Donald Trump's Nominee for HHS Secretary Causes a Tumble in Biotech Stocks

Donald Trump's next top pick for running the Department of Health and Human Services (HHS) is Eli Lilly & Co. (NYSE: LLY) executive Alex Azar, and that's drawing the ire of patient advocates who believe the decision is akin to letting the fox guard the henhouse. Azar's role as President of Eli Lilly's U.S. operations during a period of time that included significant price increases could return the drug-pricing debate to the headlines and reenergize interest in legislation that's unfriendly to the industry. As a result, biotech stocks suffered an industrywide sell-off on Tuesday.

Azar's nomination is the result of Trump's first Secretary of HHS, Tom Price, resigning amid a scandal over his use of private jets paid for by taxpayers.

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Source: Fool.com