“I’m going to bring down drug prices … I don’t like what has happened with drug prices,” Mr. Trump said to Time magazine.
Here’s what you need to know.
1. Those words caused an industrywide preemptive selloff. With cancer companies like Summit, N.J.-based Celgene hit the hardest.
Revlimid, Celgene’s flagship product, sells for six figures. Celegan closed at $117.44 on Dec. 6, 2016. It opened at $114.59 on Dec. 7, 2016 and closed at $112.66.
2. Those words also called pharmaceutical executives to action. Parsippany-Troy Hills, N.J.-based Allergan’s CEO Brent Saunders advocates for lower pharmaceutical prices, and for driving growth with innovation, not price hikes, he said.
3. Allergan devotes billions to research and development, and limits price increases for its products to a single figure increase on a yearly basis.
4. Mr. Saunders believes if pharmaceutical companies don’t regulate their prices, they risk being singled out by Mr. Trump, according to the report.
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