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Governments worldwide have also been focusing more on research and development in the pharmaceutical space. In the U.S. Democrats in Congress are contemplating a cut in prescription drug costs for older Americans as a part of President Biden’s Build Back Better social spending plan. Furthermore, according to a Linchpin report, the pharmaceutical industry is expected to increase to $1.50 trillion by 2023.
Therefore, we think it could be wise to add fundamentally sound pharmaceutical stocks Vertex Pharmaceuticals Incorporated (VRTX) and Takeda Pharmaceutical Company Limited (NYSE:TAK) to one’s portfolio now. These stocks have declined more than 20% in price year-to-date and are trading at significant discounts to their peers.
