What is “JPM” all about?
Please note: this post is not sponsored by any third parties which are mentioned or linked below.
Now that I have recovered from my jet lag, I thought it would be useful to explain what goes on at the renowned “JPM week” in San Francisco. Every January, companies from the entire spectrum of healthcare travel to San Francisco for a conference and week of events that essentially sets the stage for the year ahead in biopharma. For a first-timer, it can be a little hard to figure out what is actually going on at this meeting. The main reason is that what we call “JPM week” is not just one meeting, but a convergence of many different meetings, which are scheduled adjacent to the main event, the JPM Healthcare Conference (let’s call that JPMHC). But not everyone attends JPMHC; it is an invite-only meeting organized by the bank JPMorgan. Approximately 8,000 people attend JPMHC – such as healthcare and biopharma executives, investment bankers, equity analysts, investors and journalists. The amazing thing is that another 20,000 people travel to San Francisco for the week, who are not attending JPMHC. So, you are going to see biopharma folks pretty much anywhere you go in Union Square. It is a week that really energizes our community, especially if the news flow and market sentiment are good (and if it does not rain). It is also a powerful reminder that our work in small biotech is part of a broader ecosystem, which ultimately delivers innovations to patients and value to shareholders and society, when it is functioning as intended. It is important even when you work in small companies and on very early-stage programs, to pay attention to what is happening across the ecosystem - good, bad or otherwise. In this context, JPM week is like an immersion course, as long as you take it all in.
Below, I will try to break down the different types of events that happen and who typically organizes and attends them.
JPMHC: This was my first year attending the actual conference, which was a great experience. The agenda is packed with company presentations. Most of the major pharma companies, as well as mid-cap, small-cap and private companies, present their latest strategies and plans for the year ahead. The presentations are facilitated by representatives from JPM, and the audience in most cases has the opportunity to ask questions. Most of the public companies broadcast the audio of their presentations on their websites. Some companies also have private breakout sessions. A large pharma presentation occurs in a ballroom with thousands of people in the audience, whereas a private company will present in a smaller room that holds ~50-100 people. There are also some plenary talks, panel discussions and media interviews. Companies that present at JPMHC can reach a large audience, which can be really valuable when raising capital. And if you are attending the conference, you can hear from many great companies and get a feel for what the most exciting themes and technologies are at present.
Major symposia: Several organizations organize large symposia, some of which are free. These events are usually organized around a central theme and will feature panel discussions with key opinion leaders from healthcare, biopharma companies and venture capital firms.
Investor and partnering meetings: If your company is raising capital or seeking new business development, you will likely have several closed meetings with investors and pharma companies. These meetings occur in hotels all over Union Square and are usually organized in a packed schedule (therefore, wear comfortable shoes and manage your calendar carefully!). Many companies and investors reserve large suites or floors of hotels to hold these meetings. Investors and pharma companies also meet with each other to share insights on what they are focusing on for the year – this helps both of these important sources of risk capital identify areas of mutual interest.
Networking events: There are many networking events held throughout the week. These can be organized by trade groups, nonprofit organizations, investors, large companies, vendors and media organizations. These events are usually invite-only, so you have to be connected in some way to the hosts to score a ticket. There has been a trend towards more open networking events such as the one organized by Biotech Hangout.
So how does one navigate this maze of meetings? Everyone’s priorities and agenda for the week are going to look different. Planning often starts months in advance. This is especially important for companies that are pitching to investors or partners – you will have limited time to make an impression, so preparation is absolutely vital to making the most of those opportunities.
A note about costs: JPM week is extremely expensive – so companies really need to limit the number of people that attend. It can exceed $2,000 per night to stay in Union Square. So, it is not a responsible use of your risk capital to send team members that don’t have a key role to play in your JPM agenda. A best practice would be sending your key team members who need to pitch and having them report back on the most relevant meetings and themes from JPM.
Some of the highlights for me personally this year included:
Listening to company presentations at JPMHC, including the first ever presentation by Halda Therapeutics (where I am on the board)
Participating in a panel discussion jointly hosted by Latinos in Bio and McKinsey. We discussed the impact of Latinos in life sciences and our efforts to increase representation across the board.
Running into old friends and colleagues in hotel lobbies, hallways and crosswalks all across SF
Joining a day of allyship in support of women, organized by the Biotech CEO Sisterhood and Breaking 7%. Hundreds of women and allies wore pink on January 14. We gathered in Union Square for an epic photo to capture the impact of our community.
Face time - Zoom is great but there is no substitute for building relationships and rapport in person
Riding in a Waymo driverless car!
Why you should pay attention – and how to follow along
I really believe that what happens across the healthcare space impacts every biotech stakeholder – including you and your company. So, make an effort to follow the important news and trends arising from JPM. It offers a valuable learning opportunity – especially when you can identify topics or data points that are relevant to your work, and use that information to spur new ideas and strategies for success.
Here are some suggestions to track output from JPM:
Media: STAT news, Endpoints News and Fierce all provide great coverage of the week on social media. There are also preview and debrief podcasts from STAT and BioCentury that you can access for free.
Biotech Hangout: This is a unique platform that is totally free, which also hosts preview and debrief discussions in their live weekly forum on X. There are highly respected thought leaders in this forum, and I really appreciate their inclusive philosophy. It is a great resource for trends and news on a weekly basis all year round.
Biotech TV: Brad Loncar and his team interview lots of CEOs during JPM week, you can watch these great interviews for free on their website.
Company presentations: Pick some large companies that are of interest and listen to the replays of their JPM presentations from their websites. You can learn a lot about how companies articulate strategy to investors from these presentations (hint: small companies need to be good at this too!).
Well, that’s a wrap for JPM 2025! I think this was a great week with lots of positive newsflow and good energy. Hopefully this will portend a solid year for biotech. Thank you for following along.
