Drugmakers slip after Trump letter asks them to slash prices

Several drugmakers are dipping after President Trump sent a letter to the CEOs of 17 large pharma companies demanding they cut prices for US patients within the next 60 days.

The companies that received the letter include Eli Lilly, Pfizer, Novo Nordisk, and others. It follows a May executive order that directed drugmakers to lower their prices in America to the lowest amount paid by other countries for patients on government-sponsored healthcare, and, eventually, on all new drugs.

The drugmakers proposals so far, Trump said, “promised more of the same: shifting blame and requesting policy changes that would result in billions of dollars in handouts to the industry.” Trump said he will “deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices.”