Biopharma – generally expected to do better as certain areas such as drug development for COVID related treatments or vaccines will expand. On the other hand, segments such as generics may face increased pricing pressure due to government budgets being stretched.
Services – certain service businesses which will have to implement social distancing may see pent-up demand be spread over a few years thus lowering their cash flows. Other services relating to the North American and European supply chain for pharma manufacturing are expected to become stronger as western governments demand for a more meaningful segment of the activities to be maintained in their own regions.
MedTech – the impact on critical devices will remain but those for elective or aesthetic procedures may find their demand correlated to the capacity of service providers.