Even as much of the U.S. economy contracts, health care continues to grow, and investment opportunities continue to grow with it.
What to choose among those investment opportunities?
Analyst Michael Magiera of Manning & Napier looks past some of the more volatile pharmaceutical stocks.
"We're looking much more beyond just the momentum market," he tells "Squawk on the Street."
"We're looking out a couple of years and trying to find those ideas which are going to give us some sustained performance."
Magiera likes Boston Scientific.
"There's been a lot of controversy around Boston Scientific," he concedes, "however, it's all historical. We've got to look at what's going to happen going forward."
"Some of [Boston Scientific's] major product areas, like cardiac rhythm management, which is pacemakers and ICDs, it had been an area where they had some regulatory issues," Magiera adds. "Those are now lifted; they've been able to launch some new products, and we think there's going to be a refresh of the product line over the next 18 to 24 months."
He's also bullish on Johnson & Johnson.
"The good thing about JNJ," he says, "is three large businesses give it a good, stable base of earnings, and allows it to reinvest in a lot of new products. We think there's going to be about 50 new compounds that are either in Phase II or Phase III trials coming out of JNJ. We're going to get news on them over the next 18 months."