Australia's healthcare stocks drop as Trump plans executive order to cut prescription drug prices

Australia's healthcare stocks .AXHJ down 1.1%

The sub-index down as much as 1.5%, its lowest level since April 28

"The weakness in healthcare is associated with rumours of drug price equalisation in the U.S., where they often pay a higher price than other markets," said Tim Bingham, portfolio manager for Australian Equities Income Portfolio at DNR Capital

U.S. President Donald Trump said he would sign an executive order to cut prescription prices to the level paid by other high-income countries

Shares of Neuren Pharmaceuticals NEU.AX, Telix Pharmaceuticals TLX.AX and Clarity Pharmaceuticals CU6.AX down between 7.4% and 8.1%, among top laggards in the ASX 200 .AXJO benchmark index

Biotech giant CSL Ltd CSL.AX drops 1% after recovering from earlier losses of up to 3%

Drugmakers in India and Japan down on concerns of falling drug prices following President Trump's statement

Sub-index down 8.6% this year, as of last close