Healthcare isn't optional, which makes the pharmaceutical sector fairly resilient through the entire economic cycle. Royalty Pharma (NASDAQ: RPRX) has created a diversified portfolio of royalties on drugs that are approved for sale and on drugs that are still in development. For buy-and-hold income investors, this unique healthcare stock could be the perfect way to invest in the pharmaceutical sector. Here's why. Pharmaceutical companies search for and develop drugs that they hope will one day generate large profits. However, the drug discovery process is complex, competitive, and costly. This is where Royalty Pharma comes in. Royalty Pharma provides drug companies with cash up front in exchange for the right to receive future royalties on approved drugs. Image source: Getty Images.
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