The pharmaceutical industry could become another target on Democrats' radar if they are able to rally their base in November.

"Democrats continue to push campaign themes that are fairly negative for the pharmaceutical sector," says Jeffrey Saut, chief investment strategist for Raymond James.

Under Democratic leadership, Saut believes that lawmakers might push for Medicare to negotiate directly with drugmakers over pharmaceutical prices, which he believes could crush profit margins and slow research and development efforts.

But one group that could benefit is generic pharmaceutical makers, Goldman Sachs' Alec Phillips and Chuck Berwick wrote in a research note published earlier this month.

They say a Democrat-controlled House could spark a discussion, if not enactment, of the Hatch-Waxman bill, which would expedite the FDA approval process of generic drugs and ultimately benefit such firms as Teva Pharmaceutical Industries Inc., Barr Pharmaceuticals Inc. or Novartis Inc.