The Ministry of Trade, Industry, and Energy (MOTIE) and the Korea Trade-Investment Promotion Agency (KOTRA) announced on Jan. 28 that they have published the “JP Morgan Healthcare Conference Weekly Expedition Report” as part of their “Overseas Exhibition Information Provision” series.
The 42nd JP Morgan Healthcare Conference (JPM Conference), held in San Francisco from Jan. 8 to 11 is the world’s largest pharmaceutical and biotechnology event where global leaders in the medical and pharmaceutical industries gather to discuss new technologies and business trends.
In the report, three key keywords for the 2024 bio industry were highlighted during the JPM Conference: artificial intelligence (AI), obesity treatment (GLP-1), and antibody-drug conjugates (ADC).
Regarding AI, it pointed out an increase in demand for technology and partnerships between companies. Examples were given, such as Nvidia and Isomorphic Labs announcing strategic partnerships for the development of AI-based new drugs with major pharmaceutical companies such as Amgen and Eli Lilly.
GLP-1 has gained considerable attention as an effective obesity treatment. According to JP Morgan Research, it is estimated that around 30 million people, constituting 9 percent of the U.S. population, will use GLP-1 by 2030, with the market size expected to surpass US$100 billion.
Industry interest in ADC continues to grow. The global market size is expected to reach US$19.8 billion by 2028 with an annual growth rate of 15.8 percent from the US$9.78 billion recorded in 2023. Analysis suggests that major pharmaceutical companies are making significant investments to dominate the market, with news of big deals related to ADC emerging before and after the JPM Conference.
Meanwhile, KOTRA, in the report, highlighted its participation in various side events of the JPM Conference, including Biotech Showcase, Redefining Early Stage Investments (RESI), Korea Biotechnology Industry Organization Global IR, Korea Night, and the Goodwin + KPMG Symposium. These events provided insights into the trends and on-site atmosphere of the bio industry.
In particular, the showcase attracted over 2,300 biotech companies and more than 1,000 investors from 35 countries, engaging in conferences and one-on-one meetings. South Korean companies also achieved a record participation with 137 companies, marking the highest number to date.