Kerrigan in Townhall: Spending Bill Would Punish These Small Businesses

By SBE Council at 21 November, 2021, 11:42 am

In a TownHall.com Op-ed, SBE Council president & CEO Karen Kerrigan details one of the many problems with the “Build Back Better Act.”  Specifically, the price controls in the legislation would greatly undermine U.S. investment, innovation and access to new life-saving drugs. Kerrigan writes:

“The impact on business would be enormous. An analysis by the Congressional Budget Office found that if passed, the proposal would ‘immediately’ lower ‘current and expected future revenues’ for biopharmaceutical companies, with ‘broad effects’ on the drug market. The healthcare consultancy Avelere did its own analysis, and found that the industry as a whole could face a loss of more than $1 trillion in revenue over 10 years….As a percentage of revenue, drug makers spend more on research and development than other industries — an average of 23 percent across the sector. Facing price controls, though, drug companies would be forced to cut spending.”

Kerrigan notes that this critical industry is dominated by small, entrepreneurial firms and urges Democrats to do more than simply “talk” about their support of small businesses.  The policies they support and are working to advance must reflect that support.

Read the full piece here.