Shares of Asian pharmaceutical companies fell after U.S. President Donald Trump announced a plan to order a cut in U.S. prescription drug costs to bring them in line with other countries.
Drugmakers were the worst-performing sector in Japan on Monday, dragging the benchmark Topix lower despite hopes of a U.S.-China trade deal broadly boosting markets across Asia. Chugai Pharmaceutical plunged as much as 10%, the most since February 2024, with peers Daiichi Sankyo sliding 7.8% to the day’s low and Takeda Pharmaceutical losing over 5%.
Meanwhile in Hong Kong, BeiGene tumbled as much 8.8% and Innovent Biologics dropped 6.4%. In South Korea, SK Biopharmaceuticals, Celltrion and Samsung Biologics all fell over 3%. India’s Sun Pharmaceutical Industries lost 7% at one point, with Lupin and Aurobindo Pharma falling around 3%.
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