FT News Briefing Kennedy injects uncertainty into big pharma
5 snips
Nov 26, 2024 Robert F. Kennedy Jr.'s nomination for health secretary raises eyebrows in the pharmaceutical industry, especially regarding his vaccine skepticism. Meanwhile, UniCredit's €10 billion bid for Banco BPM signals significant moves in the European banking sector. The EU is pushing for Chinese companies to share tech in exchange for subsidies, directly impacting competition in electric vehicles. There's also a rising influence of TikTok in Romanian politics, showcasing unexpected alliances in the electoral landscape.
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Potential Shift in Health Spending
- RFK Jr.'s potential role could shift spending from prescription drugs towards chronic diseases.
- This could impact the FDA, CDC, and Medicare budgets.
Biotech Market Uncertainty
- Robert F. Kennedy Jr.'s potential appointment as health secretary is causing uncertainty in the biotech market.
- His skepticism towards vaccines and different views on government funding for medical research are causing concern.
Market Reaction to RFK Jr.
- The XBI index, tracking small biotech companies, dropped around 10% after RFK Jr.'s nomination.
- However, it has slightly recovered due to more industry-friendly appointments.