Biotech, pharma stocks plunge on Trump comments
Biotech and pharmaceuticals equities took a dip on Wednesday after United States President-elect Donald Trump mentioned the industries in his first official news conference. Trump said that his administration will create more competitive drug bidding system, noting that there is very little bidding happening in the industry at the moment.
The real estate mogul stated that the US is the largest drug buyer in the world, therefore the new bidding procedures need to be created. “Drug industry needs to come back,” said Trump during the conference.
Following the statement, Lockheed Martin shares declined 0.69% to trade for $254.14 at 5:24 pm CET after being mentioned in Trump’s speech. Similarly, the Nasdaq Biotechnology dropped 2.70% at 5:28 pm CET.