Clinton Destroying Billions In Shareholder Value Of Drug Companies

The New York Sun reports:

Hillary Clinton isn’t even president of the United States yet, and she’s already managed to destroy billions of dollars worth of shareholder value. Don’t take it from me; take it from the New York Times.


It reported in a recent news article that “The Nasdaq biotechnology index lost 6 percent of its value, continuing a rout that was in part set off by a tweet from Hillary Rodham Clinton on Sept. 21. Commenting on a New York Times article about Turing Pharmaceuticals, a company that raised the price of a drug by many times, Ms. Clinton tweeted: ‘Price-gouging like this in the specialty drug market is outrageous.’ The next day she announced a plan that would aim to limit drug prices in some cases.”

Sound familiar?

A Democratic presidential candidate preparing to shake down drug companies is a pattern that dates back at least to Barack Obama. An Associated Press article described the deal that the pharmaceutical industry wound up striking with Mr. Obama as follows: “the companies volunteered $80 billion in 10-year savings for the health care changes, and backed it up with an expensive TV ad campaign pushing Obama's proposal.”

“Volunteer” is an interesting word to describe what the drug companies did back in 2009 and 2010, given the threat with which they were faced. As the same AP article put it, “Lobbyists beat back proposals to allow importation of low-cost medicines and to have Medicare negotiate drug prices with companies. They also defeated efforts to require more industry rebates for the 9 million beneficiaries of both Medicare and Medicaid, and to bar brand-name drugmakers’ payments to generic companies to delay the marketing of competitor products.”

This is how an un-free market in medicine works. You'll want to read the entire article.