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Union organizing success in healthcare increases bargaining power for wage growth, contributing to labor cost inflation consistent with wage-price spiral scenario.
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Healthcare signals are stable with selective opportunity. GLP-1 obesity drug demand is reshaping insurance and hospital utilisation models. Medical device demand is recovering post-pandemic procedure backlog clearance. US drug pricing reform risk (IRA Medicare negotiation) is a headwind for large-cap pharma but biopharma innovation signals are strong.