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Pharma Management One-On-One With The Industry's Players At JPMHC By Wayne Koberstein, contributing editor O n the train from the airport to downtown San Francisco, the people were friendly and helpful. But a harder reality awaited me when I departed my station; a young street woman offered to carry my briefcase by grabbing it off my roller bag, only letting go when I finally said "Stop!" Soon I was making my way on foot up familiar Powell Street, dodging a roughly equal number of surly businessmen and street types as I climbed the steep sidewalk toward my hotel. The experience proved to be a small precursor to my following four-day marathon — the JP Morgan Healthcare Conference (JPMHC). Our Chief Editor Rob Wright and I worked together at this year's event, attending sessions, meeting on- and off-site with company CEOs and others, and bumping shoulders with the crush of people climbing up and down the St. Francis hotel staircases and surrounding San Francisco hills. As Rob observed in his blog (14 January 2013, "Why J.P. Morgan Healthcare Conference Remains Relevant"), JPMHC is the hub of countless interactions for investors and business developers, with Big Pharma companies and C-Level execs serving up the main action. A concentric circle of smaller-company players also attracts packed crowds because folks generally know that if you have finally made it into the elite squadron of presenters, you must have something going on. The third circle, bigger by far than the first two, consists mainly of start-up enterprises 58 LifeScienceLeader.com that can't wait for presenter status; they must act now to raise money, find partners, and otherwise spread their message in meetings off site. JPMHC is invitation only, two-person max per company, plus some media and analysts. Normally, it takes years as a JPM client to wangle an invitation, easily leaving most of those who flock to the scene on the outside looking in. Despite the mass movement of participants here, the investment game is — as one VC leader remarked — a personal, one-to-one business. Individuals confer across tables, randomly in sessions, and throughout the hallways. Professional relationships begin, develop, and sometimes end in personal interactions that occur at the event but, often, also extend far beyond it. Befitting the event's personal basis, I offer my observations in the first person, as one witness among many, following an ambitious schedule but in no way covering every significant moment. JPMHC forces choices; its five tracks and breakout format ensure no single observer sees it all. If you plan carefully, however, you will survey a large sample of Big Pharma announcements, mid- to small-company pronouncements, and startup proclamations that may presage momentous developments. Large companies mainly use the platform for updates on their finances and pipelines, April 2013 but offer little content unavailable through public sources. In fact, at least two companies saved their biggest news for after the event: Novartis replaced its Chairman/CEO and AstraZeneca moved in a new head of R&D; a week later. Breakout sessions reveal some interesting details but nothing earthshaking in most cases. SEE THE COMPANIES, ALL IN A ROW The following are brief accounts describing examples of my company meetings and attended presentations at JPMHC, with some thoughts about the companies' potential contributions, likely hurdles to overcome, and state of progress toward their elected goals. Most often, the information exchanged offers important implications for the life sciences industry and its people. Alkermes Much of Alkermes' pipeline is aimed at indications that accompany CNS conditions or their treatments. One candidate is an oral antipsychotic without the usual side effects of weight gain oft-linked to diabetes. Alkermes has both commercial and development portfolios, along with Big Pharma partnerships. It doubled annual revenue in fiscal 2012 to almost $400 million and expects to nearly double it again this year, so it can