Would I buy and hold CSL and Cochlear shares for 10 years?

Some ASX shares are worth considering for much longer than the next few months.

For me, healthcare is one area where taking a long-term approach could be particularly rewarding.

Growing demand for medical treatments, ageing populations, and ongoing innovation can provide opportunities for established companies to keep expanding.

And there are two Australian healthcare businesses I would be comfortable buying and holding for the next decade.

CSL Ltd (ASX: CSL)

CSL has endured a difficult period, with disappointing earnings growth, operational challenges, and a substantial loss of investor confidence.

But I think the next 10 years could tell a much more positive story. The biotechnology company remains one of the world's leading providers of plasma-derived medicines, including immunoglobulin therapies used to treat patients with immune deficiencies and other serious conditions.

Demand for these treatments continues to grow, providing CSL with an opportunity to increase sales over time.

I also think there's considerable potential to improve profitability. CSL has been working to make plasma collection more efficient, improve manufacturing productivity, and simplify its operations.

These improvements could have a meaningful impact on earnings as the business grows.

And there's now a new leadership chapter approaching. Last week, CSL announced that Deborah Waterhouse would become CEO in February 2027. She brings extensive international pharmaceutical experience, which I think could be valuable as CSL works to restore growth.

There are still challenges to overcome, particularly competition affecting some of its treatments and pressure on its vaccines business.

But I believe CSL's market position, growing demand for plasma therapies, and opportunities for greater efficiency could support a substantial recovery over the coming decade.

Cochlear Ltd (ASX: COH)

Cochlear is another healthcare share I would be happy to own for 10 years. The company is a global leader in hearing implants, helping people with severe hearing loss regain access to sound.

What I like is the enormous opportunity to reach more patients. Cochlear estimates that fewer than 5% of eligible adults in developed markets currently receive cochlear implants.

That gives it a substantial opportunity to grow by improving awareness and making it easier for patients to access treatment. And today's annual general meeting update provided some encouraging developments.

Management reaffirmed its FY27 underlying net profit guidance of $330 million to $350 million, compared with $322 million in FY26.

The company also reported strong adoption of its newer Nucleus Nexa implant, which accounted for more than 95% of implant sales in developed markets by June.

I think continued product innovation could be an important growth driver. Cochlear is also progressing clinical studies of a fully implantable hearing system, which could eventually offer patients a treatment without an external sound processor.

Meanwhile, the company is expanding referral initiatives to help more eligible adults receive treatment.

Looking a decade ahead, I think Cochlear has an excellent opportunity to expand its patient base while maintaining its technological leadership.

Foolish takeaway

I would be comfortable buying both companies today and holding them for the next 10 years.

CSL shares offer an opportunity to benefit from a recovery in profitability alongside growing demand for its medicines.

Cochlear has a substantial market opportunity that I think could support growth well beyond its current earnings recovery.

For me, both remain high-quality Australian healthcare shares with plenty of reasons to be optimistic about their long-term futures.

The post Would I buy and hold CSL and Cochlear shares for 10 years? appeared first on The Motley Fool Australia.

Motley Fool contributor Grace Alvino has positions in CSL. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended CSL and Cochlear. The Motley Fool Australia has recommended CSL and Cochlear. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2026