Your position is completely unsupportable. To compare the medical industry to the dot.com industry makes you look like an idiot. The dot.coms had absolutely no tangible substance of any sort to support their stock prices. It was 100% speculation and greed.
The medical device industry has been running at these relative valuations (actually a bit higher) for decades. They back it up with huge intellectual property and high barriers to competitive entry. Most new small competitors make a plan out of being acquired by the established large firms once they have their products developed.
What bubble there was in this industry burst when the dot.coms did. All market valuations dropped.
Your point about the medical device industry is just simply stupid.