Small Business for America’s Future, Main Street Alliance: To hold June 16th briefing on the need for drug pricing reform to help small businesses

Washington, D.C., June 14, 2021—Small Business for America’s Future will hold a virtual briefing with Main Street Alliance at 2 p.m. ET/1 p.m CT on June 16 to discuss the impact of rising healthcare and drug costs on small businesses. The event will be joined by Wisconsin Lt. Governor Mandela Barnes, Claire Zautke, the Health Care for All Director of Citizen Action of Wisconsin, as well as 100 small business owners from Wisconsin, to discuss the impact their businesses have felt due to rising healthcare costs and increasing drug prices. Small Business for America’s Future will also unveil results from a national survey showing small business owners think that the prescription drug market is broken and that the rising costs of healthcare is slowing their growth, causing them to raise prices on their products and impacting their hiring decisions. 

The survey of 1,052 small business owners in the Small Business for America’s Future network shows they feel this is an urgent issue that the Biden-Harris Administration and Congress must address.

Specifically, the survey shows:

  • 89% of small businesses surveyed say the costs of prescription drugs are too high and 63% have an unfavorable view of pharmaceutical companies
  • 75% of small business owners providing health coverage to employees say their healthcare costs have increased over the last four years and 48% have seen significant increases of 7% or more
  • Nearly one in three small business owners providing health coverage to employees have considered dropping it—the vast majority (78%) because healthcare costs are high
  • 66% say the current prescription drug market is not working and is in need of a major overhaul
  • 87% of small business owners believe is it important that the Biden-Harris Administration and Congress take action to lower prescription drugs costs
  • 55% of small businesses providing coverage to employees say the rising costs of healthcare have delayed growth opportunities for their business
  • 40% of small businesses providing healthcare coverage to employees have increased the costs of goods and services as a result of rising healthcare costs
  • More than a third of small businesses providing healthcare coverage to employees have held off on hiring a new employee as a result of their rising healthcare costs
  • The survey shows that small business owners support a broad number of measures to lower the costs of prescription drugs. Findings include:
  • More respondents (a 42% plurality) are concerned that the Biden-Harris Administration and Congress will not go far enough in acting to bring down prescription drug costs than the number (27%) who were concerned they would go too far
  • 82% say it’s time for the government to limit unjustified price increases to no more than inflation, and 79% say lower drug prices will not hurt industry’s ability to develop new treatments and cures 
  • 89% support capping out-of-pocket prescription drug costs for seniors enrolled in Medicare
  • 85% support adopting policies that eliminate anti-competitive behaviors and patent abuses that extend brand drug monopolies that block price competition 
  • 85% support allowing Medicare to negotiate directly with drug companies on drug prices for seniors and people in private insurance

DETAILS:

WHAT: Virtual briefing to discuss the impact of rising healthcare and drug costs on small businesses

WHO: 

  • Mandela Barnes, 45th Lieutenant Governor of Wisconsin.
  • Kristi Martin, Small Business for America’s Future healthcare expert
  • Shawn Phetteplace, Wisconsin State Manager, Main Street Alliance
  • Claire Zautke, Health Care for All Director, Citizen Action of Wisconsin
  • Tim Eichinger, Black Husky Brewing 
  • State Representative and Morris Ramen Owner Francesca Hong

WHEN: Wednesday June 16, 2 P.M. ET/1 P.M. CT

MEDIA WELCOME: For details on how to join,contact Shawn Phetteplace at 608-385-6488 or [email protected]