Health Care Stocks Tumble, Lead Overall Market Drop
Among the losses are drugmakers' stocks, after Democratic presidential hopeful Hillary Clinton proposed reining in drug prices. In the meantime, a unit of Johnson & Johnson accuses a company that finances hip surgeries of price gouging.
The Associated Press:
Late Slump In Healthcare Pushes Stocks To Weekly Loss
A late slump in health care stocks pushed the market to its third weekly loss this month. ... Shares of drug makers began their slide Monday when Democratic presidential front-runner Hillary Rodham Clinton pledged to stop "price gouging" in the industry. The healthcare sector, a longtime favorite of investors, ended Friday with its worst weekly performance in more than four years. Biotechnology shares in the S&P 500 plunged during the week, pushing the overall healthcare index down 5.8%, its worst week since August 2011. Vertex Pharmaceuticals, which focuses on developing drugs for cystic fibrosis and viral infections, was the biggest decliner in the index Friday, dropping $7.83, or 7%, to $103.20. (9/25)
Hip Implant Maker Claims Surgical Funder Inflated Patients’ Bills
A unit of Johnson & Johnson that makes artificial hips has accused a surgical funding company of seeking excessive profits from financing surgery for patients suing over the devices. The claim by DePuy Orthopaedics marks the first time that a device maker in the multibillion-dollar litigation over faulty hip replacements has publicly raised concerns about the controversial business of surgical funding, which has increasingly become a part of mass litigation over medical devices. (9/28)