J.P. Morgan Healthcare Conference 2026: The Great Biopharma Reset

Ahead of the 2026 J.P. Morgan Healthcare Conference, Julien Meissonnier, Independent Director for Prolific Machines, breaks down the transitional phase of today’s market, highlighting the unsustainability of de-risking strategies in the long term.

Currently, the bio/pharma investment landscape is quite different from what it was less than a decade ago, notes Julien Meissonnier, Independent Director on the Board for Prolific Machines and former Chief Scientific Officer for Catalent. “Seven or eight years ago, industry was in an era where almost everything was possible, or seemed possible,” he says. “Capital was abundant, risk allowance was high, and the industry tried to validate scientific hypotheses that, quite frankly, I couldn’t have even thought of 10 to 15 years earlier.”

This enthusiasm has obviously cooled, Meissonnier remarks, as the science has demonstrated that true validation cannot be achieved from a single shot on goal and macroeconomic pressure has enforced a reset. “So, the results have been kind of a nuclear winter for discoveries, CROs, and early-stage CDMOs,” he adds.

While larger commercial players have been somewhat resilient thanks to the support of strong later-stage pipelines and high-quality assets that are managing to progress to the market, there has been a shift by investors into more de-risked models, Meissonnier explains. “The capital is also concentrated into well-understood areas, such as GLP-1s [glucagon-like peptide-1 agonists] and others,” he states.

“But, I view this as a transitional phase rather than a durable strategy,” Meissonnier continues. “[This strategy is] difficult to sustain in today’s macro environment, especially when you think about the fact that large pharma in-licensing coming out of China is going to reach north of 50%.”

“Looking ahead to J.P. Morgan, I think the most important strategic decision will be how these next clinical proof points combined with the rise of China’s competition and innovation reshape investment priority,” Meissonnier specifies. “I’ll be listening very closely to how quickly confidence returns to differentiated science and where capital is ready to reengage with disruptive innovation, because this is what patients need. And, those conversations and the data behind them will be key indicators of the long-term health of the U.S. biotech industry and innovation engine.”

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About the Speaker

Julien Meissonnier currently serves as an Independent Director on the Board for Prolific Machines — a company that is on a mission to create a healthier, more sustainable tomorrow with its Photomolecular platform. Most recently, Julien was the former Chief Scientific Officer for Catalent where he led the global R&D team, developing products, technologies, and services for customers, and advised the company on entry into new modalities. Julien also acts as a board member and strategic advisor to various life science investors and innovators.

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