The stock market has been suffering due to sky-high inflation, the Fed's rate hikes, and mounting recession fears. The CBOE Volatility Index is up 57% year-to-date. However, the pharma industry has performed relatively steadily due to the inelastic demand for its products.
Moreover, demand for pharma goods and services has increased significantly in the past few years. The pharmaceutical industry is expected to increase to $1.50 trillion by 2023.
