Ftse 100 Tumbles as Investors Await Janet Yellen’s Jackson Hole Speech
by Tara Cunningham, Business Reporter
[…] Pharmaceutical companies were among the biggest casualties on the blue chip index after comments from US democratic presidential candidate Hillary Clinton sparked fresh concerns about a serious clampdown on drug prices industry-wide.
US firm Mylan found itself at the centre of the storm after Senators Susan Collins and Claire McCaskill called for an “urgent briefing” with the group’s chief executive regarding price increases of its severe allergy treatment drug EpiPen. However, pharma stocks came under pressure when Clinton on Wednesday night said there was “no justification” for the 480pc price hike in the product. Just a day later Mylan said it would reduce the patient cost of the treatment, nevertheless, investors remained cautious.