It is a great time to be investing in healthcare stocks. Sentiment is not overly positive and Medicare For All remains an overhang (it will not be implemented within the next ten years), yet I maintain that the outlook for continued growth, driven by the prevalence of chronic disease and demographics (some overlap there, but not much), consolidation and margin expansion has never been more apparent. The pharmaceutical industry remains highly fragmented, with the largest companies only having an 8-10% worldwide share of revenues. Furthermore, they are likely to rationalize SG&A spending as they focus