Every year, so many of us journey to San Francisco to witness the life science ecosystem in action on a micro-scale. We consent to legal extortion by hoteliers, restaurants, and bars while reading the headlines, social feeds, and tea leaves for something invaluable and fleeting: hope that we’re on the cusp of a banner year in the biopharma industry. The world seems burdened by uncertainty in 2025 in a way it hasn’t been since the pandemic raged in 2020. We all seek predictability for the future –– beyond next week or the latest budget cycle –– to plan our businesses, advise our clients appropriately, and make sense of the future in a year of extreme uncertainty. 

Let’s start with the obvious signs of life. There was undoubtedly an uptick in venture and M&A dealmaking resulting from pharma’s looming patent cliff and the realization that most of the overvalued and undercapitalized biopharma is no more as we enter 2025. Examples include: Eli Lilly’s acquisition of Scorpion Therapeutics and GSK’s  cash purchase of IDRx were announced on the first day of JPM. 

Of course, the flames of uncertainty were fanned in many conversations as people tried to prognosticate the looming changes coming from the White House. How might the new administration approach regulatory policies for drug approvals, drug pricing, pharmaceutical advertising, transparency in scientific communications, and biomedical research funding? Would an RFK confirmation accelerate healthcare reform in the country or undermine vaccinations, leaving the nation exposed to new pandemics or centuries-old infections? Open questions like these fueled cautious optimism or concern, depending on who one was speaking with at JPM. 

There was great interest and enthusiasm for the potential of unleashing artificial intelligence on drug research and development, clinical trial management, and, well, anywhere else it might be applied and accelerate the delivery of new therapeutics to patients and value to shareholders. There was also a palpable excitement about the potential of Chinese-based innovation in biopharma, fueled partly by the sheer volume of pharma licensing deals originating from Chinese biotech and the relative cost advantages.

But what delivered the most hope for the future of the biopharma sector was a voice heard resoundingly on Union Square, which will undoubtedly get louder. In the tradition of San Francisco, the Biotech CEO Sisterhood held a takeover of The Square on day two to display leadership by women in biotech. Emblazoned in pink, these women demonstrated that their presence was undeniable and essential for the future of our industry. Gone are the days of monolithic men in blue suits deciding the future of biotech.  

Witnessing this demonstration in the true spirit of San Francisco gave me hope that the future is brighter because a revolution from within is at work, reshaping our industry for the better now, tomorrow, next month, next year, and certainly at the next JPM.