Pharma continues to be a sector of interest in light of the pandemic. Although the sector's performance has been somewhat muted, in part by the concerns around the 'most favoured nation' drug pricing approach for drugs covered by Medicare Part B, it still remains the high margin and mission-critical industry that it is. While typically an equity exposure in Pharma will be through a biopharma company that both develops and markets pharmaceuticals, we want to hone in on Royalty Pharma (RPRX), a high ROIC value proposition in the innovative drug space with exposure