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Global pharmaceutical stocks dropped sharply Monday after former U.S. President Donald Trump pledged to cut prescription drug prices by up to 59% to align with prices in other wealthy countries. The announcement came via a Truth Social post, following a similar promise made just a day earlier, citing a potential 30% to 80% reduction “almost immediately.”
Major U.S. drugmakers including AbbVie, Amgen, Pfizer, Eli Lilly, and Merck fell between 2.2% and 3.7% in premarket trading. Biotech shares also declined amid fears of heightened regulatory scrutiny and pricing pressure. Jefferies analyst Michael Yee noted the sector could see increased volatility due to policy uncertainty.
Trump’s proposal aims to address the high cost of medications in the U.S., which often pays nearly triple the price compared to other developed nations. However, details on how the proposed cuts will be implemented remain unclear. Leerink Partners analyst David Risinger emphasized the need for clarity on the timeline and affected government programs.
European pharmaceutical stocks also took a hit, with a healthcare index dropping 2.9%. AstraZeneca, GSK, and Roche declined between 3.3% and 6.8%. Analysts warn the move could influence EU-U.S. trade negotiations, potentially substituting tariffs with pharmaceutical price caps.
India’s Biocon and Lupin slid as the U.S. remains their largest export market. In Australia, CSL Ltd and Mayne Pharma fell as healthcare stocks dropped to a multi-week low. Japan’s pharma sector plummeted 6.5%, with Daiichi Sankyo losing over 8%, marking it the worst-performing sector on the Tokyo Exchange. In Hong Kong, Alphamab Oncology tumbled 14.4%.
The global sell-off comes as the U.S. and China agree to ease mutual tariffs, signaling potential shifts in trade dynamics and global market sentiment.
