Pharma and healthcare groups
185 companies assessed. 27 of them, 14.6%, sit in the two least protected bands, against 53.3% across all 10,525 companies assessed.
The picture
That is not because AI is leaving this industry alone, it is because the forces actually squeezing these companies right now are older and more mechanical: government price controls, patent cliffs, and biosimilar copies, not chatbots or algorithms. Distribution giants like McKesson, Cencora, Sonic Healthcare, HCA and Roche hold huge scale, patents, or physical hospital networks that are hard to replace, so they keep strong footing. The companies losing ground are mostly single-drug or single-franchise stories: Ono losing Opdivo share to Keytruda, Sumitomo Pharma about to face generic competition once its US exclusivity lapsed, Mitsubishi Tanabe handing its ALS drug over to Shionogi. Chinese players face a specific and repeating squeeze, Beijing's VBP procurement rounds cut prices across the board regardless of how good a company's drugs are, hitting Sinopharm, CSPC and Sino Biopharma alike. The one thing that decides survival here is whether a company depends on one drug or one contract, or whether it owns a wide distribution network, a hospital footprint, or a deep patent-protected pipeline that price cuts and copycats can't easily touch.
All 185 companies, most protected first
| Company | Standing |
|---|---|
| Abbott Laboratories Abbott makes medical devices, diagnostics, nutrition products, and generic drugs worldwide | Hard to displace |
| AbbVie AbbVie is a US pharma giant selling immunology drugs like Skyrizi and Rinvoq. | Hard to displace |
| Ajanta Pharma Indian branded-generics maker exporting formulations to Africa, Asia, and the US | Hard to displace |
| Alnylam Pharmaceuticals Biotech that sells FDA-approved RNAi drugs silencing disease-causing genes | Hard to displace |
| Amgen Amgen makes biologic drugs for bone disease, cancer, and inflammation worldwide. | Hard to displace |
| Apollo Hospitals Enterprise India's largest private hospital chain, with pharmacies and a digital health arm. | Hard to displace |
| AstraZeneca UK based pharma giant selling patented cancer, heart, and lung drugs worldwide | Hard to displace |
| Bangkok Dusit Medical Services Thailand's largest private hospital network, ~59 hospitals and 9,000 beds | Hard to displace |
| Boehringer Ingelheim Private German pharma giant selling human medicines and animal health products worldwide | Hard to displace |
| BrightSpring Health Services Home health, hospice, and pharmacy services operator serving 465,000+ patients daily across the US | Hard to displace |
| Bumrungrad Hospital Thai hospital chain treating 1.1M patients yearly, a top medical tourism destination in Asia | Hard to displace |
| Cardinal Health Drug and medical supply wholesaler delivering to most US hospitals and pharmacies | Hard to displace |
| Cencora Cencora moves prescription drugs from manufacturers to pharmacies and hospitals across the US. | Hard to displace |
| China Resources Pharmaceutical Group State-backed giant distributing and manufacturing drugs across China's hospital and pharmacy system | Hard to displace |
| China Resources Sanjiu Medical & Pharmaceutical State-linked Chinese maker of OTC and TCM drugs under China Resources Pharma group | Hard to displace |
| Chugai Pharmaceutical Japanese pharma major making antibody drugs, majority owned by Roche but run independently | Hard to displace |
| Cigna Cigna is a US health insurer running Evernorth, one of three giant PBMs. | Hard to displace |
| Cigna Group Health insurer and PBM giant, parent of Cigna Healthcare and Evernorth/Express Scripts | Hard to displace |
| Daewoong Pharmaceutical Korean pharma maker of Nabota botulinum toxin, Fexuclue GERD drug, and Envlo diabetes pill | Hard to displace |
| Danaher Makes diagnostic instruments, lab tools, and bioprocessing equipment used across hospitals and biopharma manufacturing | Hard to displace |
