Drug maker stocks drop as pressure mounts on PhRMA over Kennedy nomination

Stocks of major drug makers fell sharply after Donald Trump nominated Robert F. Kennedy Jr. as Secretary of Health and Human Services. The Pharmaceutical Research and Manufacturers of America (PhRMA) hinted at lobbying efforts but did not mention Kennedy directly. Kennedy's confirmation faces challenges in the Senate, where he may struggle to gain support, especially from Democrats. Several Republican senators with medical backgrounds could also oppose him due to his controversial views on vaccines. PhRMA emphasized the pharmaceutical industry's economic importance in a recent statement. Meanwhile, opposition from anti-abortion activists is growing, which could influence the political landscape surrounding Kennedy's nomination.