With Pledge To Take On Drug Prices, Trump Dashes Pharma’s Hopes
The industry breathed a sigh of relief after avoiding a Hillary Clinton presidency, but Donald Trump still remained a question mark. In an interview with Time Magazine, though, the president-elect said he is "going to bring down drug prices." Stocks fell despite a lack of details on how that will be accomplished.
The Washington Post:
Trump Takes Aim At Drug Companies: ‘I Don’t Like What Has Happened With Drug Prices’
Biotech and pharmaceutical stocks rose after the election, reflecting investor optimism that a Trump presidency would mean less focus on drug prices. Not so fast, president-elect Trump said in his interview for Time 'Person of the Year.' “I’m going to bring down drug prices,” Trump told Time in an interview in his dining room after the election. “I don’t like what has happened with drug prices.” (Johnson, 12/7)
Stat:
Pharma's Trump Honeymoon Is Officially Over
President-elect Donald Trump is pledging again to take on high drug prices and, just like that, the brief honeymoon drug makers enjoyed after his election is fading away. “I’m going to bring down drug prices,” Trump told TIME for the magazine’s Person of the Year feature. “I don’t like what has happened with drug prices.” (Scott, 12/7)
Morning Consult:
In Time Interview, Trump Vows To Lower Drug Prices
President-elect Donald Trump has vowed to lower drug prices, opening up another major health policy debate as his inauguration nears. “I’m going to bring down drug prices,” Tump said in an interview with TIME Magazine, which on Wednesday named him Person of the Year. “I don’t like what’s happened with drug prices.” (McIntire, 12/7)
Bloomberg:
Trump’s Vow To Control Drug Costs Alerts Another Industry
President-elect Donald Trump promised to drive down the cost of medicines, defying investors who saw a boon in his election last month and injecting himself again into a contentious economic debate. “I’m going to bring down drug prices,” Trump said, according to a transcript of an interview posted on Time magazine’s website as it named him its Man of the Year. “I don’t like what’s happened with drug prices. ”Over the past 18 months, companies including EpiPen allergy shot maker Mylan NV and Valeant Pharmaceuticals International Inc. have borne the brunt of public outrage over costs. Last week, the chief executives of Regeneron Pharmaceuticals Inc. and Pfizer Inc. sparred over the reasons their industry’s reputation has suffered, including the role that prices have played. (Hopkins, 12/7)
The Wall Street Journal:
Drug Stocks Take Hit On Trump Comments
While most U.S. stocks rallied on Wednesday, shares of biotechnology and pharmaceutical companies retreated after President-elect Donald Trump vowed in a magazine article to crack down on drug prices. Drug stocks fell after Mr. Trump was quoted in a Time Person of the Year article as saying: “I’m going to bring down drug prices.” Pfizer Inc., Johnson & Johnson and Merck & Co. were the only three stocks in the 30-member Dow Jones Industrial Average to lose ground, though each repaired the worst of early-day declines. (Dieterich and Loftus, 12/7)
In other pharmaceutical news —
Reuters:
EpiPen Maker Mylan To Restructure, Cut Workforce
Generic drugmaker Mylan NV, which has been under fire for price hikes on the life-saving EpiPen allergy treatment, said on Wednesday that it expected to cut less than 10 percent of its workforce in a restructuring to integrate acquisitions. Mylan, whose shares were down more than 3 percent in mid-afternoon trading, has been under investigation by the U.S. government, and its chief executive officer was called before Congress to testify on raising the price of a pair of EpiPens to more than $600 from $100 in 2008. (Grover, Pierson and Humer, 12/7)
California Healthline:
Drug Price Transparency Before California Lawmakers Again
A key California lawmaker has reintroduced legislation intended to make drug price increases more transparent, vowing to take up arms again with the pharmaceutical industry over runaway costs. Senator Ed Hernandez (D-West Covina), who chairs the Senate Committee on Health, this week announced a measure that would require pharmaceutical companies to notify state health programs and private insurers before they increase prices. Hernandez dropped a similar bill last session because he was dissatisfied with amendments that raised the threshold for reporting. (Bartolone, 12/7)
