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Shares of Asian pharmaceutical companies fell after US President Donald Trump said he planned to order a cut in US prescription drug costs to bring them in line with other countries.

Drugmakers were the worst-performing sector in Japan on Monday, dragging the benchmark Topix lower despite hopes of a US-China trade deal broadly boosting markets across Asia.

Chugai Pharmaceutical Co. plunged as much as 10%, the most since February 2024, with peers Daiichi Sankyo Co. sliding 7.8% to the day’s low and Takeda Pharmaceutical Co. losing over 5%.

Meanwhile in Hong Kong, BeiGene Ltd. tumbled as much 8.8% and Innovent Biologics Inc. dropped 6.4%. In South Korea, SK Biopharmaceuticals Co., Celltrion Inc. and Samsung Biologics Co. all fell over 3%. India’s Sun Pharmaceutical Industries Ltd. lost 7% at one point, with Lupin Ltd. and Aurobindo Pharma Ltd. falling around 3%.