On the 12th, local time, the curtain rose on the 44th JP Morgan Healthcare Conference (JPMHC 2026) in San Francisco. It is the world's largest pharma and biotech investment event and has served as a barometer for the direction of the pharmaceutical and biotech industry.
According to JP Morgan, this year's official attendee count exceeds 9,000. As a venue where businesspeople and investors from around the world gather in large numbers, it is seen as a place of opportunity where big deals such as strategic partnerships and investments are struck.
The inside of the Westin St. Francis Hotel, where the opening ceremony was held, was packed with participants from around the world starting at 7 a.m.
Jeremy Meilman, global co-head of the JP Morgan healthcare investment banking institutional sector, said in the opening address that "the explosive growth of the healthcare market that began in the second half of 2025 will accelerate further throughout 2026."
Meilman said, "The prominence of the healthcare industry in the global economy has grown overwhelmingly." He said, "The conference, which began in 1983 with participation by just 21 corporations, has increased to 525 participating corporations this year," and "there are more than 9,000 official attendees, and over 12,000 one-on-one meetings among investors have been booked." He said, "The combined market capitalization of the participating corporations, which was only $4 billion (Hanwha 5.86 trillion won) in 1983, is approaching $10 trillion (about 1,460 trillion won) this year," assessing that it shows the hottest investment fervor since the pandemic.
Meilman said the rebound in 2025 is continuing. He said, "The S&P Biotechnology Select Industry Index (XBI), which struggled with an 8% drop through the first half of last year, surged 47% in the second half alone, far outpacing the S&P 500's 16% annual gain."
According to him, equity capital markets (ECM) issuance in the second half of 2025 jumped 70% year over year, and mergers and acquisitions (M&A) transaction volume surged more than 100%. Mega-transactions over $5 billion (about 7.33 trillion won) numbered only four in 2024, but 16 were completed in the second half of 2025 alone, which he said demonstrates market liquidity.
That momentum continued into early this year. Meilman said, "Last week was the busiest first week of January in the past 10 years," adding, "More than $3 billion (about 4.41 trillion won) of equity issuance has already been completed, as well as the first initial public offering (IPO) of the year."
Interest rates, mergers and acquisitions (M&A) to address patent expirations, and artificial intelligence (AI) emerged as the core keywords driving growth in the healthcare industry this year.
Meilman projected, "If the Federal Reserve's rate, currently 3.6%, is cut by an additional 150 basis points (1.5 percentage points) to meet this year's market expectations, the market will gain more traction." He added, "Large pharmaceutical corporations facing patent cliffs will pursue aggressive acquisitions for growth," and "blue-chip corporations that were frozen in 2025 will mature in the market and come out in large numbers through IPOs."
He said, "AI's disruptive innovation is leading the healthcare services technology space, and both strategic and financial investors are very active." He projected, "Medical devices (MedTech) have also successfully overcome China tariffs and supply chain issues, and M&A will become active on the back of financial soundness."
Presenting corporate valuation data, Meilman explained, "High-growth corporations distinctly command premiums, low-growth corporations trade at discounts, and the larger the corporation, the higher the valuation it receives." He said, "The trend of cash-rich corporations using M&A as a core tool for growth will be the dominant theme of 2026."
From today through the 15th, local time, the four-day event will feature global big pharma and biotech companies such as Merck, Pfizer, Eli Lilly and Company, and Novo Nordisk, which will announce outlooks including next year's business plans and mid- to long-term R&D strategies.
Korean corporations will be invited to take the official presentation stage on the 13th and 14th, local time. Five companies—Samsung Biologics, Celltrion, Alteogen, D&D Pharmatech, and HUGEL—will be invited to take the official presentation stage.
Many also participate in the event by invitation without a separate presentation slot, or hold business meetings around the San Francisco area during the conference. Representatives and working-level staff from many corporations, including Hanmi Pharmaceutical, Yuhan Corp., Samsung Bioepis Holdings, SK Biopharm, Lotte Biologics, ABL Bio, LigaChem Biosciences, Aimed Bio, Rznomics, and CLASSYS, took part.