Pharmaceutical stocks push themselves as Trump to reduce prescription medication prices 'by 30-80%' | Pharmaceutical industry

Donald Trump has promised to use his executive powers to reduce the price for prescription drugs in the USA in order to reconcile them more with other countries.

The US President said that he would sign an order on Monday that is “almost immediately” reduced by “30% to 80%”.

Trump via the social media platform in social media in the truth, Trump said on Sunday that it was “difficult to explain and very embarrassed” why drug prices in the USA were higher compared to many other countries.

“The drug/pharmaceutical companies would say for years that it was research and development costs and that all of these costs were not borne by the” suction cups “of America, he wrote.

He added that he would introduce a “most preferred nation” policy, with the USA “paying the same price as the nation that pays the lowest price anywhere in the world”.

The comments triggered a sale in pharmaceutical stocks on Monday, as the profit of the concern could be made if they have to reduce prices in the USA.

In London, the shares of the pharmaceutical companies Astrazeneca and GSK fell by up to 5% and 2.6% in early trade. Novo Nordisk's shares listed in Frankfurt fell by 7.5%, while the Swiss group Roche Holdings declined by 3.6%.

In South Korea, the shares on SK Biopharmaceuticals and Samsung Biologics fell by up to 2.7% and 4.7%. In Hong Kong, Sämene fell by 8.9% and innovative biologics by 7%.

During his first administration, Trump aimed at high drug costs, which aimed to limit the prices for certain medication as part of Medicare. After a contestation of drug companies, however, it was reflected before a federal court.

The American government is already negotiating prices for some of the most expensive medicines that were used in Medicare, a Federal Health Insurance program, according to the law on inflation reduction by President Joe Biden at the time. Medicare covers 66 million Americans, mainly from the age of 65.

However, Trump did not state on Sunday whether his executive regulation would apply to Medicare, Medicaid or other state health programs.

He suggested that industry lobbyists had been unsuccessful in the White House, although large pharmaceutical companies and industry bodies had donated its inauguration.

“Campaign contributions can do wonders, but not with me and not with the Republican Party. We will do the right thing, something that Democrats have fought for many years,” he said.