The 2020 election isn’t entirely settled, but one clear winner has emerged: the health care industrial complex.

The past few years under President Donald Trump has shown how much money the industry can make from America's health-care status quo. Annual gross profit at the 25 most valuable health companies jumped by about $80 billion over the first three years of his term to more than $650 billion.

America is a critical market, not just because of its size and economic strength, but because it's a spendthrift. Health coverage is split between different government programs and private sources like employers. As such, there is little negotiating leverage or ability to control prices. As a result, drugs and procedures cost more in the U.S. than any other other developed nation.

Biden is a threat to this upward slope. His drug pricing plan would limit the launch prices of new medicines and allow Medicare to negotiate with drugmakers directly. In combination, this could pose a real problem for pharma.

But all of those plans are likely to die on with Republican Senate majority. And, there's only so much Biden could accomplish with executive actions.

Diagram courtesy of @Bloomberg@bopinion