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Pharma stocks drop on Trump comments

Thursday, January 12, 2017 - 00:59

U.S. President-elect Donald Trump on Wednesday said pharmaceutical companies are ''getting away with murder'' in what they charge the government for medicines, and promised that would change.

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In his first press conference since winning the U.S. Presidential election, Donald Trump blasted pharmaceutical companies. (SOUNDBITE) U.S. PRESIDENT-ELECT DONALD TRUMP, (ENGLISH) SAYING: "The drug industry has been disastrous. They are leaving left and right. They supply our drugs, but they don't make them here to a large extent. And the other thing we have to do is create new bidding procedures for the drug industry because they're getting away with murder. Pharma." Trump's comments weighed on pharma stocks. Jonathan Corpina of Meridian Equity Partners. (SOUNDBITE) JONATHAN CORPINA, SENIOR MANAGING PARTNER, MERIDIAN EQUITY PARTNERS, INC. (ENGLISH) SAYING: "Immediately we saw that that sector has some significant pressure put on it. But it's gonna be interesting to see how it plays out in the next few quarters of his administration, how strong he really wants to be with this." Trump however praised Ford and Fiat Chrysler for nixing their plans to expand operations outside the United States. He also expressed hope that General Motors will follow.

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Pharma stocks drop on Trump comments

Thursday, January 12, 2017 - 00:59