| DaVita DaVita runs outpatient dialysis clinics across the US, treating kidney failure patients daily | Hard to displace |
| Dr Lal PathLabs India's top diagnostic chain, ~52% share of organized pathology testing | Hard to displace |
| Fisher & Paykel Healthcare New Zealand maker of hospital humidifiers, CPAP masks, and nasal high-flow breathing devices | Hard to displace |
| Fosun Pharma Chinese drugmaker making generics, biosimilars, and licensed-out innovative drugs like GLP-1s | Hard to displace |
| Fujifilm Holdings Japanese conglomerate spanning medical imaging, bio-drug manufacturing, film, and semiconductor materials | Hard to displace |
| GE HealthCare Technologies Maker of medical imaging scanners, ultrasound, and diagnostics hardware plus software for hospitals worldwide | Hard to displace |
| Gilead Sciences Gilead makes HIV, liver, and cancer drugs, led by Biktarvy and new PrEP shot Yeztugo | Hard to displace |
| Gland Pharma Indian maker of sterile injectable generics and contract manufacturing, majority owned by China's Fosun | Hard to displace |
| GSK plc UK based pharma giant selling vaccines and specialty medicines including HIV drugs worldwide | Hard to displace |
| Guangzhou Pharmaceutical Holdings State-linked Chinese conglomerate blending TCM heritage brands with pharma distribution | Hard to displace |
| Hansoh Pharmaceutical Chinese maker of approved cancer, obesity and immune drugs sold at home and abroad | Hard to displace |
| Hau Giang Pharmaceutical (DHG Pharma) Vietnam's biggest domestic generic drug maker, licensed factories and nationwide distribution | Hard to displace |
| Haw Par Corporation Maker of Tiger Balm ointments plus a holding company sitting on big UOB and UOL stakes | Hard to displace |
| HCA Healthcare HCA runs 190 hospitals and 50,000+ beds across 19 US states, the largest US hospital operator | Hard to displace |
| Henry Schein Henry Schein distributes dental and medical supplies and runs Dentrix, the practice software most dentists use | Hard to displace |
| HK inno.N Korean pharma maker of K-CAB, a top-selling heartburn drug, expanding globally. | Hard to displace |
| IHH Healthcare Berhad IHH runs 89 private hospitals across Asia, Turkey, and beyond under Gleneagles, Pantai, and Fortis brands | Hard to displace |
| Innovent Biologics Chinese biopharma making cancer and immune-disease biologics, sold at home and licensed abroad | Hard to displace |
| Insmed Incorporated Biopharma selling rare-disease drugs, including new bronchiectasis treatment BRINSUPRI and lung-infection drug ARIKAYCE | Hard to displace |
| Intuitive Surgical Maker of da Vinci surgical robots, the dominant system for robot assisted surgery worldwide | Hard to displace |
| Johnson & Johnson Maker of prescription drugs and medical devices sold to hospitals and physicians worldwide | Hard to displace |
| Kaiser Permanente Nonprofit health system owning both insurance and care delivery for 13.1M members | Hard to displace |
| KPJ Healthcare Malaysian private hospital network with 28-30 specialist hospitals under JCorp control | Hard to displace |
| Kyowa Kirin Japanese biopharma making rare disease and cancer drugs, led by CRYSVITA | Hard to displace |
| Labcorp Holdings Labcorp runs clinical diagnostic labs and patient-service centers across the US | Hard to displace |
| Manipal Hospitals Private Indian hospital network, 49 hospitals, 13,037 beds across 14 states | Hard to displace |
| Mankind Pharma India's 4th-largest pharma company, selling generics and OTC health brands nationwide | Hard to displace |
| McKesson Drug wholesaler moving roughly a third of North America's prescription medicines | Hard to displace |
| Mitra Keluarga Karyasehat Indonesian hospital chain running 31-33 private hospitals and 4,160+ beds | Hard to displace |
| Nanosonics Makes trophon, the machine hospitals use to disinfect ultrasound probes between patients | Hard to displace |
| Neurocrine Biosciences Biopharma selling INGREZZA for tardive dyskinesia, now expanding into rare disease and endocrinology | Hard to displace |
