A handful of recent reports indicate that capital, overall, is seeking to exit the healthcare industries burdened by Obamacare’s excise taxes and annual fees. With one outstanding exception—digital health—much of health care is seeing consolidation through mergers and acquisitions. As for fresh capital, venture funding remains shriveled from its 2007 high.

Mergermarket has published its analysis of Q3 global mergers and acquisitions in pharma, biotech and medical devices. Mergermarket reports $354.3 billion of deals so far in 2014, more than two thirds over the value last year and the highest annual level since 2001. These sectors also have the highest share of all global M&A (14.2 percent), the biggest share of M&A since 2001.