The Healthcare Outlook: Macro Challenges and Biotech Innovations

Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 18 September 2025

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

While the healthcare sector has lagged behind the broader markets, there are pockets of innovation. Asad Haider, head of the US Healthcare Business Unit in Goldman Sachs Research, and Amit Sinha, head of Life Sciences Investing in Goldman Sachs Asset Management, discuss their outlook for the industry. This episode was recorded on September 8 and 15, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. Goldman Sachs does not endorse any candidate or any political party. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Equity markets are reaching new heights, but one sector has been lagging behind, health care.
0:11.0	So what's driving this underperformance, and how will upcoming innovations impact future investment opportunities and the sector's outlook?
0:18.8	I'm Allison Nathan, and this is Goldman Sachs exchanges.
0:24.9	In today's episode, I'll be speaking with Assad Hader, who leads the team covering the U.S.
0:30.0	healthcare sector for Goldman Sachs research. We'll explore the macroeconomic factors and the
0:35.0	specific headwinds and tailwinds affecting the industry.
0:38.5	Next we'll turn to Amit Sinha, head of life sciences investing in Goldman Sachs' asset management,
0:43.7	to discuss how investors are navigating the emerging innovations and risks in this sector.
0:48.9	Asad, welcome to exchanges.
0:50.6	Thank you for having me.
0:51.8	So let's start with the big picture.
0:53.9	I'm just looking at my screen.
0:55.0	The S&P 500 is at record high levels, but healthcare has not had that performance.
1:01.0	In fact, it's substantially underperformed.
1:04.0	And if I have my facts right, the healthcare sector's weight in the index has dropped to its lowest point in decades. So let's just start
1:12.9	there. What is behind this significant underperformance? You're right. Healthcare has really struggled
1:17.5	this year and it's actually struggled for the last few years. It's actually a fifth straight year
1:22.3	of health care underperformance and you had this period of outperformance during the COVID years
1:26.7	after which the healthcare sector has rolled over and been struggling since.
1:30.6	And your observation on the market cap waiting is the right one.
1:34.5	It's healthcare right now commands about 9% of the S&Ps weight, which is the lowest in about 30 years.
1:40.6	So what's going on?
	...

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