| Novartis Swiss pharma giant selling patented medicines like Entresto, Kesimpta, and Pluvicto worldwide | Hard to displace |
| Otsuka Pharmaceutical Japanese pharma maker of psychiatric drugs like Abilify and IV fluids, plus nutraceuticals | Hard to displace |
| Pfizer Pfizer makes and sells FDA approved drugs and vaccines across major disease areas worldwide. | Hard to displace |
| Quest Diagnostics Largest US clinical lab testing company, running blood and diagnostic tests for doctors and patients nationwide | Hard to displace |
| Ramsay Health Care Australia's largest private hospital operator, also running hospitals in the UK and France | Hard to displace |
| Roche Holding Swiss giant selling patented drugs (oncology, immunology) and diagnostic instruments worldwide | Hard to displace |
| Sanofi French pharma giant built around Dupixent, its blockbuster immunology drug | Hard to displace |
| Santen Pharmaceutical Japanese drugmaker, #1 in glaucoma treatments in Japan, sells eye drugs in 50+ countries | Hard to displace |
| Shionogi & Co. 147-year-old Japanese pharma making antiviral and antibiotic drugs, five years of record profit | Hard to displace |
| Sigma Healthcare Australian pharmacy wholesaler and retailer, merged with Chemist Warehouse in 2025 | Hard to displace |
| Siloam Hospitals Group Indonesia's largest private hospital chain, 41 hospitals across 23 provinces | Hard to displace |
| Sonic Healthcare Global lab testing giant running pathology and diagnostics across eight countries | Hard to displace |
| Stryker Maker of surgical robots, implants, and hospital equipment, led by the Mako platform in orthopedics. | Hard to displace |
| Taisho Pharmaceutical Japan's top over the counter drugmaker, maker of Lipovitan D and Pabron | Hard to displace |
| Takeda Pharmaceutical Company Japanese pharma giant selling patent-protected drugs and plasma-derived therapies worldwide | Hard to displace |
| Tenet Healthcare Runs hospitals and surgery centers (USPI) across the US, plus a billing arm (Conifer) | Hard to displace |
| Thermo Fisher Scientific Global maker of lab instruments, reagents, and clinical trial support services | Hard to displace |
| Torrent Pharmaceuticals Indian branded-generics maker, cardiovascular and CNS focus, now near India's top 5 pharma by share | Hard to displace |
| TTY Biopharm Taiwan specialty pharma making oncology drugs like Lipo-Dox and generics | Hard to displace |
| UCB Belgian drugmaker selling BIMZELX and other treatments for immune and neuro diseases | Hard to displace |
| Unilab (United Laboratories) Philippines' top drugmaker, selling OTC staples like Biogesic and Neozep nationwide. | Hard to displace |
| Vertex Pharmaceuticals Vertex makes the only approved drugs that treat the underlying cause of cystic fibrosis | Hard to displace |
| Yunnan Baiyao Group Chinese state-linked maker of the Yunnan Baiyao hemostatic formula, toothpaste, and other TCM pharma products | Hard to displace |
| Zimmer Biomet Holdings Makes hip and knee implants and robotic surgery systems like ROSA for joint replacement | Hard to displace |
| 3SBio Chinese biologics maker selling thrombocytopenia and anemia drugs, chasing PD-1/VEGF cancer drugs next | Defensible for now |
| Akeso Chinese biotech making bispecific antibody cancer drugs, led by ivonescimab and cadonilimab | Defensible for now |
| Ansell Limited Ansell makes surgical, industrial, and cleanroom gloves and PPE sold worldwide under regulatory clearances | Defensible for now |
| Astellas Pharma Japanese pharma giant behind prostate cancer drug Xtandi and a growing oncology lineup | Defensible for now |
| Bayer AG German conglomerate selling prescription drugs, crop chemicals, and seeds worldwide | Defensible for now |
| Becton Dickinson Maker of syringes, IV pumps, and hospital dispensing systems used in most US hospitals | Defensible for now |
| BeiGene Oncology drugmaker behind BRUKINSA, a leukemia drug driving most of its sales. | Defensible for now |
