Business

Big Pharma Stocks Jump After Trump Meeting

President Donald Trump met with executives from the pharmaceutical industry Tuesday morning at the White House to discuss ways to lower the exponentially increasing drug prices in the U.S. The stocks of some of these firms are soaring following the meeting.

The president met with the heads of Novartis AG, Merck & Co. Inc., Johnson & Johnson, Celgene Corp., Eli Lilly & Co., and Amgen Inc. Following the meeting, stock values of Merck & Co. Inc., Novartis AG, and Eli Lilly & Co., and Amgen Inc. are all up.

Merck clocked a 0.54 percent increase, Novartis managed a 1.74 percent bump, Eli Lilly & Co. increased share price by 1.27 percent, and Amgen is bumped its share price by 0.25 percent.

Trump told the executives that “we have to lower drug prices,” increase research and development spending, and massively deregulate the pharmaceutical industry to lower barriers for entry of new drugs to the market. (RELATED: Trump Tells Big Pharma: Drug Prices Must Go Down)

Pricing of pharmaceuticals came into the public spotlight when news broke in August that Mylan, the maker of the life-saving epinephrine injection device EpiPen, raised the price of the EpiPen 461 percent in under a decade.

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