Before supporting Trump, Kennedy made an unsuccessful bid for the presidency as a third-party candidate. The campaign emphasized calls for increased restrictions on food chemicals and dyes, removing ultra-processed foods from school meals, and forcing pharmaceutical companies to share more information about vaccines.

If his nomination is confirmed by the Senate and he is given the authority to fulfill his promises, it would mark a change in approach not just under Biden but from Trump’s first term, when the government poured money into helping companies develop Covid vaccines. While taking a hands-off approach to regulation.

But Trump has also alarmed the industry with his efforts to lower drug prices, including making it easier to import drugs from Canada.

Shares of Pfizer and Moderna were down more than 5% at the open on Friday, accelerating their decline after falling nearly 2% on Thursday.

In Europe, shares in Danish-listed Ozempic maker Novo Nordisk were on track to close down more than 4%, while shares in Paris of French flu vaccines leader Sanofi fell more than 3%.

In London, shares of GSK fell about 4% and AstraZeneca lost about 2.6%.

Asked to comment on the election, Steve Ubl, president of the trade association for US drugmakers, defended the industry, noting its success in fighting diseases such as polio and smallpox and its important role in the economy.

“We want to work with the Trump administration to further strengthen our innovation ecosystem and improve healthcare for patients,” he said in a statement without mentioning Kennedy’s name.

He urged policymakers to focus on addressing chronic diseases through prevention and reforming America’s complex healthcare system to make medications more affordable.