MARKET UPDATE

Clinton’s drug pricing call gives FTSE 100 an adverse reaction

UK drug companies followed rivals in the US lower after Hillary Clinton demanded drug companies drop high prices
UK drug companies followed rivals in the US lower after Hillary Clinton demanded drug companies drop high prices
ANDREW HARNIK / AP:ASSOCIATED PRESS

Pharmaceutical companies followed their peers in the US lower amid renewed fears Hillary Clinton could take a hard line on drug pricing if she is elected president.

The Democratic presidential nominee stepped up her calls for Mylan, the American company, to drop prices of its EpiPen allergy drug.

Her comments sent shares in US drugs companies lower in New York yesterday and UK competitors followed suit on the London Stock Exchange.

Hikma Pharmaceuticals was the biggest faller on the FTSE 100, down 3.8 per cent to £21.43, Shire declined 4.2 per cent to £48.15 and AstraZeneca fell 2 per cent to £49.79½p as investors took fright at political interference on pricing.

Jasper Lawler, market analyst at CMC Markets, the spread betting firm, said: “Her statements