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GlaxoSmithKline and AstraZeneca among drug stocks buoyed by Trump’s healthcare plans

03:41 EDT 23 Jun 2017 | Proactive Investors

Shares in UK drugs giants GlaxoSmithKline plc (LON:GSK), AstraZeneca PLC (LON:AZN) and Shire Plc (LON:SHP) made large gains on Thursday following the release of the Senate Republicans’ healthcare plan. The bill aims to repeal and replace Obamacare, with deep cuts to Medicaid funding and the re-shaping of subsidies to low-income people for private insurance. Analysts suggested that the new bill – which is set to be put to a vote before the 4 July break – could be more beneficial to big pharma than originally expected. Healthcare stocks were also one of the best performers earlier this week on high hopes for eased regulations in the industry. The Trump administration is reportedly drafting an executive order that would ease regulatory burdens on drugmakers in order to try and drive down drug prices. Like their UK counterparts, US pharma companies have also zipped higher this week. The S&P healthcare index rose another 1% yesterday, hitting a record close for the fifth day in a row. Analysts have also suggested that the uptick in the sector could also be down to investors moving away from technology stocks and looking to invest elsewhere. AstraZeneca gained 2% on Thursday to £55.08, GSK finished 2.3% higher at £17.22, while Shire added 3.7% to £46.26.

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