Biotech is Back to Work: JPM 2023 Week Wrap Up
JP Morgan Week wrapped up earlier this month with a flurry of new data, partnerships, investor meetings, and pharmaceutical interest. Here are the five key takeaways from the conference and what to expect as we come to the end of the first month of the year:
Biotech is Back: The COVID-19 pandemic caused a downturn for the biotech sector as a whole, but JP Morgan Week showed a strong turnout, proving interest in both the science and investor sides of the industry. Overall, the state of the industry is strong, but there has been a massive overcorrection since the upheaval it faced during the pandemic. While the overall economy is influencing the industry, a continued emphasis on value-based care will push the biotech sector through these uncertain times. Value-based care is concerned with providing patients with a high value service at a fair price.
The Value of In-Person Conferences: Everyone from scientists and CEOs to investors went to San Francisco to attend JP Morgan Week in person this year, with many citing in-person meetings and presentations as a key reason behind their success. The conference was at approximately 70% attendance, compared to pre-COVID years. The general demeanor was that everyone was incredibly happy to be back.
Smaller Biotechs Need to Pivot: The valuation of smaller biotechnology companies is down considerably compared to previous years, but that does not mean it is time to panic, it means it is time to pivot. Venture Capitalists will continue to invest, but startups working on similar technologies to larger competitors will have a harder time attracting investors. Experts are confident in the fact that there is ample cash in the industry; companies simply need to be smarter about obtaining it. While it used to be enough to host one financing event a year, companies now may need multiple, smaller financing events to build their company. The money is out there; you just have to look for it a little harder.
Acquisitions are Out: As we look forward to the rest of 2023, it is evident that partnerships will take a vested interest in acquisitions. Acquisitions have yet to materialize because partnerships allow larger companies to invest in new science without the risk of acquiring an entire company.
What’s Trending: There were a lot of buzzwords thrown out at #JPM23, but some topics were more widely discussed on social media than others. Based on the Harris Poll, a social media study conducted by Endpoints News, gene editing and artificial intelligence were the undeniable stars of JP Morgan Week this year. Medical and investment experts alike spent the majority of their time discussing, attending panels, and investing in these two areas.
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