This is exchanges at Goldman Sachs, where we discuss developments currently shaping markets, industries, and the global economy.

I'm Jake Stewart, global head of corporate communications here at the firm.

In the United States, health care is basically synonymous these days with uncertainty, especially

after the recent collapse of the Senate Republican effort to repeal and replace the Affordable

Care Act.

But even as health care reform remains in limbo at best, investors appear to be by and large giving the industry the benefit of the doubt.

So what gives? To find out what's top of mind for those in the know in health care. I'm joined by

Jamie Rubin and Bob Jones of Goldman Sachs research. Welcome to you both.

Thank you. Thank you. To be here. So Jamie, let's start with you. From an

investor perspective, there's been a lot of uncertainty about

the sector, what's happening in Washington. How's that affected the way in which investors are

looking at the market and opportunities in the sector?

Jake, that's a really interesting question.

Actually, despite so much uncertainty in the marketplace about health care reform,

corporate tax reform, which we'll talk about, health care has been the second best performing

group in the S&P this year,

and that's really for a couple reasons. Number one,

health care was the worst performing group last year,

after a very tough year in the market.

But secondly, investors start of the year, but secondly, investors started the year nervous about health care because of comments that the

Trump administration made early in the year about drug pricing and there was fear among

health care investors that the administration

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