My family’s small business has employed five generations, and its ownership has been passed down three generations. Like many small-business owners, we take pride in offering our valued employees and their families the opportunity to take part in our company’s health care plan. However, the burden of out-of-control prescription drug prices is hurting too many small businesses, making it harder to offer affordable health coverage and slowing the recovery from the pandemic.
Prescription drug prices have consistently climbed at rates higher than inflation for many years. Big drug companies even continue to hike prices during the pandemic. The pharmaceutical industry increased prices on more than 65 brand-name drugs in July 2020 and 800 brand-name drugs in January 2021 — and recently hiked prices on 32 brand-name drugs. This conduct is not good business and, worse yet, not acceptable for Delaware families.
According to a poll conducted by Small Business for America’s Future, more than half of small-business owners who provide health coverage said rising prices delayed growth opportunities and 87% believe it is important that the Biden-Harris administration and Congress act to lower drug prices.
Solutions with support from Republicans and Democrats would increase competition and transparency, stop taxpayer subsidies for price hikes higher than inflation, cap out-of-pocket costs for seniors and hold Big Pharma accountable through Medicare “Part D” redesign.
Locally, Delaware’s small businesses are leading our economic recovery from the pandemic and creating good-paying jobs. Constant regulatory hurdles and barriers consistently stifle our efforts on behalf of our employees, their families and, ultimately, our communities. We are counting on our representatives in Congress, like Sens. Tom Carper and Chris Coons, both D-Del., to address out-of-control prescription drug prices, thus demonstrating a serious positive gesture to our Delaware families.
Mark Pugh
Dover
