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Trump takes on Big Pharma, promises to lower drug prices

President Trump is finally going after the pharmaceutical industry, something that President Obama wasn't able to do. (Photo via AP)

President Trump is finally going after the pharmaceutical industry, something that President Obama wasn’t able to do. (Photo via AP)

In a populist move only characteristic of the new president and Bernie Sanders, Donald Trump is going after the pharmaceutical industry.

On Tuesday, President Trump told drugmakers during a meeting at the White House that drug prices were “astronomical.” He promised to lower the cost for government health programs while also finding ways to expedite new medicines to the market.

“The pricing has been astronomical,” Trump said to a number of CEOs in attendance. “You folks have done a very great job over the years but we have to get the prices down.”

This is a big step towards the health care reform that was so badly needed after Obamacare was implemented. It’s an issue that folks on both aisles can agree on, especially millennials.

While the economy has been recovering, it’s been at a sloth-like pace. Millennial unemployment is higher than the national average of 4.9 percent. Millennials also earn lower wages than their elders. This didn’t bode well for former President Obama, who designed the Affordable Care Act to rely on healthy young people to pay into a pool that would pay for sicker old people.

Millennials between 18-34 make up less than 30 percent of Obamacare customers. The Obama administration had set a goal of getting 40 percent of the customers to be millennials.

While many critics view Obamacare as burdensome regulation, it did nothing to address the pharmaceutical industry. Just as we saw in the last couple of years, drug prices continued to rise uncontrolled through companies like Mylan and Valeant. Also, who could forget PharmBro Martin Shkreli raising the cost of the anti-parasitic drug Daraprim from $3.50 to $750 per tablet overnight?

Millennials couldn’t afford Obamacare, what makes people think they can afford purchasing life-saving medications? It’s an outstanding issue of health care that needs to be fixed and President Trump is proving he’s serious about going to bat for young people.