Trump slams drugmakers at press conference: 'They're getting away with murder'

President-elect Donald Trump described the drug industry as "disastrous" and criticized current industry practices during a press conference on Wednesday.

Mr. Trump admonished drug companies for shifting production overseas, expressing the need to bring the industry back to the U.S.

"And the other thing we have to do is create a new bidding procedure for the drug industry because they're getting away with murder," said Mr. Trump. "Pharma has a lot of lobbies, a lot of lobbyists and a lot of power. And there's very little bidding on drugs. We're the largest buyer of drugs in the world, and yet we don't bid properly … We're going to start bidding and were going to save billions of dollars over a period of time."

Dan Diamond, a reporter for Politico, noted biotechnology stocks plunged shortly after Mr. Trump's remarks.

"Trump's attack on pharma 'getting away with murder' wiped out a week of gains in the biotech sector," he tweeted.

Less than an hour after the press conference, biotech stock dropped by more than 3 percent, according to NASDAQ figures.

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