Trump to crack down on high drug prices

President elect Donald Trump has pledged to “bring down drug prices” in an interview with Time magazine.

“I don’t like what has happened with drug prices,” said Trump.

His victory last month boosted shares in pharmaceutical companies due to him advocating a free-market healthcare system with less regulation.

Chief executive of Allergan Brent Saunders said at a conference last week that Trump could be more “vicious” on pricing than Democratic presidential candidate Hillary Clinton, and as a result he worried his industry had a “false sense of relief” after Trump’s victory.

Over the past 18 months, companies including Mylan NV, maker of allergy shot EpiPen, and Valeant Pharmaceuticals International Inc., have been scrutinised over drug costs.

Pfizer was fined a record £84m for their price hike on anti-epilepsy drug to the NHS on Wednesday.