Shares of Indian drugmakers have fallen after US President Donald Trump promised a significant reduction in prescription drug prices in the US – from 30% to 80%. This is reported by Reuters.
After this statement, the Nifty 50 index rose by 2.5%, while pharmaceutical stocks mostly fell: Sun Pharma lost 4.6%, Biocon – almost 3%, Divi’s Laboratories and Lupin – 2% each, and Zydus Life and Cipla – 0.7% each. NIPHARM shares fell by 1.6%.
The US accounts for almost a third of India’s pharmaceutical exports, which grew by 16% last financial year to reach about $9 billion.
Earlier, US President Donald Trump said that he would sign an executive order that would oblige pharmaceutical companies to reduce drug prices by 30-80%.
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