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March 2022 / VIDEO

Inflation, Innovation, and Our Outlook for Health Care Stocks

Our longer-term outlook for the health care sector is positive, but we expect markets to remain volatile in the near term.  

Key Insights

  • Our longer-term outlook for the health care sector remains positive, but we expect equity markets to remain volatile in the near term.   
  • Aging populations, increasing demand for clinical procedures, and advancements in research tools and increasing investment capital are driving innovation.   
  • Higher inflation could pressure margins, while higher interest rates could dampen merger and acquisition activity, leading to periods of short-term weakness in certain areas of health care.  


Our longer-term outlook for the health care sector remains positive.

However, we expect equity markets to remain volatile in the near term.

Aging populations, increasing demand for clinical procedures, and accelerating innovation are leading to the development of game-changing therapies and medical devices.

Advancements in research tools, increasing investment capital, and a maturing contract research and development field are also helping drive drug innovation.

The U.S. Food and Drug Administration’s Center for Drug Evaluation and Research granted 50 new drug approvals in 2021.

Innovative emerging modalities such as gene and cell therapies, precision tissue delivery, and targeted protein degradation have shown great promise.

We expect innovation in the sector to continue at a rapid pace.

But we also recognize the uncertainty investors face regarding the ongoing health crisis and potential new variants.

Higher inflation could pressure margins.

Higher interest rates would raise the cost of capital and potentially dampen merger and acquisition activity.

This could lead to periods of short-term weakness in certain areas of health care.

We are focused on finding the best innovations in medicine and health care services that improve patient outcomes, access, and/or affordability.

We believe we are in the midst of a golden age for health care.



This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.

The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come to pass.

The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.

The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request.

It is not intended for distribution to retail investors in any jurisdiction.

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© 2022 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/or apart, trademarks of T. Rowe Price Group, Inc.

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