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Janel Knight Trulear 
janel@emccommunications.com
(617) 875-6581

Survey reveals small business owners want prescription drug cost reform amid Medicare price negotiations 

The national survey found bipartisan concern about the rising costs of prescription drugs and a desire for legislative solutions that will lower costs

Thursday, Feb. 1, 2024– A new Small Business for America’s Future survey found small business owners believe the prescription drug pricing market is broken and want legislative solutions that will lower costs. The survey conducted from Nov. 8-Dec. 4, 2023, involving 1,015 small business owners, had a nearly equal representation from Republican (25%) and Democrat (28%) respondents, showing this is a concern across party lines. 

The demand for lower prescription drug costs is happening as the government is set to begin negotiating the prices of 10 of the most expensive prescription drugs covered by Medicare today. The unprecedented power included in the Inflation Reduction Act is expected to drive down costs putting downward pressure on drug costs overall, which is a benefit for small businesses because prescription drug costs are a major driver of healthcare costs. 

“Too many small business owners are making painful decisions about their health and business because of high prescription drug costs. Lowering costs will help them remain competitive in the job market, improve their ability to hire and retain workers and keeps their workforce healthy,” said Small Business for America’s Future Co-chair Dr. Erika Gonzalez, CEO, President, & Co-Founder of South Texas Allergy and Asthma Medical Professionals (STAAMP) and STAAMP Clinical Research. 

Key Findings

• 88% of respondents believe prescription drug prices are too high.
• 94% of respondents believe the current prescription drug pricing market needs to be changed. 69% believe there needs to be a major overhaul. 
• 81% support the Inflation Reduction Act's measures to lower prescription drug prices in Medicare, but there is demand to do more. 
• 87% support extending negotiated drug prices to small business insurance plans. 70% strongly support this measure. 

“Common sense policy is part of the prescription for change to drive down costs,” said Gonzalez. “Small business owners have talked about the toll of healthcare costs for years, and it’s time for lawmakers to act.” 

View the survey report here.

To schedule an interview with SBAF Co-chairs or other small business owners contact: Janel Knight Trulear at janel@emccommunications.com or (617) 875-6581.

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About Small Business for America’s Future
Small Business for America’s Future is a coalition of small business owners and leaders nationwide working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize Main Street by advancing a just and equitable economic framework that works for small business owners, their employees and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF