Small Business Group Applauds Passage of Legislation to Lower Prescription Drug Costs

For Immediate Release: 
Friday, February 23, 2024

Statement by Awesta Sarkash, Public Policy Director for Small Business Majority, on the Virginia General Assembly’s passage of legislation to establish a Prescription Drug Affordability Board

"We’re thrilled that legislation creating a Prescription Drug Affordability Board passed the Virginia General Assembly with bipartisan support. Small Business Majority supported this legislation in order to help protect small businesses, their employees and other stakeholders within the healthcare system from the high costs of prescription drug products. 

Virginians spend more money on their prescriptions than most Americans, and many are forced to choose between being able to afford prescribed medicine and paying for other essentials like food and utilities. At the same time, rising prescription drug prices and healthcare costs are hurting small businesses’ bottom lines. This is particularly challenging for the many small businesses in Virginia that are struggling with thin margins and high healthcare costs. Our research found that Virginia small businesses cite healthcare costs as one of the top issues they face. 

This is why Virginia needs a Prescription Drug Affordability Board to make medicines more affordable and to rein in out-of-control price hikes that are hurting Virginians and small businesses. The Prescription Drug Affordability Board will evaluate the affordability of prescription drugs and set reasonable payment rates to protect consumers from harmful costs. This type of proposal is strongly supported by small businesses that are looking for relief from high prescription drug prices. 

Business owners already deal with the enormous burden of running a business and hiring employees, while budgeting for the health needs of their workforce and their families. This legislation is a step in the right direction to lowering health costs, and we urge Governor Youngkin to quickly sign this bill into law." 


About Small Business Majority

Small Business Majority is a national small business organization that empowers America's diverse entrepreneurs to build a thriving and equitable economy. We engage our network of more than 85,000 small businesses and 1,500 business and community organizations to advocate for public policy solutions and deliver resources to entrepreneurs that promote equitable small business growth. Our deep connections with the small business community along with our scientific research enable us to educate the public about key issues impacting America’s entrepreneurs, with a special focus on advancing the smallest businesses and those facing systemic inequalities. Learn more about us on our website and follow us on TwitterFacebook and Instagram.

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