Time Magazine has named US President-elect Donald Trump Person of the Year, citing the upheaval in American politics brought about by the election campaign and victory of the New York businessman.

‘It’s hard to measure the scale of his disruption,’ Time said in its announcement on Wednesday, noting Trump’s eclectic career as real estate magnate and reality television star before winning the highest office in the land.

‘For those who believe this is all for the better, Trump’s victory represents a long-overdue rebuke to an entrenched and arrogant governing class,’ it said.

The magazine said its short list included Trump’s rival in the 2016 presidential race, Democrat Hillary Clinton, as well as Turkish leader Tayyip Erdogan and singer Beyoncé.

US pharmaceutical and biotechnology stocks came under pressure after Trump said in the Time cover article he will ‘bring down drug prices’ and that ‘I don’t like what has happened with drug prices’.

Investors initially hailed Trump’s victory as a boon for drug and biotech stocks, with the Nasdaq Biotech Index up as much as 12 per cent in the two days after the November 8 election.

Investors were relieved that Trump’s rival, Democrat Hillary Clinton, who had been critical of rising drug prices during the campaign, had not won the White House.

The NYSE Arca Pharmaceutical index of US and European drug-makers fell two per cent to a three-year low.

In an interview with NBC’s Today show shortly after the announcement, Trump said: ‘It’s a great honour, it means a lot.’

During the interview Trump also said companies should welcome his actions because they will prosper under his administration, one day after Boeing Co’s shares took a hit when he used Twitter to criticise one of its high-profile projects.

Trump said he spoke with the head of Boeing on Tuesday about the cost of its work regarding new presidential planes, and ‘we’re going to work it out’.

He added: ‘That’s what I’m here for. I’m going to negotiate prices.’

Trump added that markets should welcome his actions.

‘I don’t know...how people are unnerved. It’s just the opposite. Frankly, I think we’re going to go up.’