What we learned from JPM 2026

19 January 2026

The 2026 JPM Healthcare Conference reinforced that the healthcare and life sciences sector has entered a more disciplined, execution-led phase.

While previous years were defined by headline-grabbing M&A and exuberant valuations, JPM 2026 was about proof points: real clinical progress, targeted investment, operational scale-up, and selective partnerships.

Across the week, several clear lessons emerged.

AI moved from narrative to infrastructure

Artificial intelligence was everywhere at JPM 2026, but the tone has clearly shifted. This year, AI was discussed less as a vision and more as core infrastructure.

The most prominent signal came from Eli Lilly and NVIDIA, who announced a long-term, billion-dollar commitment to a shared AI innovation lab designed to fundamentally accelerate drug discovery.

More broadly, companies described:

AI embedded directly into R&D workflows
real-world deployment in clinical trial optimisation and operations
growing internal AI teams and data science roles

The takeaway: AI is no longer experimental. It’s operational.

Strategy and execution trumped spectacle

One of the most striking features of JPM 2026 was what didn’t happen. There were no blockbuster mega-mergers announced on stage, and dealmaking started cautiously. Instead, companies used the conference to demonstrate credibility and readiness:

clear growth pathways
pipeline prioritisation
disciplined capital allocation

Large pharma consistently emphasised durability of growth beyond near-term patent cliffs, while mid-cap and emerging biotech’s focused on advancing assets toward pivotal milestones rather than selling future promise.

The message to investors was clear: execution matters more than ambition.

Targeted deals and partnerships are back in focus

Although transformational M&A was limited, JPM 2026 still delivered meaningful business development activity, particularly licensing and platform partnerships.

Notable examples included:

AbbVie, which announced a multi-billion-dollar oncology licensing agreement, reinforcing the continued appetite for differentiated late-stage assets
Increased cross-border partnering, with Asian conglomerates and biotechs actively seeking global collaborations

Overall, deal activity felt deliberate rather than defensive, signalling confidence, not caution.

Clinical and rare disease momentum is driving value

Late-stage clinical progress emerged as one of the strongest confidence drivers across the week. Oncology, immunology, neuroscience and rare disease programs dominated investor conversations, particularly where companies could point to:

upcoming pivotal readouts
regulatory designations
clear commercialisation paths

Rare disease biotechs, in particular, stood out for their focus and capital efficiency, reinforcing their role as a key growth engine for the sector in 2026 and beyond.

Growth means people, not just pipelines

While JPM is not traditionally a hiring conference, people and capability expansion was an undercurrent throughout the week.

Companies signalled growth through:

expansion of R&D, AI and computational biology teams
increased investment in specialised therapeutic area leadership
organisational build-out ahead of late-stage trials and launches

In short, many organisations are quietly staffing for scale, a strong indicator of confidence in future execution.

The bottom line

JPM 2026 marked a turning point from hype to hard evidence.

The sector showed:

confidence without exuberance
ambition grounded in execution
innovation supported by real capital

Rather than chasing headlines, healthcare leaders focused on building resilient pipelines, scalable platforms and organisations ready for long-term growth. If JPM 2026 is a guide, the year ahead will be defined less by noise, and more by results.

We’re looking forward to seeing what this all means for hiring needs in 2026.