In this outlook video, Ethan Lovell, Co-Portfolio Manager for the Janus Henderson Global Life Sciences Strategy​, explains that scrutiny over drug costs has led to recent volatility in healthcare stocks. The longer-term picture, however, is very encouraging with the sector making dramatic leaps in advanced medicines such as immunotherapy, which provides potentially significant market opportunities.

Ethan answers:

  • What has been driving volatility in the healthcare sector recently?
  • What long-term tailwinds do you see benefiting the healthcare sector?
  • What innovations are you most excited about this year in healthcare?


Biosimilar – a biopharmaceutical drug designed with properties that are almost identical to a previously licensed drug manufactured by a different company. These products function in a similar way to the original drug.

CMS – Centers for Medicare & Medicaid Services.

EBITDA – earnings before interest, taxes, depreciation, and amortisation. This is an accounting measure used as a proxy for a company's current operating profitability.

EMEA – European Medicines Evaluation Agency.

Immuno-oncology – an approach to cancer treatment whereby an individual’s immune system is harnessed and used to attack cancer cells in the body.

Pharmacy benefit manager (PBM) - a third-party administrator of prescription drug programmes.