Day 3 at #JPM26 felt like the moment when optimism met pragmatism. After Day 1’s reset and Day 2’s pricing reality check, today’s conversations were more about what it actually takes to execute. Pricing agreements may have restored some predictability, but executives were candid that they came with trade-offs.
What stood out was how openly CEOs talked about compromise. Sanofi and BMS framed their “most-favored nation” deals not as wins or losses, but as difficult negotiations that preserved long-term investment theses while enabling lower prices through new direct-to-patient access. Policy constraints are no longer being negotiated away, they are being baked into strategy and new business models.
At the same time, manufacturing, speed, and competitiveness dominated the subtext. Legend Biotech reported operating profit for its one-dose CAR-T therapy, underscoring how investments in manufacturing capacity and site readiness can be as critical to access as reimbursement.
AbbVie, meanwhile, demonstrating its legendary operational discipline, outlined plans for ten head-to-head trials, asserting its confidence.
But venture investors continued to push, questioning why the U.S. system can’t move with the urgency it proved possible during the pandemic, especially as China accelerates.
Bob Nelsen of ARCH Venture Partners offered one of the most blunt quotes of the week on STAT's podcast: "We know we can go faster... I don’t blame China for being competitive. I blame the U.S. for not stepping up and competing."
Day 3 reinforced a deeper shift underway. Yes, execution is about accelerating life science innovations into product pipelines, but it must include navigating trade-offs faster than competitors, across regulation, pricing, and global competition. We're dealing with reality as it is, not as we wish it to be.
#cglife