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Pharma stocks correct after Trump signs order to lower drug prices

Capital Market 

Shares of thirteen pharma companies fell 0.7% to 4% after US President Donald Trump on Friday reportedly signed four executive orders to lower prescription drug prices.

Wockhardt (down 4.06%), Aurobindo Pharma (down 3.41%), Cadila Healthcare (down 2.7%), Sun Pharmaceutical Industries (down 2.54%), Piramal Enterprises (down 2.21%), Cipla (down 1.84%), Strides Pharma Science (down 1.69%), IPCA Laboratories (down 1.66%), Dr Reddy's Laboratories (down 1.6%), Lupin (down 1.45%), Alkem Laboratories (down 1.15%), Glenmark Pharmaceuticals (down 0.93%) and Abbott India (down 0.72%) declined.

The media reported that US President Donald Trump on Friday signed four executive orders aimed at lowering the prices Americans pay for prescription drugs.

Trump had previously proposed most of the changes made by the executive orders he signed on Friday, but this is the first time they have made it into signed executive orders.

Many of the administration's past efforts to cut drug prices, including its plan to force insurers and other healthcare payers to pass rebates on to patients, have stalled amid industry pushback, reports added.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 27 2020. 12:13 IST