Statement by Frank Knapp Jr., Small Business for America’s Future co-chair and Founder and CEO of the South Carolina Small Business Chamber of Commerce, about President Trump Signing Executive Orders on Drug Pricing Today
Washington, D.C., July 24, 2020—With abysmal poll numbers and an election looming, President Trump’s signing of four executive orders on drug pricing today smacks of a hollow attempt to gin up political support rather than a serious effort to address a problem plaguing small business owners, their employees and many Americans.
During the announcement, the president said he would delay the implementation of the most sweeping of the four orders–one seeking to slash the price Medicare pays for drugs to be in line with prices paid in other countries–until Aug. 25 to give pharmaceutical executives a chance to propose an alternative. This delay smacks of an attempt to grab positive headlines without consequences.
While the cost of healthcare is a real issue for small business owners, the president had over three years to design and implement an effective plan to reduce the costs of prescription drugs. A last-minute, politically motivated executive order less than 100 days from the election is not the change our country needs.
The irony is small business owners, who are being crushed by the cost of healthcare, would welcome a serious attempt to bring down the costs of prescription drugs. Our surveys show 71% of small business owners lowering healthcare costs as a top policy priority to help them succeed. But they also know this is a political stunt from the same president trying to overturn the Affordable Care Act in the middle of a pandemic–a move 57% of small business owners oppose. It’s no wonder the same survey found 81% of entrepreneurs don’t think America’s leaders understand the needs of small business.
Every day for 3 1/2 years, consumers and small business owners have paid a heavy price for President Trump’s delay in taking action on drug prices. And even now he doesn’t really commit citing wanting to be fair to pharmaceutical companies.
Small business owners need legislative action that creates meaningful and permanent change on this issue, not a rushed executive order, which can be undone with the stroke of a pen, created to boost the president’s election prospects.
About Small Business for America’s Future
Small Business for America’s Future (formerly Businesses for Responsible Tax Reform) is a national coalition of small business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize Main Street by advancing a just and equitable economic framework that works for small business owners, their employees and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.