| Biocon Indian biopharma making biosimilar drugs and insulins for over 120 countries | Defensible for now |
| BioMarin Pharmaceutical BioMarin makes enzyme and gene therapies for rare genetic diseases worldwide | Defensible for now |
| Blueprint Medicines Maker of AYVAKIT, a KIT-inhibitor pill for systemic mastocytosis, now owned by Sanofi | Defensible for now |
| Boryung Pharmaceutical South Korean drugmaker known for hypertension drug Kanarb, branching into space medicine | Defensible for now |
| Boston Scientific Medtech giant making cardiac, electrophysiology, and surgical devices. | Defensible for now |
| Celltrion South Korean maker of biosimilar copies of biologic drugs like Remicade and Humira | Defensible for now |
| Chong Kun Dang South Korean pharma maker selling generics, licensed drugs, and now Wegovy in Korea | Defensible for now |
| Cipla Indian generic drugmaker, strong in respiratory inhalers and complex generics | Defensible for now |
| CSL Limited Australian biotech turning donated blood plasma into therapies, plus Seqirus flu vaccines | Defensible for now |
| CVS Health Pharmacy, insurance, and drug benefits giant with 9,000 stores and 88M PBM members | Defensible for now |
| Daiichi Sankyo Japanese pharma company behind Enhertu, a leading antibody-drug conjugate for cancer | Defensible for now |
| Dong-A ST South Korean maker of prescription drugs, biosimilars, and Growtropin growth hormone | Defensible for now |
| Dr. Reddy's Laboratories Indian generic drugmaker copying off-patent medicines like lenalidomide and semaglutide for US and global markets | Defensible for now |
| Eisai Japanese pharma co-developing Leqembi, an approved Alzheimer's drug, with Biogen | Defensible for now |
| Eli Lilly Eli Lilly is a pharma giant whose obesity drug tirzepatide now drives most of its revenue | Defensible for now |
| Exelixis Oncology biopharma selling cabozantinib (CABOMETYX), the top-prescribed kidney cancer pill | Defensible for now |
| Glenmark Pharmaceuticals Indian generics and specialty pharma pivoting toward innovative biologics via licensing deals | Defensible for now |
| Global Health Ltd (Medanta) Medanta runs a profitable Indian tertiary hospital chain with 3,633 beds across six cities | Defensible for now |
| Granules India Indian generic drugmaker making APIs and finished formulations, mostly for the US market | Defensible for now |
| Green Cross Corporation South Korean maker of plasma-derived immunoglobulins and vaccines, selling at home and now in the US | Defensible for now |
| Grifols Spanish maker of plasma-derived medicines like immunoglobulins and albumin | Defensible for now |
| Hanmi Pharmaceutical Korean pharma maker of long-acting peptide drugs, generics, and an obesity drug in development | Defensible for now |
| HealthCare Global Enterprises Indian pure-play cancer hospital chain, 30+ centers, 2,500+ beds, 19 cities plus Nairobi | Defensible for now |
| Huadong Medicine Zhejiang drugmaker selling generics, ADCs, GLP-1 drugs and aesthetics in China | Defensible for now |
| Ipca Laboratories 77-year-old Indian generics and API maker exporting to 100+ countries | Defensible for now |
| Ipsen French specialty pharma selling Somatuline, Onivyde, Dysport, and rare disease drugs | Defensible for now |
| J.B. Chemicals & Pharmaceuticals Indian branded generics maker now fully merged into Torrent Pharmaceuticals | Defensible for now |
| Jazz Pharmaceuticals Specialty pharma selling sleep, epilepsy, and oncology drugs under patent and FDA protection | Defensible for now |
| Jiangsu Hengrui Pharmaceuticals China's largest listed drugmaker, oncology-heavy, licensing pipeline drugs to Western pharma majors | Defensible for now |
| Joincare Pharmaceutical Group Shenzhen-based maker of generic drugs, APIs, and OTC medicines, listed since 1993 | Defensible for now |
| JW Pharmaceutical South Korean pharma maker known for hospital IV fluids and infusion products | Defensible for now |
