Sam Boughedda

On Tuesday, shares of pharmaceutical stocks were weaker that the overall market due to concerns from investors about whether a cut-down Build Back Better bill (including drug price control) could be introduced.

Axios spoke to Senator Joe Manchin late last week about his plans for a climate, energy and deficit reduction package.

Manchin claimed previously that Build Back Better was ‘dead’, and that even a smaller version of the package looked doomed. Manchin recently stated that all was not lost.

Manchin seems to have his eyes fixed on any reconciliation bills that would reduce the deficit.

Axios stated that Manchin “desires to authorize Medicare to negotiate with drug companies about the cost of prescription drugs in order to save taxpayers billions.”

Pharmaceutical stocks fell Tuesday in the wake of this news. Although many have made some gains, the stock market is still in decline. Pfizer (NYSE) fell 1.45%; AstraZeneca(NASDAQ:) declined 1.14% and Bristol-Myers Squibb, (NYSE) dropped 1.35%.