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Burden of high costs won’t hurt Big Pharma, but will put burden on Tennesseans and businesses
Mother shares mental health care struggles in rural Tennessee
Mother shares mental health care struggles in rural Tennessee
Shelley Mays, Nashville Tennessean
- Kelly Reed is the executive director of the Tennessee Employer Benefits Alliance.
There’s a reason why so many people want to live in Tennessee. It’s more than just the ideal landscape and award-winning food scene. It’s also the pride we all have in fostering an environment for businesses and families to thrive.
However, new laws raising the cost of health care for many of us threaten to put an end to that.
Over the past decade, drug prices and health care costs have exploded in Tennessee. This surge in costs, according to the AARP, is outpacing inflation and placing the heaviest burden on Tennessee families and businesses. Institutions that have just fought through a pandemic, rising unemployment and inflation, and yet, rather than passing legislation to make health care cheaper for its citizens, state politicians continue to pass legislation that raise costs even more.
Last year, a law was passed that raised the cost of prescription drugs for Tennesseans. Of course, Big Pharma and the like won’t lose any sleep over this price hike, it will be business owners, families and our most vulnerable who will be up at night wondering how they are going to pay. As our rent and grocery prices continue to skyrocket, this pressure on families and consumers will force many of us to ask ourselves what is more important. The roof over our head or the lifesaving medicine we were prescribed.
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Families are the ones impacted most
The economic impact of this short-sighted legislation will burden thousands of us here who are already paying the third-highest prescription cost per household at over $6,000 per year. Now, Tennessee families can tack on another $600 annually.
Estimates predict that prescription drug price hikes will cost businesses $510 million each year. However, it won’t be just the owners who tackle that increase, it will be its employees as well. There is no doubt that this strain could even cause businesses to shut down or move their good paying jobs to a neighboring state with lower health care costs.
A 2021 study by the National Bureau of Economic Research found that a $10 increase in prescription costs resulted in a 33% increase in deaths. These were preventable deaths, patients suffering from heart disease and diabetes. Diseases that can be controlled and managed by taking medications as prescribed. This increase in cost will almost certainly prevent many residents of this great state from being able to afford those life-saving drugs . We should not just sit back and accept that only the wealthiest of our citizens get to watch their grandchildren grow up.
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Business leaders have banded together for better outcomes
That’s why our coalition is coming together to fight back. The business owners that make up the Tennessee Employer Benefits Alliance want to see all Tennesseans live a long, healthy life. We don’t want to lose good jobs to neighboring states because of rising costs here at home, and we don’t want people to lose their lives because they don’t have access to good health care. It doesn’t matter if you live in a small town like Alexandria or in the middle of downtown Nashville, special interests should not come before your health. This is why TEBA was created and what we aim to fight for every day.
We will continue to lead the charge for lower health care costs across the state, but ultimately, if Tennessee wants to remain a place where businesses and families flourish, state leaders must address the rising cost of healthcare now. Our citizens deserve leaders that serve to protect the people instead of the bottom line of special interests and Big Pharma.
Kelly Reed is the executive director of the Tennessee Employer Benefits Alliance. She can be reached at kellyreed@tnemployerbenefitsalliance.com.
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