The Healthcare Outlook: Macro Challenges and Biotech Innovations

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Sep 18, 2025

Asad Haider, Head of the U.S. Healthcare Business Unit at Goldman Sachs Research, dives into healthcare's recent struggles due to AI shifts and policy uncertainties. Amit Sinha, Head of Life Sciences Investing at Goldman Sachs Asset Management, discusses why private capital is crucial for biotech and highlights groundbreaking advancements in areas like genetics and immunology. Both guests uncover innovative pockets within the industry, from oral obesity treatments to oncology strategies, painting a hopeful picture amid challenges.

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INSIGHT

Why Healthcare Has Lagged

Healthcare has underperformed five straight years, driven by macro rotations and sector-specific headwinds.
Valuations are cheap but uncertainty and earnings revisions keep generalists away.

INSIGHT

Policy Uncertainty Is A Key Drag

Policy overhangs from Washington and regulatory shifts have pressured healthcare multiples and investor appetite.
Clarity on policy or a rotation away from AI would be needed to materially reopen the sector.

INSIGHT

Vaccine Guidance Has Become Unstable

Vaccine policy and personnel changes have created acute uncertainty for COVID and broader vaccine demand.
Shifts in guidelines and state-level mandate removals could meaningfully reduce uptake this season.

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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.

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