This is crazy, but true. Apparently on Wednesday, after President-elect Trump accused big pharma of “getting away with murder”, close to $25 BILLION was wiped off the value of the S&P 500’s top nine pharmaceutical companies. In a matter of minutes.
From the article:
“SHARES IN JOHNSON & JOHNSON, Pfizer, Merck, Amgen, AbbVie, Bristol-Myers Squibb, Gilead, Celgene and Eli Lilly, all fell between 1 and over 5 per cent immediately after the comments before rebounding slightly. Shares in carmakers also sold off on separate comments from Mr Trump.
https://www.youtube.com/watch?v=IGxkJBMHK6c
Shares in Viagra-maker Pfizer, one of the world’s largest pharmaceutical companies, ended the day almost 2 per cent lower, wiping nearly $5bn off the company’s market value. Hardest hit was Bristol-Myers Squibb. Shares in the maker of blood-thinning drug Coumadin fell 5.3 per cent on the day.”
Mr Trump takes issue with individual companies leaving, and the outrageous pricing discrepancies, saying, “We have to get our drug industry coming back. Our drug industry has been disastrous. 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”.
In response to Trump’s comments, Senator Bernie Sanders jumped on Twitter to agree with Trump’s take on Big Pharma:
“Trump is right: pharma is “getting away with murder.” But do Trump and Republicans have the guts to police drug companies and lower prices?”
What exactly he will do about these issues is yet to be seen but we will be watching. And hoping.
Because it never hurts to hope!
XO- Erin
Source: Independent
