The JP Morgan Healthcare Conference has long served as the healthcare industry’s most influential kickoff event of the year. Each January, thousands of investors, industry professionals, senior government officials, and global healthcare companies—ranging from Fortune 100 corporations to small-cap and emerging private companies—converge in San Francisco to engage in strategic conversations, discuss the latest industry trends and innovations, and set the tone for the year ahead.
As ICR Healthcare prepares for the upcoming conference we asked our seasoned investor and public relations colleagues to share their thoughts on what the key themes will be for our industry, what everyone is going to be talking about at the 2025 JP Morgan Healthcare Conference, and most important of all, where to eat in San Francisco.
Our contributors:
- Michael O’Brien, Partner, Head of US Healthcare Public Relations
- Caroline Corner, Partner, Investor Relations
- Chris Brinzey, Partner, Investor Relations
- Jordan Kohnstam, Managing Director, Investor Relations
- Mark Corbae, Managing Director, Public Relations
- Mike Vallie, Managing Director, Investor Relations
- Jack Powell, Senior Vice President, Investor Relations
What are you most looking forward to/hoping for from JP Morgan Healthcare?
The start of each year brings renewed energy to the healthcare industry, and our team is particularly focused on gauging sentiment for 2025. After a challenging year for the NASDAQ Biotechnology Index (NBI), which lagged most other market indices in 2024, many view JPM as a crucial barometer for the year ahead.
Our team is especially eager to see if strong preannouncements from revenue-producing companies, new data releases, and potential licensing/collaboration/M&A updates could spark enthusiasm for the sector. As Michael O’Brien, a Partner at ICR Healthcare and Head of US Healthcare Public Relations noted, “JPM is always like the beginning of a new school year. Connecting with old and new friends and colleagues and preparing for a re-set for our industry is what we all hope to do.”
The in-person networking aspect remains a key draw, offering a rare opportunity for investors, banking teams, equity research analysts, and strategics to converge in one location. This face-to-face interaction provides valuable insights into both company and investor sentiment, helping to shape expectations for the year ahead.
What’s everyone going to be talking about?
IPO Market and Financing: The outlook for IPOs will be a hot topic. The successful pricing of CeriBell in late 2024 has sparked optimism about a potential reopening of the IPO window, with successful biotech offerings like Septerna and others further supporting this momentum. Many are watching to see if 2025 could mark a turning point, especially for high-quality companies that have had multiple years to grow, scale, and mature. Buy-side and sell-side participants will be eagerly assessing market conditions and trying to gauge just how robust the IPO pipeline might be for 2025.
Political Landscape and Policy: With a new administration taking office immediately following JPM, discussions will center around Fed policy, cabinet appointments, and their potential impact on the sector. Changes at the FDA, CMS, NIH, FTC, and other agencies could significantly influence the healthcare sector.
Healthcare Coverage and Industry Sentiment: The future of insurance coverage for GLP-1s and broader discussions about public sentiment regarding the U.S. healthcare system are expected to be key talking points.
Top predictions for the healthcare industry for 2025
M&A Activity: Expectations are for improved M&A activity, driven by high cash balances and looming patent expirations. A potentially more lenient FTC approach could facilitate deals that help large pharma fill pipeline gaps.
Capital Markets: While timing remains uncertain, particularly after the Fed’s December meeting, our team anticipates an increase in IPOs compared to 2024. While not expecting a return to 2020-2021 levels, a more normalized range of 30-50 IPOs seems possible.
Innovation and Treatment Advances: Digital transformation, particularly AI integration, continues to be a major focus across drug development, operations, and strategic decision-making. The small/mid-cap MedTech sector shows promise for 2025, with current valuations below historical levels and continued innovation taking place in the space.
Policy and Access: Key areas to watch include
- PBM reform developments
- Mental health insurance parity regulations
- Women’s health and reproductive health policy evolution
- The broader national conversation about U.S. healthcare system sentiment
Tips and advice on the best places to eat between meetings or around the conference?
Near the Conference (less than 1 mile):
- The Grove – Yerba Buena – Perfect for all-day breakfast
- Tratto – Excellent Italian in a welcoming atmosphere
- Miller & Lux Provisions Café at Union Square – Perfect for coffee and sweet treats, often with live music nearby
- Lost Cat Bar and Bites on Post Street – Good drinks and atmosphere
Worth the Short Trip (1-1.5 miles):
- Kokkari – Amazing Greek cuisine that consistently delivers
- Harris’ Steakhouse – A reliable standard that never disappoints
- Cotogna – Outstanding Italian fare near the Transamerica Pyramid
- La Mar – Exceptional Peruvian cuisine with waterfront views
- Coqueta – Vibrant Spanish tapas on the Embarcadero
- Zuni Café – A San Francisco institution known for its roast chicken
Pro tip from our colleague Jordan Kohnstam, Managing Director: “Pack plenty of snacks and try to venture beyond the immediate conference area for meals when possible.”
As leaders in the healthcare industry gather in San Francisco this January, our team looks forward to being part of the conversations that will shape the year ahead. If you’d like to connect with our team during JPM week or learn more about how we can support your global communications needs, please reach out to us.
