On the morning of Jan. 13 (local time), attendees crowd into the lobby of the Westin St. Francis Hotel in San Francisco, USA, for the JPMorgan Healthcare Conference (JPM). /Courtesy of Yeom Hyun-a, Reporter

“Geopolitical risks and market volatility due to the new administration are certainly present. However, considering the solid financial state, pro-corporations policies of the Trump administration, and relatively favorable environment of the U.S. Federal Trade Commission (FTC), the healthcare market is expected to show an upward trend in 2025.”

Ben Carpenter, co-head of JP Morgan Global Healthcare Investment Banking, noted at the opening ceremony of the 43rd JP Morgan Healthcare Conference in San Francisco on Jan. 13 (local time) that “despite geopolitical and political risks, the economy in 2025 will have a soft landing and progress.”

The JP Morgan Healthcare Conference is regarded as the world's largest pharmaceutical and biotech investment event. As the first event of the new year hosted annually by JP Morgan, it allows attendees to confirm global market trends, key plans of various corporations, and management and investment directions all in one place.

According to JP Morgan, 531 corporations took the stage this year, less than last year's record of 614 corporations. More than 8,000 investors and industry participants registered. The number of one-on-one meeting requests between corporations or between corporations and investors totaled more than 30,000, similar to last year.

The atmosphere at the venue was electric. From 6:30 a.m. on the day, the entrance was filled with well-dressed participants from global large pharmaceutical companies, emerging biotech firms, and professional investors from around the world. They all headed to the second-floor venue where the opening ceremony and major presentations by global large pharmaceutical companies were held. Inside the venue, eight circular tables seating ten each were arranged to accommodate about 800 attendees, and the seats were filled as soon as the event began, with many audience members standing at the back to listen to the presentations.

◇The main theme of JPM: ‘Trump 2nd term’… “Opportunity for pro-corporations policy”

With the inauguration of President-elect Trump set for the 20th, this year’s JPM focused on policy changes in the healthcare sector. Various global market research firms also listed 'the Trump 2nd-term government' as a key agenda of this year’s JPM.

JP Morgan projected that President-elect Trump would pursue pro-corporations policies through regulatory relaxation. In particular, with the change in leadership at the U.S. Federal Trade Commission (FTC), which had suppressed the mergers and acquisitions (M&A) market, healthcare regulatory relaxation and market activation are expected.

On Jan. 10, President-elect Trump nominated Andrew Ferguson, the current FTC Commissioner, as the next FTC Chairperson. There is speculation that the FTC's approach, which has declared a massive 'war' against big tech, will change starting next year, which is interpreted to have a positive impact on the U.S. healthcare market.

On that day, co-head Carpenter took the stage alongside Jeremy Meilman, co-head of Global Healthcare Investment Banking, who said, “A solid financial state, a favorable FTC environment, and an overall pro-corporations policy of the incoming administration are positive signals for the economy in 2025,” adding that “the U.S. stock market has historically achieved good performance each time a president was re-elected.”

On the morning of Jan. 13 (local time), attendees stand in line to register for the JPMorgan Healthcare Conference (JPM) at the Westin St. Francis Hotel in San Francisco, USA. /Courtesy of Yeom Hyun-a, Reporter

◇Common strategies of global big pharma in 2025: ‘M&A’·'R&D’

On the first day of the event, leaders of global big pharmaceutical companies including Roche, Johnson & Johnson (J&J), and Pfizer stated that they would strengthen M&A and research and development (R&D) this year.

Teresa Graham, Chief Executive Officer (CEO) of the Swiss pharmaceutical company Roche, stated that “Roche's growth strategy this year is focused on the expertise in new drug development and R&D excellence,” adding that “we will actively consider M&A in the field of immuno-oncology moving forward.”

She mentioned that “Roche has acquired Poseida Therapeutics, a developer of CAR-T therapies, along with cancer treatment materials such as ADC (antibody-drug conjugates) through M&A over the past two years,” and added, “We will focus on M&A and R&D in the immuno-oncology sector in the future.” Roche's internally established One Asset Team has bolstered Roche's R&D capabilities.

Albert Bourla, CEO of Pfizer, also emphasized R&D. He noted that “Pfizer is currently investing nearly $10 billion in R&D, which is 18% of total sales and lower than the industry average,” adding, “This year, we will increase R&D investments.”

On that day, J&J announced that it would acquire Intra-Cellular Therapies, a U.S. company specializing in central nervous system (CNS) diseases. The acquisition amount is $14.6 billion (21.43 trillion won). As a result of the acquisition, J&J will add Caplyta, an oral treatment approved for schizophrenia and bipolar disorder, to its portfolio. Caplyta was approved by the U.S. Food and Drug Administration (FDA) in December 2019. The London Stock Exchange Group (LSEG) predicts that Caplyta will generate more than $1 billion in sales next year.

Joaquin Duato, CEO of J&J, stated, “This acquisition will strengthen Caplyta's R&D to treat more patients with neurological disorders,” adding that “the FDA is currently conducting further review on the approval of Caplyta for treating depressive disorders.”