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Saturday, January 14, 2017

Donald Trump’s words spook Indian pharma stocks

Donald Trump’s words spook Indian pharma stocks 

MUMBAI: United States president-elect Donald Trump’s bashing of the pharmaceuticals industry has pushed shares of Indian drug makers down, as a possibility of pricing pressure in their most profitable market looms over these companies. 

In his first press conference after electoral victory, Trump on Wednesday vowed to force the US drug industry to produce at home and cut prices. 

“Our drug industry has been disastrous. They’re leaving left and right. They supply our drugs, but they don’t make them here, to a large extent. 
And the other thing we have to do is create new bidding procedures for the drug industry because they’re getting away with murder,” he said. 

Trump will officially take charge as the 45th President of the United States on January 20. 
His comments impacted share prices of Indian drug companies on Thursday and the Bombay Stock Exchange healthcare index closed 0.73% down at 15,012.24, as top companies such as Dr Reddy’s, Sun PharmaBSE 1.14 % and LupinBSE 0.35 % have significant exposure to the US market. 
Shares of Reddy’s closed 2% down at Rs 3,011 on the BSE on Thursday, while Lupin fell 2% at Rs 1,489 and Sun Pharma lost 0.59% to close at Rs 644. 

In his address Trump said even though the US is the largest buyer of drugs in the world, the country does not bid properly. It will soon start bidding in a way that would help it save billions of dollars over a period of time, he said. 

As companies prepare for third quarter results, analysts are being conservative with their.. Expectations for the sector. Brokerage firm Jefferies said it expects another muted quarter for the pharma sector led by weakness in US business. The overhang of regulatory inspection by the US drug regulator and pricing in US will dominate the results as it expects 12% revenue growth for Indian pharma with a margin decline of 100 bps. 

Some global peers have indicated that pricing is likely to remain under pressure in 2017 also,” Jefferies wrote in its research note. Another worry that Indian drug companies have is the ongoing investigation by the US department of justice into suspected collusion by drug companies to artificially inflate prices. 

Donald Trump’s words spook Indian pharma stocks 
Source: economictimes

(This story has not been edited by pharmanaukri staff and is auto-generated from a syndicated feed.) Disclaimer: The Logos/Images posted here are belongs to respective to Authority / owners of firm.

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