In 2010, we saw a number of deals in the pharmaceutical sector, although the size of the deals was considerably smaller than in 2009. In 2009, while merger and acquisition (M&A) activity in many sectors declined sharply, banks remained comfortable extending loans for deals in the healthcare industry. Regardless of economic climate or uncertainty surrounding the Congressional healthcare legislation at the time, they considered healthcare a growth sector. Thus, while the volume of deals across all sectors was down in 2009, deals in healthcare were up from 2008.