Call Conveyed the Devastating Impact of High Drug Costs on Small Businesses and Need For Giving Medicare the Power to Negotiate For Lower Drug Prices
Washington, DC — Today, U.S. Representative Angie Craig (D-MN-02), Small Business for America’s Future Senior Advisor Kristi Martin, and Small Business for America’s Future Small Business Council Member and small business owner Candace Combs joined Protect Our Care for a virtual press conference to discuss how high drug prices are harming small businesses. During the call, Rep. Craig and advocates conveyed the urgency for legislation to bring down drug prices so small businesses can recover from the pandemic and thrive for years to come.
The event followed a new report from Protect Our Care and Small Business for America’s Future published as part of Week 7 of Lower Rx Summer. In June, Protect Our Care announced Lower Rx Summer as part of The Campaign to Reduce Drug Prices. Lower Rx Summer consists of themed weeks of action to illustrate the urgent need for legislation to lower drug prices principally by giving Medicare the power to negotiate with drug companies for lower prices for all Americans.
“We can address the high cost of prescription drugs – but only if we stand with Americans and small businesses instead of special interests in Washington,” said Representative Angie Craig (D-MN-02). “We must pass the Elijah E. Cummings Lower Drug Costs Now Act, to bring relief to small businesses and finally allow Medicare to negotiate the prices of prescription drugs for hardworking Americans.”
“Rising prescription drug prices are a major concern for small business owners because higher prices lead to higher healthcare costs,” said Kristi Martin, Senior Advisor at Small Business for America’s Future. “In our most recent survey of over 1,000 small business owners, Small Business for America’s Future found that 55% said rising healthcare costs delayed growth opportunities for their business and 40% said they’ve had to increase prices of goods and services to keep pace with their rising healthcare costs. Without action to address these prescription drug prices, our small business recovery will continue to be held back.”
“I stand with the 85% of small business owners surveyed by Small Business for America’s Future who support allowing Medicare to negotiate directly with drug companies because I know the kind of difference it would make for my business and my employees,” said Candace Combs, Owner of Combs Business Consulting and In-Symmetry Spa and Small Business For America’s Future council member. “Small business owners are the backbone of the economy, but skyrocketing drug costs is keeping us from making the investments we need for the future. It is time our leaders had our backs and act to reign in the cost of medication.”
“The future of small businesses depends on bold action to bring down prescription drug prices,” said Protect Our Care Executive Director Brad Woodhouse. “As drug companies hike the prices of lifesaving medications, small businesses are paying more and more for health care, forcing them to pass those costs along to workers and customers. It’s time to stand up to Big Pharma and finally give Medicare the power to negotiate for lower drug prices.”