Deals
Drug Stocks Plunge as Trump Threatens to Force Price Bidding
- ‘We’re going to save billions,’ Trump says of proposed change
- Biotech index drops 3%, large drugmaker stocks down 1.7%
Drug Stocks Drop on Trump’s Price Bidding Comments
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Pharmaceutical and biotech stocks plummeted after President-elect Donald Trump said he’d force the industry to bid for government business, a position that aligns him with congressional Democrats and against the powerful drug-manufacturing lobby.
“They’re getting away with murder,” Trump said at a press conference in New York. “Pharma has a lot of lobbyists and a lot of power and there is very little bidding. We’re the largest buyer of drugs in the world and yet we don’t bid properly and we’re going to save billions of dollars.”