| Kelun Pharmaceutical Chinese pharma group selling hospital drugs, with an oncology antibody-drug-conjugate arm tied to Merck | Defensible for now |
| Kissei Pharmaceutical Japanese specialty pharma in urology, dialysis, and women's health for 80 years | Defensible for now |
| Laurus Labs Indian API and CDMO manufacturer, the world's top third-party ARV supplier | Defensible for now |
| Livzon Pharmaceutical Group 40-year-old Chinese pharma maker selling generics, biologics, and diagnostics via hospital tenders | Defensible for now |
| Medline Medline makes and distributes medical supplies to hospitals and clinics worldwide | Defensible for now |
| Merck Merck is a $65B global pharma giant built on Keytruda, vaccines, and a broad prescription drug pipeline. | Defensible for now |
| Narayana Health Indian hospital chain running low-cost cardiac and multi-specialty care across India, Cayman, and now UK | Defensible for now |
| Nihon Kohden Japanese maker of patient monitors and diagnostic devices for hospitals worldwide | Defensible for now |
| Nippon Shinyaku Japanese pharma making rare-disease drugs, especially for Duchenne muscular dystrophy and pulmonary hypertension | Defensible for now |
| Pharmaniaga Malaysian drugmaker and distributor holding the government's hospital-supply concession | Defensible for now |
| Piramal Pharma Indian CDMO plus hospital generics and consumer health company with $1B+ revenue and 17 GMP plants | Defensible for now |
| Regeneron Pharmaceuticals Biopharma giant behind Eylea, Dupixent, and Libtayo, with a genomics-driven drug pipeline | Defensible for now |
| RemeGen Chinese biotech selling telitacicept and disitamab vedotin, now profitable | Defensible for now |
| Shanghai Pharmaceuticals Holding State-backed Chinese pharma distributor, manufacturer, and retailer with RMB 284bn in FY2025 revenue | Defensible for now |
| Sino Biopharmaceutical Chinese pharma giant selling oncology and other drugs through hospitals across China | Defensible for now |
| Sinopharm Group State-linked giant distributing pharmaceuticals and medical supplies across China | Defensible for now |
| SK Biopharmaceuticals Korean biopharma selling Xcopri, an FDA-approved epilepsy drug, mostly in the US market | Defensible for now |
| Standard Chem & Pharm 59-year-old Taiwanese generics maker and CDMO supplier to pharma sponsors | Defensible for now |
| Sun Pharmaceutical Industries India's largest pharma company, selling generics and specialty drugs worldwide | Defensible for now |
| Syngene International Indian contract research and manufacturing org serving global pharma discovery to manufacturing | Defensible for now |
| Teva Pharmaceutical Industries Israeli maker of generic drugs and specialty medicines like AUSTEDO, AJOVY, and UZEDY | Defensible for now |
| Universal Health Services Runs hospitals and psychiatric facilities across the US, UK, and Puerto Rico. | Defensible for now |
| Yuhan Corporation Korea's oldest major pharma firm, now living off royalties from a lung cancer drug licensed to J&J | Defensible for now |
| Zoetis Zoetis makes drugs and vaccines for pets and livestock, sold through vets worldwide | Defensible for now |
| Zydus Lifesciences Indian generics and pharma major, formerly Cadila Healthcare, ~$2.4B revenue | Defensible for now |
| Aier Eye Hospital Group Aier runs China's largest ophthalmology hospital chain: 391 hospitals, 272 clinics. | Protection under test |
| Alembic Pharmaceuticals 119-year-old Indian generic drugmaker pivoting into US branded products | Protection under test |
| Apellis Pharmaceuticals Biopharma making SYFOVRE and EMPAVELI, complement inhibitor drugs for eye and kidney disease, now owned by Biogen | Protection under test |
| Aurobindo Pharma Indian generics maker producing APIs and finished drugs for US, EU, and global markets | Protection under test |
| Baxter International Baxter makes IV fluids, infusion pumps, and hospital-critical medical hardware worldwide. | Protection under test |
| Biogen Biogen makes patent-protected biologic drugs for MS, Alzheimer's, and rare diseases. | Protection under test |
