Contrary to popular belief, the simple approach to many things in life is often the most effective. An investing quote from Motley Fool contributor Brian Feroldi that I believe is highly underrated goes as follows: "Good investing is 99% patience and 1% action."

Oftentimes, we believe that there is some sort of convoluted secret to achieving success as an investor that few others know. Actually, it's as simple as buying and adding to quality stocks over time. When businesses are owned long enough and left to do what they do best, while you mostly just go about your life, the result can be life-changing wealth.

The pharmaceutical giant Amgen (AMGN -0.02%) and medical devices maker Stryker (SYK -0.15%) are two healthcare stocks that appear poised to create wealth for shareholders who are patient and measured enough to let them.

1. Amgen

Since its founding in 1980, the biotech company Amgen has reached unimaginable heights. With a sales presence in more than 100 countries reaching millions of patients each year, it is one of the largest drugmakers on the planet.

The company's portfolio consists of more than two dozen drugs, with nine drugs on pace to surpass $1 billion in revenue in 2022 across therapy areas such as bone health, oncology, and inflammation. Its most well-known and best-selling products include the osteoporosis drug Prolia and the immunology drugs Enbrel and Otezla.

The strength of Amgen's established drug portfolio isn't the only thing buoying its growth prospects. Recently launched drugs, including the asthma drug known as Tezspire (tezepelumab) co-owned with AstraZeneca (AZN 0.08%) and the lung cancer drug Lumakras, each have blockbuster potential in their own right. 

And Amgen has nearly 40 compounds currently in clinical development for one or more indications. Thanks to its solid portfolio and pipeline, analysts are projecting that the company will produce 8% annual earnings growth for the next five years.

Along with the company's 3.4% dividend yield, this should lead to low-double-digit annual total returns over the next several years. And with the dividend payout ratio set to be under 45%, Amgen's generous dividend is well covered.

The company's shares can be picked up at a forward price-to-earnings (P/E) ratio of 13.3. This is essentially in line with the pharmaceutical industry's average forward P/E of 12.5, which is a reasonable value for a business of above-average quality.

A customer shops at a pharmacy.

Image source: Getty Images.

2. Stryker

With over 11,500 patents globally and $17.1 billion in total sales last year, Stryker is one of the most dominant medical technology companies. Its products are used worldwide in a variety of fields like orthopedics, neurosurgery, and endoscopy.

With this vast product portfolio, Stryker estimates that it reaches more than 100 million patients every year. And given that the company consistently spends more than $1 billion on research and development annually, it isn't surprising to learn that many exciting product launches await the company next year.

These include the updated iteration of the emergency care product known as the Lifepak defibrillator and the smaller version of a product that will expand Stryker's market into gastrointestinal procedures.

This is why analysts are forecasting 7.9% annual earnings growth over the next five years. The company's 1.3% dividend yield is moderately below the S&P 500 index's 1.7% yield. But with a payout ratio set to be under 30% in 2022, there is plenty of room for strong dividend growth in the years ahead.

And investors can scoop up shares of the healthcare company at a forward P/E of 20.9. This is a bit lower than the medical device industry's average forward P/E of 22.7, which makes Stryker an interesting buy for investors seeking annual total returns around 10%.