J.P. MORGAN HEALTHCARE CONFERENCE RECAP:
News Drivers & Conversation Highlights
As healthcare leaders gathered for the annual J.P. Morgan Healthcare Conference, Weber Shandwick followed along on the ground and our Analytics & Intelligence team tracked the data to create a rich picture of the conversations and themes emerging from the meeting.
Armed with a deep data analysis, our intelligence team assessed spikes and year-over-year volume to uncover key trends driving not just news coverage, but real conversations and interest. While dozens of topics emerged, the following four represent the most relevant for the year ahead:
AI IS UNLOCKING NEW VALUE ACROSS ORGANIZATIONS:
AI has turned from a “tell me” into a “show me” story as investors look for companies who effectively use AI both as an accelerant and in foundational operations.
A MOMENT FOR REFLECTION ON BUSINESS DEVELOPMENT:
Without any blockbuster deals during the conference, M&A took on a quieter tone with a focus on targeted, strategic deal-making, with many on-the-ground debating the future of the conference as the leading moment for industry dealmaking.
CHINA’S SPUTNIK MOMENT:
After years of attention but slower growth, Chinese-based assets are garnering new attention given speed of innovation. Specifically, major global players are shifting from direct competition toward increased efficiency and openness to deals.
GLP-1: NEW DYNAMICS IN FORMATS AND PAYMENT:
Despite lower conversation volume than last year, Amgen, Eli Lilly, and Novo Nordisk all outlined their 2026 strategies to standing room-only crowds.
AI is playing a transformative role in healthcare
Leaders are no longer satisfied with the promise of AI; they’re now prioritizing advancements, partnerships and companies that can prove the technology is making material impact beyond drug development.
AI accounted for 22% of all media coverage the week of the Conference (an increase of +119% YoY).
Within AI stories, NVIDIA was featured in 36% of coverage, followed by Eli Lilly with 29%, and Merck with 12%.
Beyond drug development
• The AI narrative has shifted from potential in drug development to broader cross-enterprise application, including to streamline processes, create efficiencies in data management, identify biomarkers, and improve real-world evidence application for regulatory approvals.
• Health systems are showcasing AI "agents" and ambient documentation tools to combat labor shortages and administrative waste, signaling that AI is now a core pillar of healthcare administration.
New consumer access points
• Anthropic and ChatGPT both touted new HIPAAcompliant consumer AI tools promising to provide patients with more validated advice.
AI is transforming every industry, and its most profound impact
will be in life sciences.
- Jensen Huang, NVIDIA
Business Development takes on new forms and flavors
Despite a handful of smaller deals and licensing announcements, there were no major transactions announced in the lead-up to or during the conference this year. Rather, major players discussed looking at dealmaking differently, focusing on a mix of smaller-sized acquisitions, licensing deals, technology platforms and global assets rather than megamergers or singular assets.
Disciplined deal-making over mega mergers
• Discussion during the meeting predicted that the 2026 M&A landscape has shifted away from blockbuster acquisitions in favor of targeted, strategic partnerships and smaller acquisitions focused on innovation.
• Eli Lilly’s reported interest in French biotech Abivax
• AstraZeneca announced the acquisition of Modella AI
• Emerging modalities, precision therapies, and AI platforms are driving deal decisions replacing traditional strategies centered on size and scale.
• Despite the muted deal activity, attendees remarked on the favorable economic environment for investments and partnerships, noting a significant shift from previous years when funding was sparser.
“This [has] been the slowest JPM for news in a long time”
- Brad Loncar, Founder,
BiotechTV
“What’s really started to replace these conferences for the kind of face-to-face interaction with investors are the Zoom calls we do with them all year round”
- Nkarta CEO Paul Hastings
The spotlight shines on China
Though positioned as a threat in recent years, we saw Chinese innovation discussions sweep the meeting, with major players and emerging firms taking a markedly different tenor – now seeing opportunity and potential in the market.
China’s competitive advantage
• China's innovation model prioritizes speed and cost-efficiency, making it an attractive partner for clinical trials and early-stage R&D, and reshaping competitive dynamics across the U.S. and Europe.
• China’s rapid rise has been met with mixed reactions stateside. Some see it as a netpositive for patients, and others note the need for clinical trial policy reform and regulatory modernization for U.S. firms to maintain leadership.
• Discussions during the conference highlighted China's faster clinical entry, lower labor costs, large patient populations and strong government support.
• In a widely shared letter, Noubar Afeyan, CEO of biotech builder Flagship Pioneering and chairman of Moderna, reiterated his warning science” movement in the U.S., specifically relative to China.
If we’re not careful, we could cede our leadership of this remarkable industry to another country.
JOHN MARAGANORE Alnylam co-founder and Biotech investor 57 YoY
Despite driving just 4% of total conversation, volume on this topic increased
77 of China-related mentions came from social media
GLP-1s are still in the spotlight
and looking toward the future
This year, we saw the GLP-1 fever transition into a more sophisticated second wave as the market matures, with the focus moving beyond weight loss to oral convenience, muscle preservation, DTP sales channels and long-term maintenance.
New jockeying for data
• Amgen touted Phase 2 trial results, and Lilly announced an expected Q2 decision on their daily pill.
• In a race against looming patent cliffs, Pfizer highlighted its fast-tracked key obesity programs stemming from their Metsera acquisition, with CEO Albert Bourla looking to break Novo and Lilly’s current “duopoly.”
An evolving patient market
• Both Novo Nordisk and Pfizer noted pricing pressures facing their products and candidates and sought to promote their DTP strategies as more cash-paying customers flood the market.
“We have seen that, especially within the field of obesity, [it] acts a lot more as a consumer business than a traditional medication.”
- Novo Nordisk CEO Mike Doustdar
• Novo Nordisk sees pills capturing over one-third of GLP-1 obesity market by 2030.
• Attendees addressed the pricing imbalance between the U.S. and E.U. and highlighted the rising role of e-health channels, which are surpassing traditional insurance models, particularly for costsensitive consumers.
GLP-1s drove 10% of the total conversation during the meeting
63 YoY
98.5
positive/neutral sentiment across social and media coverage
CONVERSATION BY BRAND
Let’s Connect!
The 2026 JPM Healthcare Conference highlighted the critical convergence of AI, China’s growing influence, strategic M&A activity, and innovation in GLP-1 treatments. These trends underscore a rapidly evolving healthcare landscape where agility, innovation, and strategic foresight will define winners in the next phase of biopharma.
Throughout the year, the WS Health team will continue watching newsmaking moments, trends and the evolving landscape.
We’d love to get your take on this year’s JPM Healthcare Conference and what you’re looking forward to in the year ahead.
KELLEY YODER
EVP, North America Health Lead kyoder@webershandwick.com
JAMIE DOWD President, New York & Health Americas jdowd@webershandwick.com