| Bristol-Myers Squibb Global pharma giant selling cancer, blood-thinner, and immunology drugs, now leaning on newer launches to replace fading blockbusters | Protection under test |
| China Meheco Group State-owned Chinese pharma distributor and manufacturer trading drugs and raw materials nationwide | Protection under test |
| CSPC Pharmaceutical Group Chinese drugmaker selling generics and branded medicines into hospitals, now licensing AI-discovered drugs to AstraZeneca | Protection under test |
| Gan & Lee Pharmaceuticals Chinese insulin maker pushing into GLP-1 weight-loss drugs at home and abroad | Protection under test |
| Ionis Pharmaceuticals Ionis makes RNA-targeting drugs (antisense) for rare and cardiometabolic disease | Protection under test |
| KIMS Hospitals Hyderabad-based hospital chain running 26+ multi-specialty hospitals across South and West India | Protection under test |
| Lupin Limited Lupin makes generic and specialty drugs, especially in the US and India, ranked #3 in US generics by prescriptions | Protection under test |
| Luye Pharma Group Chinese pharma making long-acting CNS, oncology, and cardiovascular drugs via microsphere and liposome tech. | Protection under test |
| Natco Pharma Indian maker of generic and oncology drugs, known for hard-to-copy exclusivity wins like Revlimid | Protection under test |
| Novo Nordisk Danish maker of Ozempic and Wegovy, leading GLP-1 diabetes and obesity drugs | Protection under test |
| Solventum Healthcare conglomerate making wound care, dental products, and hospital coding software | Protection under test |
| Tasly Pharmaceutical Group Tianjin maker of Danshen Dropping Pills, now controlled by China Resources Pharmaceutical | Protection under test |
| Wockhardt Indian pharma maker of generics, hospital drugs, and novel antibiotic Zaynich | Protection under test |
| Yangzijiang Pharmaceutical Group Chinese generics and TCM drugmaker, Singapore-listed, built on volume manufacturing not innovation | Protection under test |
| Accendra Health Distributor of home medical equipment and supplies, renamed from Owens & Minor | Losing its protection |
| Beam Therapeutics Biotech using base editing to build one-time gene therapies, led by risto-cel for sickle cell disease | Losing its protection |
| BioNTech German biotech that co-developed the mRNA COVID vaccine, now pivoting to cancer drugs | Losing its protection |
| Community Health Systems Runs 64 hospitals across 13 states, one of the largest for-profit hospital chains in the US | Losing its protection |
| CRISPR Therapeutics Swiss biotech that makes CRISPR gene-editing therapies, co-owns the first FDA-approved one, CASGEVY | Losing its protection |
| Denali Therapeutics Clinical-stage biotech using a blood-brain-barrier-crossing platform to treat neurodegenerative and rare genetic brain diseases | Losing its protection |
| Healius Limited Runs Australia's second largest pathology and medical centres network, behind Sonic Healthcare | Losing its protection |
| Incyte Corporation Biopharma maker of Jakafi and Opzelura, focused on blood cancers and inflammatory skin disease | Losing its protection |
| Intellia Therapeutics Biotech using CRISPR gene editing to build one-time cures, starting with hereditary angioedema | Losing its protection |
| Junshi Biosciences Chinese biopharma selling toripalimab, a PD-1 cancer drug, in China and the US as LOQTORZI | Losing its protection |
| Kimia Farma State-owned Indonesian drugmaker, distributor and pharmacy chain (Kimia Farma) | Losing its protection |
| Mayne Pharma Australian specialty pharma making women's health and dermatology prescription drugs | Losing its protection |
| Mitsubishi Tanabe Pharma Japanese ALS and immunology drugmaker now owned by Bain Capital, selling off its flagship product | Losing its protection |
| Moderna Moderna makes mRNA vaccines and therapeutics using lipid nanoparticle delivery tech | Losing its protection |
