Drug and Biotech Stocks Soar Now that Trump is President

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Major pharmaceutical companies rejoiced over Trump’s victory, yet they may have jumped the gun

The 2016 Presidential Election was intense, monumental, as well as groundbreaking, and one of the most talked about policy changes was proposed by Republican candidate and president elect Donald Trump.

Trump has been very open about his views on the Affordable Care Act – which was put into law in 2010 by President Obama to give low-income Americans access to affordable healthcare coverage – and his criticisms during his campaign seem to point to reform during his upcoming presidency.

Drug company stocks skyrocketed after Trump won the election, alluding to the fact that drug prices will stay stagnant for the time being despite the high hopes of the Clinton campaign.

Pharmaceutical shares rose drastically the day after Election Day, with Trump less concerned about the price of drugs than Democratic nominee Hillary Clinton. As major pharmaceutical companies feel secure and content, their customers are left to foot the bill. Recently, pharmaceutical giant Mylan has been under attack for the outrageous rise in the price of the EpiPen – a life-saving drug used to treat severe allergic reactions. The price of the EpiPen has risen from $57 in 2007 to a whopping price tag of $500 in recent times, according to USA Today.

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This alarming price tag has gotten the attention of many, and the cost is worth more than any monetary amount. With the cost of drugs needed in the case of emergency on the rise, it brings concern to those who may need it in a moment’s notice in order to save a life. With Trump more concerned about the problems of the Affordable Care Act rather than the high drug prices, pharmaceutical companies are breathing a sigh of relief, but consumers are left wondering if the war on drugs is one that starts with the crazy prices of necessary prescriptions.

Trump may not be focused on the rise of drug prices, and pharmaceutical companies seem confident by increasing the price of their stocks. “There will still be a lot of scrutiny on drug prices under Trump since health care costs are rising faster than many other parts of the economy. I’m surprised at this big move higher for pharma and biotech stocks,” stated Bob Phillips, managing principal of Spectrum Management Group. Trump’s presidency may see drug reform as part of the future plan, but that is yet to be seen.

With Trump’s vision of completely revising the Affordable Care Act, prescription drug prices may be revamped as well. Although it isn’t his first order of business, transforming the healthcare industry may bring about change to those rely on these life-saving drugs every day. As we soon welcome our 45th President of the United States into the White House, we can only hope that pharmaceutical drugs are made affordable – and placed into the right hands.

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