- President Trump is set to announce his plan to corral drug prices in a speech set to begin at 2:00 pm ET today. According to administration officials the plan will not include a call to Congress to allow Medicare to negotiate drug prices, a move currently prohibited under federal law.
- The plan aims to increase competition by making it easier for generics and biosimilars to reach the market and eliminating certain government rules that prevent seniors from getting lower priced medications. It will also create incentives for lower prices and lower co-pays for patients.
- Selected tickers: XLV, VHT, XBI, IYH, RYH, IBB, PJP, XPH, IHE, PPH, BBH, AMGN, BIIB, GILD, CELG, VRTX, OTCQX:RHHBY, ABBV, AGN, BMY, GSK, JNJ, LLY, MRK, NVO, NVS, PFE, SHPG, VRX, TEVA, PRGO, MYL
- Update: Investors expect good news. Almost all Big Pharma and most biotechs are in the green.