The Financial Post reports in its Saturday, Aug. 2, edition that European pharmaceutical stocks fell as a sell-off began after President Donald Trump intensified pressure on drugmakers to reduce prices. A Bloomberg dispatch to the Post reports that Mr. Trump sent letters to 17 major companies, including Eli Lilly, Novo Nordisk and Pfizer, demanding they lower prices for Medicaid and ensure future drugs remain competitively priced. Companies have 60 days to comply, or Trump warned he would take further action against high drug prices. Novo led European drugmakers lower on Friday. The pharmaceutical industry opposes globally linked drug prices, arguing it threatens U.S. dominance in biomedical research and may hinder the development of new therapies. Following Mr. Trump's latest demands, some companies expressed their readiness to collaborate with the administration on access and affordability, while the industry's largest trade group opposed the proposed changes. PHRMA spokesman Alex Schriver urged action against pharmacy benefit middlemen and foreign countries avoiding responsibility, highlighting concerns about losing ground to China, which Mr. Trump also worries about.