Increasing investments in research and development (R&D) in the drug development process to better treat chronic diseases and technological advancements should drive the biotech industry’s growth in the coming years. Furthermore, increasing healthcare spending worldwide makes the industry’s prospects bright.
In addition, the demand for treatments for chronic diseases in an aging population could also bolster the demand for biotech products. The global biotechnology market is anticipated to reach more than $795.7 billion by 2026. Given the impressive growth attributes, we think it could be wise to bet on Vertex Pharmaceuticals Incorporated (VRTX). The industry’s defensive nature should help the stock perform well amid the current uncertainties surrounding the stock market and economy.
