| January 8-11, 2024 | San Francisco, California

42nd Annual J.P. Morgan


This is an official site of the J.P. Morgan Healthcare Conference. Please note there are sites offering hotel rates and access to the conference that are not affiliated with J.P. Morgan. This event is by invitation only and invitations are not transferable. Contact your J.P. Morgan representative for more information.

The 42nd Annual Healthcare Conference will take place on January 8-11, 2024 in San Francisco, CA.

This premier conference is the largest and most informative health care investment symposium in the industry which connects global industry leaders, emerging fast-growth companies, innovative technology creators and members of the investment community.


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The state of innovation in a volatile market

How are companies supporting innovation in the health care industry, and what does the future hold?

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| 00:03:32

The state of innovation in a volatile market

How are companies supporting innovation in the health care industry, and what does the future hold?

Healthcare Symposium

Vis Raghavan: A very warm welcome to this, our inaugural innovation symposium in the health care space. It's absolutely fantastic that you can all kind of join us here today.

Dania Chehab: There is quite a lot of innovation coming from health care. And this really permeates across all subsectors, be it cutting edge R&D in biotech, genetic sequencing, and life science tools and diagnostic-- the consumerization of health care, which we have seen accelerate over the last couple of years.

Jeremy Hunt: Life sciences is one that we are particularly proud of, not just because we are home to a third of the European life science startups, but because we can see the impact on ordinary families of what happens when you have a strong life science sector.

Christian Wolfum: We have a growing, but also aging population. There's a strong need for more and more precise medicine. And life science companies help there a lot. The life science industry, it's an industry where you have partners from corporate, academia providers. You can really create an ecosystem of open innovation, bringing new ideas into your company, really seeing what will impact health care and the clinical practice in a couple of years from now.

Rose Nguyen: Over the past 5 to 10 years, there has been tremendous progress in the field in some areas that even exceeded our expectations. We believe that there is a technological revolution going on in health care and life sciences.

Shobi Khan: There's so much innovation going on. And I think to be in that space now, to be able to participate in those discoveries is an extraordinary opportunity.

David Redfern: We feel very optimistic about the level of science. There's a lot of great innovation happening, a lot of great science happening. It is being accelerated by the tech revolution. And the interface of data science with biological and genetic science is hugely exciting.

Juha Anjala: We support innovation in many different ways. We have always been willing to invest early in a relationship with innovators. We are a relationship-based organization that invests in our clients early, consistently, and over time.

David Ke: I'm very excited by a number of the strong innovations that we have coming out of the health care sector. For example, whether it's the latest cutting edge science coming out of biotechnology. It's been unique and remarkable to see just the globalization within the health care industry over the past decade, whether it's European companies that want to list in the U.S., but also attract capital from Asia, or Asia companies thinking about listing in London, but also wanting to attract U.S. investors.

Chris Hollowood: We're incredibly lucky relative to some other industries, where clearly you need to create value for shareholders, but also you create value for so many other stakeholders. At the scientific level translating world-beating science into medicines, then at the medicine level when you see the impact on patients. And the wonderful thing is actually when you serve all three, all three have the greatest success. So there's an alignment there. So if you can't get out of bed in the morning energized by all of that, I don't know what you can.

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Jessica Fye

Senior Analyst, Large-Cap Biotechnology
J.P. Morgan Research

Learn why 2023 is set to be a dynamic year and the key criteria investors are focused on.

Jessica Fye:

In 2023 in the biotech group, it’s going to be a really dynamic period, depending on whether you’re talking about the large caps, which may be heading into interesting product launches, or the mid-caps, which could have make-or-break data releases or they’re filing their first NDA for their very first product. I think you’re going to continue to see a lot of dynamism in this sector, a lot of innovation, and it will be another interesting year for the group. In terms of what investors have high conviction in right now, they’re looking for: growing, durable franchises, a clear path to profitability if not already profitable, ideally operating in low-competitive intensity spaces and/or representing the dominant player in their space. 

And I think folks are trying to avoid or be careful around companies that have imminent patent expirations without a clear path to profitability or without a highly visible pipeline. M&A is always a topic and a theme. This sector to some extent relies on larger companies kind of rolling up these smaller, sometimes earlier stage assets. 

I think you’ve seen a theme of a little more focus on more de-risked assets. I wouldn’t be surprised if that continues. I still think this is a sector that’s most important underpinning is innovation, and we still see that continuing at a very high level and don’t expect that to change in ’23.




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Chris Schott

Senior Analyst, U.S. Major and Specialty Pharmaceuticals
J.P. Morgan Research

Learn why obesity and Alzheimer’s are two areas that will present significant opportunities.

Chris Schott:

We’ve seen the pharmaceutical group meaningfully outperform the market in 2022. Now, specifically looking at 2023, I’m most focused on two new therapeutic areas: and these are obesity and Alzheimer’s. The obesity market, we have new drugs coming to market. So we see patients effectively not getting diabetes, lower rates of heart attack/stroke. So it effectively moves obesity from an aesthetic market to a medical market. We’re forecasting this could be over a $30 billion annual opportunity. 


The other market I mentioned is Alzheimer’s, and this has been by far the largest market of unmet need in the healthcare industry. I’m encouraged this year; I think we’ll see the first two drugs approved that actually can modify and slow down the rate of Alzheimer’s progression. When I think about some of the headwinds that we could face for the sector in 2023 that could offset some of these positive trends that I mentioned, one that comes to mind is, really, the sector’s patent cycle. So we’re still facing a number of very large patent expirations as we look out to the end of the decade. And I think investors are increasingly focused on how the industry will manage through those.


When I think about the Inflation Reduction Act and what it means for the pharmaceutical sector as a whole, we view the impact as pretty manageable. The bill basically caps patient out of pocket at $2,000 for seniors who are in Medicare. The more challenging part for the industry is price negotiation. This will be the first time the U.S. government can negotiate drug pricing. And it’s on a relatively limited number of drugs, but it's something we’ll have to watch closely.


Now going forward looking out to 2023, the outlook’s still pretty positive in our view. We’ve got core products across the sector growing nicely, we’ve got pipelines continuing to advance and really broaden out. And the sector is basically not exposed at all to some of the macro-economic and supply chain volatility that we’re seeing elsewhere in the market.



Robbie Huffines


What’s the Deal?
Robbie Huffines: Dealmaking in the
health care sector
Alex Gorsky


What’s the Deal?
Alex Gorsky: Making big strategic
moves in health care

Highlights from the 41st Annual
J.P. Morgan Healthcare Conference

Read our recap of the industry's biggest gathering.


The J.P. Morgan Healthcare Conference is for clients of the firm, by invitation only. Please reach out to your J.P. Morgan representative to inquire about an invitation.

Some company presentations will be available on their individual websites.

The agenda is made available only to confirmed attendees.

Yes. There are a limited number of press passes available for the event.

Unless otherwise specified, conference webinars are on-the-record and open to registered members of the press.