positive momentum of our economy with solid new jobs numbers and near record low unemployment. I am urging lawmakers on both sides of the aisle to take a strong look at other policies that can continue to help combat high healthcare costs.”

Key findings in the survey include:

• A significant majority of respondents support government initiatives aimed at lowering healthcare costs, indicating a strong alignment with policies such as Medicare-negotiated drug prices
• Nearly a third of small business owner respondents say they themselves are enrolled in Medicare
•  Nearly one in four small business owners said they have staff currently enrolled in Medicare
• Over 60% of respondents believe that allowing Medicare to negotiate drug prices directly with companies will have a beneficial impact on small businesses.
• 70% of respondents support extending the government-negotiated drug prices from Medicare to private insurance plans

Read the full survey here.

To request an interview with Small Business for America’s Future Senior Advisor Rhett Buttle, contact Janel Knight Trulear at (617) 875-6581 or janel@emccomunications.com. 

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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.