<p><img src="https://imageproxy.pbkrs.com/https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2026/01/shutterstock_2536823279-430x241.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="430" height="241" original-src="https://imageproxy.pbkrs.com/https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2026/01/shutterstock_2536823279-430x241.jpg"/></p>
<p>在 2026 年 JP 摩根医疗会议的第一天，关于期待中的 “超级交易” 的消息缺席，定价和政策成为议程的焦点。图片来源：Tang Yan Song/Shutterstock.com</p>
<p>在 2026 年 JP 摩根医疗会议的第一天（1 月 12 日）结束时，投资者和制药高管在旧金山聚集，指出迄今为止缺乏备受期待的 “超级交易”。但他们也表示，当前的市场动态为交易的发生提供了激励。</p>
<p>新闻报道表明，Revolution Medicines 和 Abivax 正在进行收购谈判，但截至 1 月 13 日，没有公司确认这些报道。与此同时，像 AbbVie 和 Remegen 或诺华与 SciNeuro 之间的许可交易，为大型制药公司开发和收购新资产以增强其产品线提供了途径。</p>
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<p>在旧金山举行的生物技术展示活动中，Ipsen 的外部创新与研究高级副总裁 David Jenkins 表示，这家中型公司看到更多的交易活动。Ipsen 故意不与大型制药公司在 100 亿美元以上的交易中竞争，但在较小的范围内竞争更为激烈，主要是因为公司需要填补产品线，他补充道。</p>
<p>其他宏观因素继续推动交易的需求和激励。在同一活动的另一场讨论中，Foley Hoag 医疗部门的合伙人兼联合主席 Thomas Barker 表示，生物制药行业面临的最大监管或政策挑战之一是对药品定价的关注。他表示，随着该行业监督前拜登政府实施《通货膨胀削减法案》（IRA）以及不同的定价模型（如最惠国（MFN）策略），似乎特朗普政府在此方面 “加倍努力”。</p>
<p>PhRMA 的首席运营官 Lori Reilly 表示，游说组织对药房福利管理者（PBMs）和 340B 药品定价计划的改革呼声是当务之急，以应对患者在药房柜台的高成本。Reilly 强调了最近的 美英协议，根据该协议，英国国家健康服务（NHS）将为创新药物支付 25% 的净价格，作为向美国以外国家发出更多医疗创新支出的信号，但她补充说，与一个国家达成协议不足以实现价格的平衡。</p>
<p>尽管像 CRISPR 疗法等科学技术正在推动领域的发展，Barker 表示，科学的进步可能 “远远快于政府应对科学变化的能力”。需要政策变化来促进国内创新，几位在此次讨论中的发言者提到来自中国的研究所带来的迫在眉睫的威胁。</p>
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<p>Fritz Bittenbender，BIO 董事会主席和 Genentech 高级副总裁表示，需要一个考虑监管计划、政策变化和制造的战略计划。他补充说：“不能仅仅对中国说不。我们必须在创新方面与中国竞争并获胜。”</p>
<p>在此注册以接收来自 2026 年 JP 摩根医疗会议的最新医疗行业趋势的每日更新 <em>在会议后注册以获取全面报告</em>](https://www.pharmaceutical-technology.com/jpm-healthcare-conference-insights-2026/) _。</p>

荣昌生物

艾伯维

<p>在 2026 年摩根大通医疗会议上，讨论的重点是药品定价和监管变化，预期中的大型交易却显著缺席。投资者注意到，目前的市场动态鼓励较小的许可交易，例如艾伯维与荣昌生物之间的交易。专家强调了《通货膨胀削减法案》的影响，以及对药品福利管理者进行改革的必要性，以应对高昂的患者费用。会议强调了政策变化在促进创新和与中国新兴研究竞争中的重要性</p>

