Market Overview

President Trump Doubles Down On Healthcare Criticism, Says Drug Prices Are 'Astronomical'

President Trump Doubles Down On Healthcare Criticism, Says Drug Prices Are 'Astronomical'

President Donald Trump said Tuesday that drug prices are "astronomical" and much needed change needs to be implemented. His comments come at a time when he hosted drug makers at the White House and are also consistent with promises he made both during and after the campaign trail.

Trump said earlier this month the pharmaceutical industry is "getting away with murder" and vowed to take action. On Tuesday, he told the industry leaders that while they have been doing a "very great job over the years" now is the time to lower drug prices.

On the other hand, Trump pledged to better streamline the U.S. Food and Drug Administration's approval process for a new drug so companies aren't forced to wait many years for approval.

Trump also promised to remove a "tremendous number of regulations" which will help drugmakers open new plants and facilities in the U.S. He did, however, caution that the administration will oppose anything which makes it harder for smaller and younger companies to take the risk of bringing in a product to compete in the market.

"Other than that, you are doing fantastic," the president added. "So we are going to get that taken care of. We are going to be cutting regulations at a level no one has ever seen before. And we are going to have tremendous protection for the people - maybe more protection for the people."

Here is a look at the sector's performance on Tuesday.

  • Direxion Daily S&P Biotech Bull 3X Shares (NYSE: LABU) +5.89 percent.
  • SPDR S&P Biotech (ETF) (NYSE: XBI) +1.93 percent.
  • iShares NASDAQ Biotechnology Index (ETF) (NASDAQ: IBB) +1.46 percent.

Here is a look at some of the best-performing individual stocks.

  • NewLink Genetics Corp (NASDAQ: NLNK) +2.72 percent.
  • Novartis AG (ADR) (NYSE: NVS) +1.84 percent.
  • Eli Lilly and Co (NYSE: LLY) +1.75 percent.
  • AbbVie Inc (NYSE: ABBV) +1.22 percent.
  • Amgen, Inc. (NASDAQ: AMGN) +1.01 percent.
  • Pfizer Inc. (NYSE: PFE) +0.97 percent.

Posted-In: Donald Trump Drug MakersBiotech News Health Care Politics Media General Best of Benzinga


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