Why This Company Could See Long-Lasting Tailwinds Despite the Bear Market
Life sciences company Thermo Fisher Scientific (NYSE: TMO) played an instrumental role in delivering COVID-19 treatments to the world's population. The company supplies specialty diagnostics and equipment that other healthcare players use to develop COVID-19 technologies. With healthcare spending on the rise, Thermo Fisher is expanding its services in a bid to capture even more of the market.
COVID-19 has highlighted the threat of widespread infectious diseases and the importance of the healthcare community to quickly mobilize a response. To help address this need, The White House released a Pandemic Preparedness Plan and hopes to increase biodefense spending. The 2023 presidential budget requests $88.2 billion to bolster research, development, and manufacturing in preparation for emerging COVID-19 strains and new diseases.
Other countries may also increase spending. The World Health Organization (WHO) argues that up-front spending reduces the odds of a health crisis causing a costly economic shutdown. The WHO also appealed to leaders of the world's biggest economies to assist poorer countries.
Source Fool.com