How Rising Prescription Drug Costs Affect California's Black-Owned Enterprises

Throughout California, African American business leaders are pioneering innovation, generating employment, and bolstering local economies. Yet, alongside this growth, they face a formidable obstacle: the exorbitant cost of prescription medications. Pharmaceutical companies have transformed healthcare into a significant financial burden for both families and small enterprises. Each year, drug manufacturers impose escalating prices on essential medications, impacting millions—particularly for chronic conditions like diabetes and asthma. For Black families, this strain intensifies, given their heightened likelihood of chronic ailments and lower capacity to absorb escalating costs. Rising drug prices force precarious choices between essentials like medication, rent, and food. Such dilemmas deteriorate health outcomes, causing indirect repercussions for businesses due to rising healthcare costs and absenteeism. The California African American Chamber of Commerce expresses grave concern regarding Senate Bill 41, which risks exacerbating costs for patients and businesses. State leadership must prioritize reforms that ensure affordable healthcare access, nurturing both public health and economic viability for communities.