Biotech, pharma shares drop after Trump says ‘drug prices are out of control’

President Donald Trump speaks during a cabinet meeting at the White House, Monday, Oct. 16, 2017, in Washington.

Evan Vucci | AP

President Donald Trump speaks during a cabinet meeting at the White House, Monday, Oct. 16, 2017, in Washington.

President Donald Trump can be criticizing high drug prices again, sending health-care stocks lower Monday.

The iShares Nasdaq Biotech ETF erased its gains for the day after Trump’s comments, which were released around 11:50 a.m. EDT.

iShares Nasdaq Biotech ETF intraday chart

Source: FactSet

Pharmaceutical company shares such as Pfizer, Merck as well as also Eli Lilly also dropped slightly after the remarks.

“Prescription drug prices are out of control,” Trump said in a Cabinet meeting on Monday. “The drug prices have gone through the roof.”

“You look at the same exact drug by the same exact company, made from the same exact box as well as also sold some place else, sometimes the idea’s a fraction of what we pay in in which country. Meaning as usual the entire world can be taking advantage of the United States.”

Trump said American consumers are paying multiples of what some other countries are paying for the same drugs.

“The drug companies frankly are getting away with murder. We want to bring our prices down to what some other countries are paying,” he added.

in which isn’t once Trump has commented on drug prices. He promised in March he would likely bring pricing down.

The iShares Nasdaq Biotech ETF can be up 27 percent through midday Monday in which year compared with the S&P 500’s 14 percent return.

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