Pharma's end-of-life moat is cracking. (https://www.marketwatch.com/story/its-getting-easier-for-terminally-ill-people-to-end-their-own-lives-what-to-know-as-laws-change-4fa04c54?mod=mw_rss_topstories) compress the most profitable patient cohort — late-stage cancer, advanced dementia, terminal cardiac — where $UNH, $CI, $HUM sit on 70%+ net margins. When patients choose earlier exits, drug utilization per capita drops hard.

Research these companies