Hillary Clinton has tweeted a teaser for her forthcoming proposal to lower prescription drug prices. Here it is:
This short tweet immediately hit biotech stocks, according to Bloomberg:
Biotechnology stocks fell Monday after Democratic presidential candidate Hillary Clinton tweeted Monday that she would release a plan to combat the high cost of prescription drugs.
The Nasdaq Biotechnology Index fell 3.4 percent to 3,606.07 at 12:16 p.m. in New York, the biggest intraday drop since Aug. 24, with most of the decline coming after Clinton’s comment on Twitter.
In other words, one ambitious politician’s price-fixing proposal will crush the hopes of patients worldwide who need newer and better drugs, as well as the dreams of scientists and entrepreneurs trying to develop those cures.