Covid-19 reshaped the healthcare industry. The waning of the pandemic is reshaping it all over again

With the pandemic boom for makers of vaccines and testing kits unravelling, investors are turning their focus to sectors such as weight-loss drugs

Many have put the pandemic behind them, but the virus has not entirely gone away. New strains continue to circulate and covid hospitalisations continue, but far below their peak levels.

Vaccine makers and pharmacy chains are seeing a steep decline in the number of people getting covid shots. Makers of at-home rapid tests are going belly-up. Companies that made personal protective equipment have shut down.

When the coronavirus first emerged, companies across the healthcare industry raced to reconfigure themselves.