Trump says drug companies are ‘getting away with murder’ — and biotech shares are plunging

In his first press conference in over 100 days, President-elect Donald Trump on Wednesday promised to go after the pharmaceutical industry.

He said drug companies were “getting away with murder” and were able to because they had “lots of lobbyists” doing their bidding. He also complained about the US government’s inability to negotiate prices despite being the biggest purchaser of drugs in the world.

“We are going to change the bidding process,” he said.

Wall Street had been declaring Trump’s victory in November’s election to be a win for pharma, as Trump’s Democratic opponent, Hillary Clinton, was far more outspoken with outrage over high drug prices.

But that optimism seemed shaken by Trump’s comments Wednesday, with the Nasdaq’s biotechnology index taking a dive.

source
Google Finance

For more on what stocks could do under Trump, listen to Business Insider’s Linette Lopez and Josh Barro on their podcast, “Hard Pass”: