The Globe and Mail reports in its Thursday, July 24, edition that global health care stocks are at their lowest valuation in decades due to uncertainty over drug pricing since President Donald Trump's return to the White House. A Reuters dispatch to The Globe reports that concerns include revived "most-favoured-nation" pricing rules and potential 200-per-cent tariffs on pharma imports. While drugmaker shares surged during the COVID-19 pandemic, they have recently underperformed as investors moved toward Big Tech, leaving the sector undervalued and overlooked. At 15.9 times forward earnings, health care trades 11 per cent below its long-term average and 20 per cent below global equities, its steepest discount in 16 years, just above a record discount in 2009. JPMorgan analyst Stephanie Aliaga says: "We've moved from cautious optimism to cautious pessimism. Valuations have gotten even cheaper, but for a reason," referring to intensifying U.S. policy risks. Talks with the Trump administration have yet to clarify how and when drug prices will fall, executives from Eli Lilly and Merck said at a May industry conference. For now, the sector remains in limbo: cheap, but lacking enough visibility to trigger a broad rerating.