Names that were previously viewed as safe and stable investments, large-cap pharmaceuticals, are now trading at levels not seen since 2002.? And, for some such as Pfizer, Inc. (PFE) and Eli Lilly & Co. (LLY), these are prices not seen since the past decade.

This is clearly a sell-first, ask questions later market. After all, believing that patients are going to stop taking Bristol-Myers Squibb Co. (BMY) blood-thinner Plavix or Pfizer's anti-cholesterol agent Lipitor because of the credit crunch is the epitome of irrational anxiety.

Pharmaceutical stocks are historically excellent places to put money in troubled times.? Although not completely recession-proof, there are several key underlying characteristics that make the industry a good place to hide out in a down market.

OPPORTUNITIES

Big cash balances and big dividends are two key things investors should look for in large pharma.? Money is tight, and with stock prices seemingly caught in a relentless decline, pharma investors can sleep well knowing that the companies they own are well capitalized and still paying shareholders an attractive return.