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The waning of the COVID-19 pandemic is reshaping the healthcare industry once again. Vaccine makers and pharmacy chains are seeing a decline in the number of people getting COVID shots, while makers of at-home rapid tests are going out of business. Companies that produced personal protective equipment have also shut down. The shift in demand is evident as Pfizer cuts $9 billion from its annual sales forecast due to declining demand for its COVID shots. While some healthcare businesses are benefiting from the return of routine checkups and procedures, others are feeling the pressure to adjust their expectations.

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