| Ono Pharmaceutical Japanese pharma known for Opdivo (with BMS) and oncology/immunology drugs | Losing its protection |
| PharmaEssentia Taiwanese biopharma selling BESREMi, an interferon injection for a rare blood cancer | Losing its protection |
| Phoenix Healthcare Group China Resources Medical runs private hospitals and clinics across China under state backing | Losing its protection |
| Sarepta Therapeutics Gene therapy maker selling ELEVIDYS and PMO drugs for Duchenne muscular dystrophy | Losing its protection |
| Sinovac Biotech Chinese vaccine maker selling to governments, tangled in years of ownership fights | Losing its protection |
| Strides Pharma Science Indian generic drug maker selling affordable medicines across the US, Europe, and Africa | Losing its protection |
| Sumitomo Pharma Japanese pharma selling CNS and oncology drugs, mostly through its US arm | Losing its protection |
| Thyrocare Technologies Thyrocare runs centralized labs and 11,000+ franchises for blood tests and preventive health checks in India | Losing its protection |
| Ultragenyx Pharmaceutical Rare-disease biopharma selling Crysvita, Dojolvi, Evkeeza and Mepsevii with new drugs pending FDA review | Losing its protection |
| Viatris Viatris makes generic and off-patent branded drugs, spun off from Pfizer's Upjohn and Mylan in 2020 | Losing its protection |
| Zai Lab China-based biopharma commercializing ZEJULA and VYVGART, betting growth on pipeline drug zocilurtatug | Losing its protection |
| Zhejiang Huahai Pharmaceutical Chinese maker of generic drug ingredients and pills, including valsartan | Losing its protection |
| Kangmei Pharmaceutical Chinese TCM maker rebuilding after a massive accounting fraud, now run by its own rival | Little protection left |
Questions people ask
- Which hospital chains are the safest bets in healthcare?
- HCA Healthcare, Ramsay Health Care, Sonic Healthcare and Bangkok Dusit Medical Services all sit in the strongest group with pressure scores at 2 to 3 and moat scores of 8 or higher, thanks to large hospital and lab networks that are costly to duplicate.
- Why are Chinese pharma companies under so much pressure?
- It is mostly government policy, not competitors. Beijing's VBP procurement program forces steep price cuts on generics and reimbursed drugs, hitting Sinopharm, CSPC, CR Pharmaceutical and Sino Biopharma even when they aren't losing patients to rivals.
- Is Ono Pharmaceutical losing to Keytruda?
- Yes. Merck's Keytruda has overtaken Ono's Opdivo in the Japanese market, and Ono's domestic Opdivo sales are down about 5% as oncologists shift their prescribing.
- What happens to Sumitomo Pharma now that its drug patents expired?
- Its two key US drugs, ORGOVYX and GEMTESA, lost exclusivity in December 2025, opening the door for generic makers like Teva and Sandoz to start eating into that revenue.
- Are PBMs like CVS Caremark losing ground to Amazon and Cigna?
- CVS is facing pressure on two fronts, Cigna's Express Scripts has passed Caremark in PBM claims share, and Amazon Pharmacy is pulling consumer pharmacy traffic away from CVS retail locations.
- Which biosimilar makers face the most competition?
- Celltrion and Biocon both compete in a crowded field, Samsung Bioepis, Sandoz and Amgen sell biosimilars of the same molecules, and Viatris is set to re-enter markets in late 2025 and November 2026 as its non-compete restrictions lapse.
What to watch
- Another round of China's VBP procurement pricing results gets published
- US FDA approval of a generic ORGOVYX or GEMTESA
- Quarterly Opdivo vs Keytruda prescription share data out of Japan
Head to head in this sector
Fosun Pharma vs Jiangsu Hengrui PharmaceuticalsDaewoong Pharmaceutical vs Hanmi PharmaceuticalHanmi Pharmaceutical vs Yuhan CorporationAlnylam Pharmaceuticals vs Ionis PharmaceuticalsIonis Pharmaceuticals vs Sarepta TherapeuticsCardinal Health vs McKessonCencora vs McKessonChina Resources Pharmaceutical Group vs Sinopharm Group
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