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Nazirah Ahmad
nazirah@emccommunications.com 
(704) 290-6869

Small business group applauds President and Vice President’s announcement of measures to reduce cost of healthcare 

Statement by Small Business for America’s Future Senior Advisor Rhett Buttle,  on President Biden’s new actions to negotiate Medicare prices

Washington D.C. Aug. 15, 2024– “As the Inflation Reduction Act turns two this week, I was encouraged by President Biden’s announcement about the first-ever Medicare negotiations for the prices of 10 high-cost prescription drugs today, a move that will save Americans $7.5 billion offering welcome relief to entrepreneurs and marking a significant step toward reducing healthcare costs for businesses.

“The Inflation Reduction Act gave Medicare the authority to negotiate lower drug prices, which marked another important step toward increased affordability that will have far-reaching impacts on the entire healthcare system. Today’s announcement of the negotiated prices for 10 key medications, set to take effect in 2026, is a clear demonstration of this policy in action.

“The rising costs associated with healthcare have long hindered growth by cutting into small business owners’ bottom line, and hurt their ability to compete with larger companies to hire and retain quality talent. It is no surprise that 81% of small business owners support the Inflation Reduction Act’s measures to lower prescription drug prices. 

“By addressing high healthcare costs, we’re strengthening small businesses and the overall health of our national economy. I encourage lawmakers to prioritize more policies like the Inflation Reduction Act to sustain small business growth. ”

Here’s what small business leaders are saying: 

“As a business owner, I understand the costs associated with running a business, especially seeing the rising costs of healthcare putting small businesses like mine at a disadvantage. The ability to offer comprehensive health benefits is crucial for small business owners to attract and retain top talent. I am encouraged by the announcement today by President Biden and Vice President Harris to address lowering costs. These measures give me hope for the future of healthcare costs and my business.” 

April Williams

Owner and CEO, Kennedy Consulting Group

Silver Spring, Maryland

“As a small business owner, high prescription drug costs are hindering business growth. The Medicare negotiations announced today are a step in the right direction to cutting costs. They will benefit senior owners and employees while also leading to broader pricing reforms that help small business owners like myself.” 

Joseph Reddix

President and CEO, The Reddix Group

Hanover, Maryland

To request an interview with Small Business for America’s Future Senior Advisor Rhett Buttle contact Nazirah Ahmad at (704) 290-6869 or nazirah@emccommunications.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.