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Google Adwords or Facebook Sponsored Ads
I am advertising medical equipment and medicines for old age people. We have a pretty decent budget for PPC. Which ad network should we choose? I a bit confused right now.
Its a very specific niche and also I am not sure that its customers reside in facebook. I will suggest you go for Google Adwords as you have said you have good budget so money won't be a problem for you.
Google adwords is more effective as it helps to promote your keywords in various search engines. This helps to build your keyword popularity and generate good traffic from them.
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Google adwords are far better than facebook ads, both gives you a good traffic to your site but google gives you relevant traffic to your site and helps in increasing the conversion rate.

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