President Donald Trump on Tuesday tweeted about his yet-to-be-revealed strategy for lowering drug prices, which caused pharmaceutical stocks to fall, reports Bloomberg.
The tweet, which the president posted on his personal account, said, "I am working on a new system where there will be competition in the drug industry. Pricing for the American people will come way down!"
Within several hours of the tweet, many large drug companies saw their stocks fall. Stock for Mylan, which has received much scrutiny over the high cost of EpiPens, dropped 1.5 percent on Tuesday afternoon to $43.36 per share.
Standard & Poor's 500 Pharmaceuticals, Biotechnology & Life Sciences Index fell as much as 1.3 percent — the largest drop since President Trump's comments about drugmakers "getting away with murder" sent pharma stocks plunging in January, according to Bloomberg.
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