US President-elect Donald Trump’s comments in his first press conference late on Wednesday could put pressure on IT and pharma stocks when the Indian stock markets opens on Thursday, according to a report in The Economic Times.
In a combative presser, Trump claimed pharmaceutical companies were “getting away with murder” with respect to drug pricing and promised a complete turnaround, making healthcare less expensive and better,
“We are the largest buyer of drugs in the world, and yet, we do not bid properly,” he said, prioritising bringing back drug industries back to the US. He added that US firms would start bidding and save billions.
Trump also said he would repeal and replace Obamacare – the country’s existing affordable healthcare legislation - shortly after price approvals, which could impact pharma companies.
In an interview with ET NOW, former Department of Industrial Policy and Promotion secretary Ajay Dua said the replacement of Obamacare would impact the Indian pharma sector in one way or the other.
Meanwhile, it appears that outsourcing of jobs by US firms will soon be a thing of the past, according to the report in the Economic Times.
The report quoted Nasscom president R Chandrashekhar as saying that Trump’s policies may not be all bad for Indian IT firms doing business in the US. "India needs to communicate how much business the IT companies bring to the US economy,” he said.