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Attention: These 3 healthcare shares are powering the S&P/ASX 200 to new highs

The S&P/ASX 200 (Index: ^AXJO)(ASX: XJO) is powering higher because of shares in great companies like CSL Limited (ASX: CSL), Cochlear Limited (ASX: COH) and ResMed Inc. (CHESS) (ASX: RMD).

ResMed, CSL and Cochlear Shares Versus ASX200

COH, RMD and CSL share price versus ASX 200

As can be seen in the share price chart above, these three ASX healthcare companies have played their part in boosting the ASX 200 in recent years.

CSL

CSL is arguably Australia’s most impressive company, all $61 billion of it. CSL is a global biopharmaceutical giant, making vaccines and other blood plasma products to treat life-threatening conditions. Despite its size, some analysts think CSL can continue to grow its profits in coming years.

Cochlear

Cochlear is also one of Australia’s most well-renowned companies. It is a global leader in the development of Cochlear implantable hearing aids, a product which has restored hearing to thousands of people worldwide. As it expands globally, Cochlear’s market continues to grow.

ResMed

ResMed is listed on both the ASX and New York Stock Exchange. It produces a range of devices for the treatment of respiratory conditions like sleep apnoea. Despite the competition, ResMed remains one of the leaders in its field and continues to experience growth. New Zealand’s Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) is another strong competitor in the space.

Foolish Takeaway

Healthcare businesses are some the best businesses to own because people rarely forgo spending on their health, even in dire financial conditions. However, I think it may pay to be patient with the three companies listed above because at the moment the market has priced shares in each of them quite richly.

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Motley Fool Contributor Owen Raszkiewicz does not have a financial interest in any company mentioned. Owen welcomes and encourages your feedback. You can follow him on Twitter @OwenRask.

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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