I was given similar advice, I was considering investing in pharma but chose med tech instead, the main problem as far as I know is that a large percent of revenues from the large pharma companies is reliant on formulations that are going to be losing patent protection in the next decade or two, and they will only be able to retain the  5f0d  ir current margins if they are able to cheaply develop new high-demand drugs, which is obviously quite a risk.