U.S. drug makers are facing a down day today after President Trump announced his first potential tactic aimed at lowering drug prices. Specifically, he is exploring benchmarking Medicare reimbursement to the average price in Europe for drugs administered by doctors, a group of medicines dominated by ultra-expensive biologics. European countries currently pay about half the U.S. rates.
Stating the obvious, U.S. biopharma and biotech companies are guaranteed to push back hard on the plan. Many of the big players are in the red premarket.
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