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!”

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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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