President Trump has gone back on the debate on drug price with a tweet promising to lower medicine costs for American people. ” I am working on a new system where there will be competition in the Drug Industry. Pricing for the American people will come way down!“
The tweet didn’t include further details about the new system, adding to uncertainty.
Just few charachters were enough to sending pharmaceutical stocks down again and all the big names in the pharma industry were all trading in red territory. However even with Tuesday’s losses, the health care sector of the S&P 500 has gained more than 10 percent over the past 12 months, and more than 8 percent for the year.
Source: Financial Times, The Wall Street Journal, CNBC, Bloomberg