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## Rising Prescription Drug Crisis in the Small Business Sector

Politicians and insurers are currently facing a growing challenge in addressing the escalating issue of prescription drug costs, which is resulting in small businesses and their employees bearing the brunt of higher premiums.

Kevin Dunn, CEO of Decisely and partner with Gravie, highlighted the alarming trend of medical premiums increasing by 14-16% annually. The collaboration between Decisely and Gravie aims to provide healthcare coverage options through the Society of Collision Repair Specialists benefits center.

The situation has prompted a sense of urgency, as evident from the recently conducted survey by Small Business For Future America (SBFA), where 94% of small business respondents expressed the need for a significant overhaul in the current prescription drug pricing market.

The statistics released by the U.S. Office of the Assistant Secretary For Planning and Evaluation shed light on the severity of the issue, indicating that 4,200 drug products experienced price hikes in 2022, with 46% exceeding the inflation rate. The average increase per drug product amounted to 15.2% or $590.

Here, AI legalese decoder can play a crucial role in navigating the complex legal jargon and regulations associated with prescription drug costs. By utilizing AI algorithms, the legalese decoder can interpret and simplify legal terms, enabling small businesses to better understand their rights and options in dealing with escalating drug prices.

Moreover, the platform can provide insights into legislative initiatives like the creation of Drug Affordability Councils, such as the one in New Jersey, and bills like LB833 in Nebraska, which focus on capping drug costs. Through AI-powered analysis, businesses can stay informed about potential policy changes and their impact on prescription drug affordability.

Additionally, AI legalese decoder can assist in deciphering insurance policies and cost-saving measures, such as exploring international drug purchasing programs and discount initiatives like Good RX. By leveraging AI technology, businesses can make informed decisions to mitigate the financial strain caused by rising prescription drug prices.

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