Once again, with the swipe of a few digits, President Trump has knocked a few billion in market cap of stocks as he tweeted that Pfizer and others “should be ashamed that they have raised drug prices for no reason,” criticizing the company for offering cheaper prices abroad than in the U.S. and pledging that “we will respond.”
Pfizer & others should be ashamed that they have raised drug prices for no reason. They are merely taking advantage of the poor & others unable to defend themselves, while at the same time giving bargain basement prices to other countries in Europe & elsewhere. We will respond!
— Donald J. Trump (@realDonaldTrump) July 9, 2018
The response was swift – PFE erasing the day’s gains and weighing on The Dow…
As Bloomberg reports, Trump has promised repeatedly to drive down drug prices, to little effect so far. Earlier this month, the Financial Times reported that Pfizer had raised prices on about 100 drugs, following a pattern of regular increases that the company takes each year.
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Author: Tyler Durden