Va. Effort to Make Prescription Drugs More Affordable Benefits Small Business

“Virginia small business owners are feeling optimistic that their representatives are working to address the high cost of healthcare now that both the Virginia House of Delegates and Virginia Senate have passed legislation that would create a Prescription Drug Affordability Board. This new PDAB has the ability to offer meaningful relief to all Virginians facing a crisis of skyrocketing prescription drug costs. In 2023 alone, pharmaceutical companies hiked up the list prices for 112 drugs at a rate higher than the rate of inflation. Virginians currently spend more money on their prescriptions than most Americans, which is why it’s no surprise that Small Business Majority’s research found Virginia small businesses cited healthcare costs as one of the top issues they face. What’s more, the most popular healthcare policy proposal among small business owners is bringing down the price of prescription drugs, with 90% in support.

Virginia needs a Prescription Drug Affordability Board to rein in out-of-control price hikes that are hurting Main Street small business owners and their employees. A Prescription Drug Affordability Board would lower the cost of medicine by setting upper payment limits, or cost caps, on how much Virginia consumers pay for certain medications. We strongly encourage Gov. Spanberger to sign legislation authorizing the creation of a PDAB to bring relief to Virginia small businesses struggling with high healthcare costs.”