Despite macro headwinds, the healthcare industry continues to witness stable growth, thanks to its relatively inelastic demand. Moreover, an aging population and increasing prevalence of chronic diseases are expected to boost the healthcare industry.
In addition, President Biden signed the Consolidated Appropriations Act of 2023 a few days before the new year. The omnibus measure will provide $120.70 billion to the U.S. Department of Health and Human Services (HHS). Also, the National Institutes of Health (NIH) will be funded with $47.50 billion to increase investments in Alzheimer’s disease, cancer, and health disparities research.
