We’re All First-Timers Again: “Winning” at J.P. Morgan

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When the biopharma industry gathers in early January for the annual J.P. Morgan Healthcare Conference, attendees will be welcomed with familiar accoutrements. The clock still hangs in the lobby of the Westin St. Francis, where the sessions are held. Hotel prices will still be astronomical. The Union Square rink will still be frozen.

But the conference will, in some ways, be new for everyone. It will have been three years since the event was last in-person, and that will make the whole thing a little more novel, even for veterans. With that in mind, we wanted to offer five pieces of advice on navigating the confab for both true newcomers and for those for whom the pandemic has made everything a little fresher:

Lesson One. You "Win" J.P. Morgan in June, Not January. Most people judge their J.P. Morgan performance by the number of meetings they hold, and most attendees would be happy to share the precise number of one-on-ones they've booked. But swapping business cards for four days means nothing if there’s no follow-up until everyone arrives in San Francisco again in 2024. The players who use meetings as a springboard to a phone call in February, a lunch in March and a deal in June are the ones who maximize their time. Quality, not quantity, people.

Lesson Two. Parties Are Irrelevant. With a three-year break (and an industry finding its footing after a rough couple of years), there’s likely to be some anxiety about the best places to see and be seen. The good news: it doesn’t matter. There are no “right” parties (unless you have an independent interest in, say, circus performers or Scotch being served by gentlemen in kilts), only “right” people to see. If you know who those people are, you'll be fine. If you don't, no amount of party-hopping will help.

Lesson Three. We’re All Hybrid Now. Let us offer a prediction: the hallways will be a little less crowded this time around. That will be driven by fear of contagion, no doubt, but also a growing sense that it’s not necessary to spend five hours in a metal tube and $1,000 a night to get in front of the right people. Knowing who won’t be making the trip, and getting in front of them without the excuse of “a drink at the Clift,” is an emergent skill set.

Lesson Four. Those With the Most Interesting Perspectives Don't Make Drugs. J.P. Morgan is about looking into the future, but the biopharmaceutical industry won’t create that future alone. Providers will have a say. So will payers. And the government’s role in the American pharmaceutical industry is about to change in a dramatic fashion. Seeking out those perspectives, rather than just updates from the clinic or the lab, is the only way to really understand what’s coming next.

Lesson Five: Whatever is Hottest is Almost Certainly Overhyped. Each year, there is a technology or therapeutic area that ends up being on the tip of everyone's tongue. Some of these technologies pan out. Some don't. Some take years and years to come to fruition. But the level of volume at J.P. Morgan is a lousy crystal ball.

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