LONDON (ShareCast) - (Sharecast News) - Health stocks were in the red as investors prepared for potential "pharma backlash" after Viagra was reported to have increased the price of dozens of its drugs.
The Financial Times reported that it had seen figures indicating that Pfizer had raised the prices of 100 products, including Viagra, a move that "threatens to fuel the backlash over the soaring cost of medicines in the US".

Pfizer's move comes a month after President Trump stated that some big pharma companies were going to unveil "voluntary massive drops in prices", though no such announcements have been made.

On London's FTSE 100, drug makers were all in the red, with AstraZeneca was down 1.4%, GSK down 0.8% and Shire 1.2%, while on the 250 Hikma was down 4.7%, BTG 2.9% and Indivior 2.1%.

Healthcare companies were also caught up in the selling, with Smith & Nephew down 4%, Convatec 3.5% lower, Mediclinic losing 2% and NMC Health falling 3.7%

Biotech trade title Endpoints News said the Pfizer news "will almost certainly stoke some kind of political backlash" as the pharma sector has relied on steady annual price hikes but that the issue had become a "political hot potato".



Top performing sectors so far today

Automobiles & Parts +4.03%
Leisure Goods +1.17%
Gas, Water & Multiutilities +0.32%
Electricity +0.30%



Bottom performing sectors so far today

Health Care Equipment & Services -3.30%
Mining -3.06%
Industrial Metals & Mining 77 -2.70%
General Industrials -1.84%
Support Services -1.66%

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