Monty Python’s sketch about “the machine that goes ping” was a telling satire about doctors’ obsession with snazzy devices. Since medical technology became a separate industry in its own right, investors have been equally obsessed, and for good reason as ageing baby boomers and technical breakthroughs turned an otherwise defensive sector into a growth story.

But unexpected complications have developed in the past year, making pharmaceutical benefits company Cardinal Health decision to spin off its equipment arm, CareFusion, a test of investor sentiment. Fears about “Obamacare” have weighed on valuations, mirroring weakness 15 years ago when Hillary Clinton’s healthcare reform proposals loomed. The financial crisis has had real impact too. CareFusion’s revenue dropped 12 per cent last quarter, compared with a year earlier.