Trump: Drug companies 'getting away with murder'


Trump: Drug companies 'getting away with murder'
  1. Trump: Drug companies 'getting away with murder'
    money.cnn.com
    Shares of big pharmaceutical and biotech companies fell after President-elect Donald Trump noted that drug companies would not be able to raise prices aggressively under his watch. He put the industry on…
    Markets
Life-saving drugs are getting more expensive Life-saving drugs are getting more expensive

Trump said that many companies were "getting away with murder" and that there would be more competitive bidding practices for federal contracts in his administration.

Dow component Pfizer (PFE) stock fell more than 2% immediately after the comments. Mylan (MYL), which has already come under Congressional scrutiny for dramatic prices hikes of its life-saving allergy medication EpiPen, fell 3.5%, and Bristol-Myers Squibb dived 4%.

Allergan (AGN) and Valeant (VRX), two other biotechs that have been criticized for raising drug prices, also fell more than 3%. And the iShares Nasdaq Biotechnology ETF (IBB), which owns many of these companies fell 3% too.

Trump's tough talk about drug prices can't be reassuring to investors, many of whom had believed that Hillary Clinton was likely to be tougher on the health care industry than Trump.

During the past year, the drug industry has come under fire for excessive price increases, especially since the now notorious "bad boy of pharma" Martin Shkreli raised the price of the live-saving drug Daraprim more than 5,000% after his company bought it.

Related: Trump threat fails to halt drug price hikes so far in 2017

Clinton attacked the drug industry several times on the campaign trail, but Trump didn't bring much attention to the issue of drug prices.
That has now changed, although it shouldn't come as a huge surprise to investors. Trump has been more of a populist than a traditional, pro-Big Business Republican.

He's complained about the high cost of Air Force One as well as…

Tags: #Murder
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