Trump tweets about increasing competition in the drug industry — Pharma shares drop

After releasing an alternative to the ACA, President Donald Trump tweeted that he is working on a system to increase competition in the pharmaceutical industry, promising, "Pricing for the American people will come way down!"

Here's what you should know.

1. After tweeting the news, pharmaceutical stocks fell, Reuters reported in a tweet.

2. Chicago-based Mylan Pharmaceuticals was harshly criticized in 2016 over its Epi-Pen pricing practices. It stocks was at $43.21 as of 11:30 a.m. on March 7, 2017. It fell 0.6 percent from open.

3. Foster City, Calif.-based Gilead Sciences, whose drug, Solvadi, was also criticized for its pricing practice, opened at $43.45, quickly falling to $42.82 before rebounding to $43.21 at 11:30 a.m. on March 7, 2017.

4. Parsippany-Troy Hills, N.J.-based Allergan, whose CEO committed to limiting price increases to single-digits, saw its stock fell 1.76 percent as of 11:30 a.m. to $237.98. The stocks opened at $239.86 on March 7, 2017.

5. President Trump has yet to reveal the exact plans of his system.

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