Shares of several pharmaceutical and biotech companies have fallen since President-elect Trump announced Thursday that he had selected vaccine skeptic Robert F. Kennedy Jr. to lead the Department of Health and Human Services (HHS). .
The SPDR S&P Biotech ETF tracks the biotech sector. fell As of noon, it was 3.7%. Shares of major pharmaceutical companies fell as well, with Pfizer falling 4.6%, Eli Lilly falling 4.2%, Amgen falling 4.9% and Novo Nordisk falling more than 3.1%.
As part of its mission to “improve the health and well-being of all Americans,” HHS oversees the approval of drugs and medical supplies through the Food and Drug Administration (FDA) and responds to disease outbreaks through the Centers for Disease Control and Prevention. Masu. (CDC).
in post “Ensuring everyone is protected from the harmful chemicals, pollutants, pesticides, pharmaceuticals, and food additives that have contributed to this nation's overwhelming health crisis,” President Trump tweeted Thursday on social media platforms. HHS will play a major role in that.” . ”
“For too long, Americans have been overwhelmed by the food complex and drug companies that have perpetrated deceit, misinformation, and disinformation about public health.”
The announcement raised concerns among Democrats and public health experts that Kennedy, who does not have a degree in medicine or public health, could interfere with the operations and funding of key government agencies, potentially exacerbating vaccine hesitancy. This caused a sense of alarm among them.
Beyond President Kennedy's well-known vaccine skepticism, stated purpose It would lower prescription drug prices, curb advertising for direct-to-consumer drugs, and reallocate half of the National Institutes of Health's budget to “preventive, alternative, and holistic approaches to health,” among other things. This is making the pharmaceutical industry nervous.
A spokesperson for the Pharmaceutical Research and Manufacturers Association (PhRMA), a trade group representing the U.S. pharmaceutical industry, declined to comment on the stock prices of its member companies.
PhRMA Chairman and CEO Stephen Uble said in a statement Thursday following President Kennedy's nomination that the industry group is working to “further strengthen the innovation ecosystem and improve patient care.” “I look forward to working with the Trump administration.”
