Pharma drops as Trump unveils healthcare bill, drug pricing initiative
The US president took to his Twitter account on Tuesday to promote his proposed new healthcare bill, announcing that his cabinet was also working on a new system to increase competition in drug pricing.
AstraZeneca
11,738.00p
17:15 04/10/24
FTSE 100
8,280.63
16:49 04/10/24
FTSE 350
4,570.17
17:14 04/10/24
FTSE All-Share
4,527.24
16:54 04/10/24
GSK
1,459.50p
16:44 04/10/24
Pharmaceuticals & Biotechnology
22,108.24
17:14 04/10/24
Shire Plc
4,690.00p
16:39 08/01/19
In his tweet, Trump said ObamaCare, the previous US president's landmark policy to extend medical benefits to all Americans was a "complete and total disaster and was imploding fast".
Our wonderful new Healthcare Bill is now out for review and negotiation. ObamaCare is a complete and total disaster - is imploding fast!
— Donald J. Trump (@realDonaldTrump) March 7, 2017
As for his proposals on drug pricing, he said: "don't worry, getting rid of state lines, which will promote competition, will be in phase 2 & 3 of healthcare roll-out".
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!
— Donald J. Trump (@realDonaldTrump) March 7, 2017
Investors in the pharma space did not heed his reassuring words, and as of 1406 GMT had sent shares of AstraZeneca down by 0.74%, alongside falls of 1.44% for Shire and of 0.56% in GlaxoSmithKline.