January 29, 2026
January 29, 2026
Earlier this month, the Mission North team spent the week in San Francisco moving between satellite events, industry panels, and community events tied to the J.P. Morgan Healthcare Conference. As in past years, the story of JPM was written not only in Union Square, but all across the city.
Highlights included two major AI companies launching healthcare tools, a $100 billion exit that rewrites the women’s health narrative, and ongoing regulatory uncertainty.
Here are our six takeaways from the conference:
1. M&A and Investment Vibes Are Cautiously Optimistic
Each year, as JPM kicks off, the industry waits for news of big deals. Mega mergers were largely absent this year, but the sentiment overall was cautiously optimistic. Executives noted that while a gap still exists between founder expectations and investor reality, the IPO window is starting to open. We saw this prove true with Aktis Oncology, which secured the first biotech IPO of 2026 — an upsized $318 million launch supporting its work in radiopharmaceuticals.
The consensus for 2026 is that investors will reward companies that pair bold vision with mature data. This includes biotechs in later stages of clinical study, and digital platforms that can prove they solve big problems, such as cutting hospital costs and speeding clinical trials.
Capital is flowing to areas like radiopharmaceuticals, neuroscience, metabolic health and immunology — highlighted by Eli Lilly’s $1.2 billion acquisition of Ventyx Biosciences.
2. AI Moves from Experiment to Enterprise
One of JPM’s buzziest moments: OpenAI and Anthropic launched clinical-grade healthcare tools. OpenAI launched ChatGPT Health, and Anthropic timed the release of its Claude for Healthcare to JPM. Both tools connect with medical records.Not to be left out, Amazon also announced its tool last week. The questions are: will patients and providers buy into these tools, will they make a meaningful impact, and how quickly could this happen?
One of JPM’s buzziest moments: OpenAI and Anthropic launched clinical-grade healthcare tools.
Meanwhile, in TechBio, AI is moving from screening to decoding deep biological logic. Cellular Intelligence (a Mission North client) announced that it’s building the first universal virtual cell-signaling model, marking the event with a white paper. In an event tied to JPM celebrating the paper and launch of the company’s new name, co-founder and CEO Micha Breakstone moderated a discussion that anticipated the prospect of "transforming developmental biology not within our lifetime, but within the next few years — a true AlphaFold moment."
3. Regulatory Uncertainty Remains Top of Mind
The FDA’s actions were a focal point of conversations. From DOGE cuts to FDA Commissioner Makary’s National Priority Voucher (CNPV), to controversy over the Committee on Immunization Practices (ACIP) — which saw an overhaul of its membership weeks before JPM.
What we’re seeing is a tug-of-war between speed and stability. While the voucher program could slash approval timelines, speakers at STAT’s Health Care at a Crossroads event were skeptical. Veteran regulator Richard Pazdur expressed concern about a broken firewall between political appointees and scientists. Former FDA Commissioner Scott Gottlieb foreshadowed that quick approvals could lead to new safety signals emerging after approval, warning that the public may question why drugs were approved. For drug developers, success in 2026 will require navigating a complex, fast-moving, and unpredictable landscape.
4. Resilience Isn’t Optional Amid Geopolitics
If China was a hot topic at JPM 2025, this year it hit a crescendo. With the BIOSECURE Act now law, there are strict limits in place; companies receiving federal funding are barred from using Chinese services for R&D, manufacturing, or genomic data analysis. Yet executives at JPM made it clear that developing a China strategy is no longer optional; it’s an urgent, non-negotiable priority.
Industry leaders at Fierce JPM Week, including Stephen Farrelly, Global Healthcare Lead of ING Bank, noted that China has the fastest medicine pipeline in the world. In fact, a third of new drug approvals are expected to come from China by 2040. Mark McKenna, CEO of Mirador Therapeutics, predicted that we’ll see more proof-of-concept studies out of China, emphasizing that while U.S. companies can absolutely go “toe to toe,” cost remains a major barrier.
In related discussions about reshoring pharma production, Christina Smolke, CEO of Antheia (also a Mission North client) underscored that the answer to supply chain vulnerability isn't a change in geography, but a change in technology. By moving to advanced biosynthesis methods that produce medicines in weeks instead of years, we can create a system that is more resilient to global shifts.
5. Women’s Health Grows Up: The $100 Billion Proof Point
The most energizing shift was perhaps the dismantling of the myth that women’s health is a niche play. The 2026 AOA Dx "Follow the Exits" report made waves by quantifying the sector’s impact: $100 billion in realized exit value over the last ~25 years. Meanwhile, the 2026 WHAM Investment Report showed that investing $350 million in women’s health research could generate a $14 billion return to the U.S. economy.
The most energizing shift was perhaps the dismantling of the myth that women’s health is a niche play.
This news takes us beyond advocating for health equity and unmet needs (both critical) and proves that innovation in women’s health is also a massive commercial opportunity. Areas like maternal health and women’s oncology currently anchor the biggest deals, but the industry is now seeing that the "other 95%" of conditions that affect women disproportionately represent a big opportunity.
No one represented this better than Saundra Pelletier, CEO of Evofem Biosciences, whose "Say Vagina" energy at Fierce JPM Week, served as a reminder that unlocking the potential of innovation in women’s health requires leaders with the grit to challenge the status quo.
6. Purpose Remains the First Priority
Before chasing trends and deal conversations across the city, the MN team kicked off JPM at Larkin Street Youth Services with Ticket to Biotech and Life Science Cares. This provided a much-needed grounding start to the week. Seeing their work to end youth homelessness was a reminder that our industry's mission is rooted in human health and well-being.
Tips for Communicators
For communicators navigating this landscape, JPM proved that three priorities matter most:
- Anchor Your Platform in Proof: While platform narratives are still paramount, investors are not moved by promise alone. Anchor your story in proof, whether outcomes, clinical data or regulatory milestones.
- Humanize AI and Health Tech: As tools like Claude for Healthcare go mainstream, the story is no longer only about the tech itself, but instead how it impacts people and turns into ROI — for example, how it’s reducing physician burnout or accelerating clinical trials.
- Reframe the Women’s Health Story: Move beyond women’s health as simply an advocacy play. Use the $100B data to tell the story of commercial potential and impact.
Final Thoughts
JPM felt different in 2026. It was less optimism versus pessimism and success versus failure, and more about a pragmatic path forward. The winners will be those with the clearest data, the most resilient infrastructure, and a sophisticated strategy for a rapidly changing global landscape.
