This Tweet From President Trump Just Sank Pharma Shares

Shares of many pharmaceutical companies saw a drop on Tuesday after President Trump made a tweet.

The tweet vowed to lower drug costs for Americans. Trump wrote, “I am working on a new system where there will be competition in the Drug Industry. Pricing for the American people will come way down!”

Although there were no specific details on what his plans were to make this happen, many anticipate that he will use the government’s vast buying power to force the pharmaceutical industry to compete on prices.

This left many investors shaky, explaining the drop in share prices in the arena on Tuesday. Companies to see a drop included Amgen and Perrigo.

Trump has previously made statements against the pharmaceutical industry including one statement in January when he said, “They’re getting away with murder.”