Heading into JPM this year, the difference was immediately noticeable. After several years defined by caution and constraint, JPM 2026 felt like a turning point. The conversations our team had with CEOs, CMOs, Board Members and investors reflected a level of optimism and urgency we have not experienced since 2021.
While no one is calling this a boom, there is genuine conviction and optimism that, in large part, the more challenging days are behind us, and that momentum is building across biotech and pharma.
From Survival to Execution
The dominant theme across meetings was a shift from survival mode to focused execution. Capital feels closer, energy is stronger, and leaders are thinking more seriously about growth. Companies with clinical stage assets are moving forward with confidence, while some preclinical organizations continue to face funding pressure.
At the same time, many leaders acknowledged that recent years of delayed hiring, especially across clinical development, regulatory, and medical functions, ultimately slowed progress. That realization is now driving more proactive talent decisions.
Talent Strategy Is Getting Smarter and Faster
One of the most striking changes from last year was the urgency around hiring. We heard significantly more discussions about imminent leadership searches, with plans to launch within the next three to six months.
At the same time, organizations remain disciplined. Rather than building large internal teams, many are leveling up critical functions through targeted hires or fractional/consulting leaders. This allows companies to bring in deep expertise without bloating headcount or reducing runway, a trend we expect to continue throughout 2026.
Companies are also far more focused on hiring the right people for the long term. After costly missteps in recent years, leaders want confidence that new hires can execute, adapt, and accelerate development rather than simply follow traditional playbooks.
AI, Efficiency, and External Uncertainty
AI continues to be a major theme, but the conversation has matured. Leaders are focused less on hype and more on how AI can free up clinical teams to spend more time with patients while improving efficiency and decision making.
At the same time, uncertainty remains. Regulatory dynamics, potential drug pricing reform, geopolitical considerations including China’s growing role in biotech, and broader policy shifts are all influencing how companies plan to hire. As a result, operational efficiency and EBITDA discipline remain top priorities, especially for organizations preparing for an IPO or strategic transaction.
What Leaders Should Be Focused on Now
Based on what we heard at JPM, the most successful organizations in 2026 will be those that prioritize:
- Developing the next generation of biotech leaders
- Speed and execution in clinical development
- Strategic, high impact leadership hiring
- Capital efficiency and operational discipline
- Thoughtful integration of AI and new technologies
Turning Optimism Into Action
JPM 2026 confirmed what many of us have been sensing. Momentum is building in the industry again. But optimism alone will not drive results. The companies that win will be those that act early, build the right teams, and position themselves to capitalize on improving market conditions.
At Klein Hersh, we partner with leadership teams at critical inflection points, helping to secure the talent needed to move faster, smarter, and with confidence. If your organization is preparing for growth, we would welcome the opportunity to start a conversation and explore how we can support your next chapter.
