The J. P. Morgan Healthcare Conference 2026 (JPM 2026) offers an early view of investor sentiment in the healthcare industry at the start of the year. This year’s meeting took place 12–15 January in San Francisco, attracting investors, biotechs, pharma companies, services providers, and others in the healthcare sector.
In 2025, a 58% increase in biopharmaceutical mergers and acquisitions (M&As) was characterised by bolt-on transactions, rather than mega deals. This trend was apparent even at JPM 2026, where the only $10bn+ deal was the medtech acquisition of Penumbra by Boston Scientific for $14.5bn.
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Regardless, a palpable sense of keenness for acquiring high-value assets was apparent in strategies outline by big pharma during JPM 2026. This was partly due to the loss of exclusivity of key blockbusters like Merck & Co’s Keytruda (pembrolizumab), Ocrevus (ocrelizumab) and more. Tackling the upcoming patent cliff to stem revenue loss is expected to be a key theme for several big pharma companies in 2026 and beyond.
In addition to the impending loss of exclusivity for major drugs, other key themes emphasised at the conference and tracked by GlobalData include;
The China factor: China cannot be ignored and is seen as an innovator in the industry, with several notable licensing deals between China and Big Pharma, underscoring how Chinese innovation is filling the pipeline for major US and EU companies. Chinese biotechs will continue to be seen as a strong competitor and collaborator.
Artificial intelligence (AI): AI is seen as a core strategic level across the pharmaceutical value chain. Pharma is undertaking AI-focused deals with giants like NVIDIA, exploring autonomous laboratories, and placing an emphasis on developing in-house AI tools to optimize the drug development engine.
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By GlobalDataPolicy impact: Uncertainty around issues like Most Favored Nation (MFN) drug pricing, drug tariffs, and budget and resource cuts at the US FDA and Department of Human and Health Services, which plagued the biopharma industry in 2025, unsettled investor confidence. The sector showed initial signs of adapting to the uncertainty by exploring direct-to-patient pricing models and domestic manufacturing deals to quell macroeconomic anxieties.
Obesity drugs: With a vast, underpenetrated patient population and meaningful impact on cardiometabolic comorbidities, obesity is now a centrepiece for growth, portfolio prioritization, and partnering, thus driving R&D focus, commercial model redesign, and competitive positioning for large and mid-cap players alike.
