After 2016 presidential hopeful Hillary Clinton tweeted about “price gouging” in the prescription drug industry Monday morning, biotech stocks took a 4.7 percent tumble — the worst day the Nasdaq Biotechnology ETF has seen since 2014.
After the New York Times reported the price for antiparasitic drug Daraprim surged from $13.50 to $750 overnight, the former secretary of state decided to take to social media to address the 5,000 percent increase.
“Price gouging like this in the specialty drug market is outrageous. Tomorrow I’ll lay out a plan to take it on,” the former first lady tweeted along with the link to the article.
Price gouging like this in the specialty drug market is outrageous. Tomorrow I’ll lay out a plan to take it on. -H https://t.co/9Z0Aw7aI6h
— Hillary Clinton (@HillaryClinton) September 21, 2015
Turing Pharmaceutical CEO Martin Shkreli stood by the company’s decision to increase the cost of the drug, which is used mainly to fight parasitic infections in people with lowered immune systems, citing administrative and regulatory expenses as the reason for the sharp increase.
“This drug saves your life for $50,000,” he told Bloomberg. “It is still a bargain for health insurers. At this price, it is a no-brainer.”
Over the past two years, biotech stocks have increased by nearly 70 percent and have been considered one of the safer investments in the market.
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