In his first press conference in over 100 days, President-elect Donald Trump promised to go after the pharmaceutical industry.
Drug companies, he said, “are getting away with murder.” He said this was because they have “lots of lobbyists” doing their bidding. He also complained about the US government’s inability to negotiate prices despite being the biggest purchaser of drugs in the world.
“We are going to change the bidding process,” he said.
Wall Street has been declaring pharma a winner of the US Presidential campaign since Trump’s victory last November, but this shows that the Street’s optimism was misplaced. Democratic candidate Hillary Clinton was far more outspoken in her outrage over high drug prices.
The NASDAQ’s Biotechnology index is falling on Trump’s words.