The pharmaceutical industry tends to perform steadily amid economic downturns, as it enjoys inelastic demand for its products and services. So, amid the possibility of a recession later this year or early next year, quality pharma stocks Novo Nordisk A/S (NVO), Novartis AG (NVS), and Bristol-Myers Squibb Company (BMY) could be wise investments.
According to the U.S. pharmaceutical industry statistics, the nation will represent 43.7% of the worldwide pharma market in 2023. In addition, the United States is estimated to spend $605 to $635 billion on pharmaceuticals by 2025.
