Trump Says Drug Companies Will Unveil Price Cuts in Two Weeks

The Nasdaq Biotechnology Index pared gains after Trump's comments before recovering. The index was up 1.4% at 1:48 p.m. in New York.

Trump announced a plan earlier this month to bring down drug prices in the U.S., though doubts that the proposals would amount to much led pharmaceutical stocks to climb at the time. The president has a habit of promising actions in two weeks and then missing those deadlines.

Trump on Wednesday also touted new rules his administration is poised to release that would expand loosely regulated short-term insurance plans and let small firms band together under association health plans to act more like larger employers and buy cheaper health coverage.

"We're going to have great, inexpensive, really good health care," Trump said.

Many groups, including insurance companies and patient advocates, have raised concerns that the new rules would raise the cost of coverage for sick patients who need Obamacare coverage and can't switch to cheaper plans that will offer fewer benefits.

— Read also, on ThinkAdvisor:

• Drug Prices Drive Many Americans to Black Market for Medicines
• Insurers to Trump: Let Our Drug Price Negotiators Work
• Trump Health Nominee Faces Another Grilling on U.S. Drug Costs

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