With the Federal Reserve officials expected to keep the interest rates high through 2023, a recession looks highly likely. Pharmaceutical stocks could be solid investments during an economic downturn as demand for pharma companies remains unaffected regardless of economic conditions.
Biopharmaceutical major Bristol-Myers Squibb Company (BMY) is one such stock investors could consider buying for solid long-term returns. The company discovers, develops, licenses, manufactures, and markets biopharmaceutical products worldwide.
