The S&P/ASX 200 (Index: ^AXJO)(ASX: XJO) is powering higher because of shares in great companies like CSL Limited (ASX: CSL), Cochlear Limited (ASX: COH) and ResMed Inc. (CHESS) (ASX: RMD).
ResMed, CSL and Cochlear Shares Versus ASX200
As can be seen in the share price chart above, these three ASX healthcare companies have played their part in boosting the ASX 200 in recent years.
CSL
CSL is arguably Australia's most impressive company, all $61 billion of it. CSL is a global biopharmaceutical giant, making vaccines and other blood plasma products to treat life-threatening conditions. Despite its size, some analysts think CSL can continue to grow its profits in coming years.
Cochlear
Cochlear is also one of Australia's most well-renowned companies. It is a global leader in the development of Cochlear implantable hearing aids, a product which has restored hearing to thousands of people worldwide. As it expands globally, Cochlear's market continues to grow.
ResMed
ResMed is listed on both the ASX and New York Stock Exchange. It produces a range of devices for the treatment of respiratory conditions like sleep apnoea. Despite the competition, ResMed remains one of the leaders in its field and continues to experience growth. New Zealand's Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) is another strong competitor in the space.
Foolish Takeaway
Healthcare businesses are some the best businesses to own because people rarely forgo spending on their health, even in dire financial conditions. However, I think it may pay to be patient with the three companies listed above because at the moment the market has priced shares in each of them quite richly.
