Posted on 12/07/2016 9:22:36 AM PST by 2ndDivisionVet
Shares of a key biotech ETF plunged to their lowest point since the election, after President-elect Donald Trump pledged in an interview with Time Magazine to curb spiraling drug prices.
In morning trading on the stock market today, the iShares Nasdaq Biotechnology Index (IBB) exchange-traded fund was down more than 3%, near 266. The index had jumped 9% on Nov. 9, after Trump beat Hillary Clinton in the race for the White House, on the belief that high drug prices would not be as big a focus for Trump as it would have been for Clinton.
IBD's 421-company Medical-Biomed/Biotech industry group surged 9.7% that day on Trump's win and relief that drug pricing controls promised by Clinton wouldn't materialize under the new administration. But the group was down more than 4% Wednesday morning....
(Excerpt) Read more at investors.com ...
Wonder how much the pharmaceuticals gave to the Clinton Foundation.
the biotech index is not drub prices/companies, that would be the pharmaceutical index.
Big pharmaceuticals now take in over $1 trillion worldwide. Prices overall have risen over 30-40% since 2012. I don’t believe the hype that all this money needs to be paid for research and development. That’s the cover story.
Trump will back off on that one or allocate more federal money to development of drugs or for drug coverage. I really hope he will also cut back on the regulatory things, which is one of the reasons drugs and drug research are so expensive.
So we shall see. Before you start crowing, the dread “pharmaceutical industry” has brought you a lot of things, especially if you’re older, that is making your life a heck of a lot more comfortable. There’s nothing inherently wrong with pharmaceuticals and we’ve got to work out a way for development to continue without breaking the bank.
The biggest problem with drugs is actually their over-prescription by physicians, who do this in response to people’s excessive demands and the federally mandated requirements of insurance and federal programs.
The media will not give Trump credit for this.
Biotech hot spots (Silicon Valley, Cambridge Mass, So Cal, etc.) are all in ‘Rat land.
He indicated he will do that - he said it was a sorry state where potentially life saving drugs were delayed and re-delayed because they wanted to "make it safe" for those who had no other options - better to take a chance with a new drug that may extend life/quality of life when the other option was suffering and being dead for sure.
Big Pharma has cronies in the FDA.
Actually, he could bring down the costs and increase drug company profits with no danger to the public. The drug approval process is laden with requirements added by politicians at the request of testing companies who have patented processes that add no value and no safety. There are also newer methods that cost less. While the drug may cost a few million to develop, twenty years ago the cost of getting it through the tests cost billions.
The whole approval process is ripe for review and modification. Why is it that it still costs billions to certify a drug that has been used safely in other countries for years? Corruption, corruption, cronyism.
Are you kidding? Doctors make a FORTUNE pushing pills pharma asks them to. Vacations too.
They are DISGUSTING and SICKENING.
See how many lawsuits they lost AFTER making 10s of billions on a med and then paying a few billion in fines.
I’d take that deal.
Look at Neurontin for starters. Off label marketed for just about everything.
It is largely an open, revolving-door relationship.
The Big Pharma, AMA, & FDA opposition to the so-called scams in natural modalities, including nutritional supplements, is, as always, about MONEY:
A drug is an artificial, and therefore a patentable, substance. Once patented, the Pharma has exclusive control, and can charge whatever it likes.
“Look at Neurontin for starters. Off label marketed for just about everything.”
In defense of neurontin (Gabapentin), I have to say it makes my neuropathy livable.
Before the doc prescribed it for me I couldn’t walk through the grocery store without ending up in extreme pain.
Now I can live a pretty active life. I just have to remember to sit down for awhile every hour or so.
The only side effect I experience is slightly blurred vision occasionally.
Not a bad trade off in my opinion.
I’m am glad for you.
3600 mgs, NOT 360, six 600 mgs pills did NOTHING for my pain.
Everyone is different.
A doctor can go to 6000 without getting in trouble.
But I wouldn’t take more than 3600.
I’ve read a lot on how it is supposed to work for pain and it sounds very logical, and it did help for a few days for me.
But like almost EVERYTHING for me, a week is the longest something lasts.
I have a very odd body. Was on 240 mgs of oxycontin, the roxys, it didn’t help and i just stopped it on my own. No withdrawals.
What DOES help my pain is klonopin 4 mgs a day for a year now.
Glad you found something that works!
The pain can be terrible beyond belief.
Very strange how different people’s systems react differently to medications.
I take 3 300 mg gabapentin twice daily.
I do have a prescription for hydrocodone but save it for really bad nights when the pain is unrelenting.
I hate taking pain meds.
I use an analgesic gel most nights and am able to sleep.
People were bragging about Blue Emu and some other trendy gels that are a bit expensive.
I checked their ingredients and it was the same as the jar I buy for $2 a month: 2% menthol!
If you can, give a good gel a try, can’t hurt.
Your pain must be right at the skin, huh?
Mine is post stroke pain, a rather tough pain to treat, as it is caused by misreading of signals more than damage.
I am glad you found some comfort.
Yes, pain is a terrible thing.
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