President Trump will order drugmakers to lower the prices of medications. All to bring drug costs in line with what other countries pay.
According to Reuters, “White House officials said the government will give drug makers price targets in the next 30 days and will take further action to lower prices if those companies do not make significant progress towards those goals within six months of the order being signed.”
At the moment, Trump wants drug prices to come down “almost immediately” by 30% to 80%.
“The Pharmaceutical/Drug Companies would say, for years, that it was Research and Development Costs, and that all of these costs were, and would be, for no reason whatsoever, borne by the ‘suckers’ of America, ALONE,” said President Trump, as quoted by Truth Social.
While the news initially dragged some of the biggest drug stocks lower, many are now surging higher. Amgen (NASDAQ: AMGN), for example, is up more than 3.2%, or by $8.60 a share. AbbVie (NYSE: ABBV) is up just over 2%, or $3.55 a share. Bristol Myers Squibb (NYSE: BMY) is up just over 2.6%, or by $1.25 per share.
Even the iShares Biotechnology ETF (NASDAQ: IBB) is up 3.7%, or by $4.35 on the day.
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