Biotech has a bad day af­ter politi­cos pounce on an­oth­er drug pric­ing scan­dal

Call it the Hillary ef­fect. Or Mar­tin Shkre­li on steroids.

The Nas­daq biotech stock in­dex slid 3.5% Wednes­day af­ter­noon af­ter the tsuna­mi of pub­lic out­rage over My­lan’s EpiPen pric­ing dis­as­ter cre­at­ed a po­lit­i­cal back­lash that left a deep dent in a va­ri­ety of drug de­vel­op­ers’ stock price.

My­lan, run by Heather Bresch, the daugh­ter of U.S. Sen­a­tor Joe Manchin of West Vir­ginia, kicked up this ruckus af­ter a large seg­ment of the me­dia found that the com­pa­ny had more than quin­tu­pled the price of a drug/de­liv­ery de­vice that many peo­ple need to sur­vive a se­vere al­ler­gic re­ac­tion. This in­cludes chil­dren and adults who don’t have good enough in­sur­ance cov­er­age to en­sure ac­cess at a rea­son­able price.

This article is for premium subscribers only

Upgrade to a premium subscription plan for unlimited access, and join our community of key biopharma players.

UPGRADE