New Head of FDA Sends Cigarette Stocks Tumbling For This Reason

02:01 03/16/2019

It's no surprise that shares of cigarette stocks including Altria MO , the Marlboro cigarette maker, were falling after it was announced that the National Cancer Institute Director would become the next head of the Food and Drug Administration.

The Trump Administration has appointed Ned Sharpless as acting head of the agency. Sharpless will replace commissioner Scott Gottlieb who intends to resign in April.

Health Secretary Alex Azar confirmed the news at a hearing during an appearance at Capitol Hill this week. Azar said, 'There will be no let-up in the agency’s focus, from ongoing efforts on drug approvals and combating the opioid crisis to modernizing food safety and addressing the rapid rise in youth use of e-cigarettes.'

Gottlieb tweeted that he was “delighted” by the administration’s decision to tap Sharpless as acting head of the agency.

“Ned is a friend to FDA, a great public health champion, a dedicated physician, and will be warmly welcomed into his new role. FDA will benefit greatly from his leadership,' he added.

Gottlieb said in an interview with The Washington Post about resigning, “It was a very hard decision.' He called it “the best job I will ever have and said, “I am leaving because I need to spend time with my family. I get home late Friday, work on weekends and come back to Washington on Sunday. I did the job 100%.”

“All of us at the Department of Health and Human Services [HHS] are proud of the remarkable work Commissioner Gottlieb has done at the FDA,” Health and Human Services Secretary Alex Azar commented in a statement. “He has been an exemplary public health leader, aggressive advocate for American patients, and passionate promoter of innovation. I will personally miss working with Scott on the important goals we share, and I know that is true for so many other members of the HHS family.

Sharpless has led the National Cancer Institute since October of 2017.

This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
Most Read