This summer European stocks of health care sector were some kind of safe heaven amid growing threat of trade war, as their growth was the highest among all sectors in the region, Bloomberg reports.

However, selloff of shares observed on Wednesday revealed other threats on behalf of US. Stoxx 600 Health Care Index gained 17% from low level in March. However, today it showed the biggest slump in six weeks after pessimistic earning reports from Novo Nordisk A/S, the largest producer of insulin in the world, and Danish H. Lundbeck A/S, producer of antidepressants. Lundbeck shares dropped 13%, Novo Nordisk stocks lost 4,8%.

Both companies faced price pressure in the US amid competition in the sector of patent-free drugs. In June and July price of such medicines fell 7-8 percent compared with last year. Consolidation of buyers, faster approval of competing drugs by the US regulators and deals between manufacturers increased pressure on European firms.

And this is not all. Pharmaceutical companies are now expecting when President Trump will implement his promise to reduce prices for prescription drugs.