Pharma is a terrible investment, they spend all money on R&D and acquisitions of firms that completed trials successfully I don't know why people rail against

Pharma is a terrible investment, they spend all money on R&D and acquisitions of firms that completed trials successfully I don't know why people rail against Pharma when healthcare like hospitals have huge returns on investment in comparison. https://www.morningstar.com/etfs/arcx/xph/performance https://www.morningstar.com/etfs/arcx/xph/performance look how much pharma index trails healthcare