<p><img src="https://imageproxy.pbkrs.com/https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2026/01/shutterstock_2536823279-430x241.jpg" alt="" original-src="https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2026/01/shutterstock_2536823279-430x241.jpg"/></p>
<p>Absent of news around anticipated “mega-deals”, pricing and policy set the agenda at the first day of the 2026 JP Morgan Healthcare conference. Credit: Tang Yan Song/Shutterstock.com</p>
<div class="lb-trans"><p>在 2026 年 JP 摩根医疗会议的第一天，关于期待中的 “超级交易” 的消息缺席，定价和政策成为议程的焦点。图片来源：Tang Yan Song/Shutterstock.com</p>
</div><p>At the first day of the 2026 J.P. Morgan Healthcare conference concluded on 12 January, investors and pharma executives gathered in San Francisco remarked on the absence of highly anticipated “mega-deals” thus far. But they also indicated that current market dynamics are providing an incentive for deals to take place.</p>
<div class="lb-trans"><p>在 2026 年 JP 摩根医疗会议的第一天（1 月 12 日）结束时，投资者和制药高管在旧金山聚集，指出迄今为止缺乏备受期待的 “超级交易”。但他们也表示，当前的市场动态为交易的发生提供了激励。</p>
</div><p>News reports have suggested Revolution Medicines and Abivax are in talks to be acquired, but no company has confirmed these reports as of 13 January. In the meantime, licensing deals — like between AbbVie and Remegen, or Novartis and SciNeuro — are providing a pathway for big pharma to develop and acquire new assets to strengthen their pipelines.</p>
<div class="lb-trans"><p>新闻报道表明，Revolution Medicines 和 Abivax 正在进行收购谈判，但截至 1 月 13 日，没有公司确认这些报道。与此同时，像 AbbVie 和 Remegen 或诺华与 SciNeuro 之间的许可交易，为大型制药公司开发和收购新资产以增强其产品线提供了途径。</p>
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</div><p>During a discussion at the Biotech Showcase event, also held in San Francisco, David Jenkins, SVP and head of external innovation and research at Ipsen, said the mid-sized company has seen a lot more deals activity. Ipsen is deliberately not competing in the same space as the larger pharma companies for $10bn+ deals, but in the smaller ranges there is more competition, largely because companies need to fill pipelines, he added.</p>
<div class="lb-trans"><p>在旧金山举行的生物技术展示活动中，Ipsen 的外部创新与研究高级副总裁 David Jenkins 表示，这家中型公司看到更多的交易活动。Ipsen 故意不与大型制药公司在 100 亿美元以上的交易中竞争，但在较小的范围内竞争更为激烈，主要是因为公司需要填补产品线，他补充道。</p>
</div><p>Other macro factors are continuing to drive the appetite and incentive for deals. At another discussion in the same event on 12 January, Thomas Barker, partner and co-Chair of the healthcare department at Foley Hoag, said one of the biggest regulatory or policy challenges facing the biopharmaceutical industry is the focus on drug pricing. As the sector oversaw the implementation of the Inflation Reduction Act (IRA) under the former Biden administration and different pricing models like Most Favoured Nation (MFN) in the mix, he said it seemed as if the Trump administration has “doubled down”.</p>
<div class="lb-trans"><p>其他宏观因素继续推动交易的需求和激励。在同一活动的另一场讨论中，Foley Hoag 医疗部门的合伙人兼联合主席 Thomas Barker 表示，生物制药行业面临的最大监管或政策挑战之一是对药品定价的关注。他表示，随着该行业监督前拜登政府实施《通货膨胀削减法案》（IRA）以及不同的定价模型（如最惠国（MFN）策略），似乎特朗普政府在此方面 “加倍努力”。</p>
</div><p>Lori Reilly, COO at PhRMA, said the lobbying organisation’s calls for reforms on pharmacy benefit managers (PBMs) and 340B drug pricing programs are the need of the hour to address high costs for patients at the pharmacy counter. Reilly highlighted the recent US-UK deal, under which the UK’s National Health Services (NHS) would pay 25% in net prices more for innovative medicines, as a way to signal ex-US countries to spend more on medical innovations, but added that an agreement with one country is insufficient to equalise prices.</p>
<div class="lb-trans"><p>PhRMA 的首席运营官 Lori Reilly 表示，游说组织对药房福利管理者（PBMs）和 340B 药品定价计划的改革呼声是当务之急，以应对患者在药房柜台的高成本。Reilly 强调了最近的 美英协议，根据该协议，英国国家健康服务（NHS）将为创新药物支付 25% 的净价格，作为向美国以外国家发出更多医疗创新支出的信号，但她补充说，与一个国家达成协议不足以实现价格的平衡。</p>
</div><p>While scientific technologies like Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR) therapies to treat sickle cell anaemia are moving the field forward, Barker said the science may be advancing “far more rapidly than the ability of the government to address changes in science”. Policy changes that foster domestic innovation are necessary, and several speakers at this discussion noted the looming threat of research emerging from China.</p>
<div class="lb-trans"><p>尽管像 CRISPR 疗法等科学技术正在推动领域的发展，Barker 表示，科学的进步可能 “远远快于政府应对科学变化的能力”。需要政策变化来促进国内创新，几位在此次讨论中的发言者提到来自中国的研究所带来的迫在眉睫的威胁。</p>
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<div class="lb-trans"><h1>美国关税正在变化 - 你会反应还是预见？</h1>
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</div><p>A strategic plan is needed that considers regulatory plans, policy changes, and manufacturing are needed for the US, said Fritz Bittenbender, Board Chair at BIO and senior vice president at Genentech. “It can’t be just no to China. It has to be: we have to compete and win against China in terms of innovation,” he added.</p>
<div class="lb-trans"><p>Fritz Bittenbender，BIO 董事会主席和 Genentech 高级副总裁表示，需要一个考虑监管计划、政策变化和制造的战略计划。他补充说：“不能仅仅对中国说不。我们必须在创新方面与中国竞争并获胜。”</p>
</div><p>Sign up here to receive daily updates <em>on the latest healthcare industry trends emerging from the JP Morgan Healthcare conference 2026.</em> Sign up here to receive a comprehensive report <em>after the conference.</em></p>
<div class="lb-trans"><p>在此注册以接收来自 2026 年 JP 摩根医疗会议的最新医疗行业趋势的每日更新 <em>在会议后注册以获取全面报告</em>](https://www.pharmaceutical-technology.com/jpm-healthcare-conference-insights-2026/) _。</p>
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摩根大通第 26 届会议：第一天——药品价格和政策变化主导议程