The nightmare on the public markets is not confined to the bigger groups.
The worst half-year period for a decade leaves the biggest medical device companies half a trillion dollars poorer.
A look for winners and losers finds a sector laid low by poor sentiment and Covid fatigue, with Lantheus, Vertex and Jazz providing a few bright spots.
Second-quarter share price movements give another glimpse of the dire state of the markets, but there might be reasons for optimism.
The gloomy climate for biotech is now taking its toll on private companies too.
The sector must hope that the bottom has been reached.
M&A is back on the menu, but there are still reasons to be cautious.
And some diagnostics groups are forecast to actually cut R&D outlay this year as the pandemic eases.