SAN FRANCISCO, Calif. --  By Kim Chan-hyuk/Korea Biomedical Review correspondent -- The world's largest healthcare investment conference, hosted by J.P. Morgan, kicked off on Monday at the Westin St. Francis Hotel in San Francisco.

The J.P. Morgan Healthcare Conference, which started with 21 corporate participants in 1983, has grown into an event featuring 531 businesses this year, with their combined market capitalization surging from $4 billion to more than $9 trillion.

This year's event attracts 8,000 attendees and more than 30,000 one-on-one meetings, over 12,000 of which have led to deals in past years.

According to conference data, the global healthcare industry underperformed other industries in terms of price-earnings ratio last year. However, there were differentiating trends within the industry as the Medtech sector performed best while Managed Care and Healthcare Facilities were the worst performers.

J.P. Morgan has a positive outlook for the global healthcare industry in 2025. The company noted that drug development and product portfolios are robust in the biopharma sector, and clinical trial data is favorable.

J.P. Morgan expects M&A activity to be especially strong this year thanks to companies' high cash reserves and strong balance sheets. Another positive factor is a strong stock market in a “Trifecta” year when the U.S. government controls both chambers of Congress and the executive branch.

“While there are geopolitical and policy risks, the potential for a soft landing and a pro-business administration are positive factors,” the host company said.

The event will also feature a keynote address by J.P. Morgan Chase Chairman Jamie Dimon, as well as speakers Mark Milley, former chairman of the U.S. Joint Chiefs of Staff, and Scott Gottlieb, former commissioner of the U.S. FDA.

Milley is highly sought-after because of his complicated relationship with President-elect Donald Trump, while Gottlieb will share his views on the Joe Biden administration's healthcare policies and the formation of the new cabinet.

Major Korean biopharmaceutical companies are also participating in the conference. On the second day, Samsung Biologics and Celltrion will present their main agenda. On the final day, Bridge Biotherapeutics will make presentations at the plenary session, while Classys, Hugel, and Lotte Biologics will present their corporate status and strategies at the Asia-Pacific track.

The conference will also feature a special panel as part of the Biotech Sisterhood program to promote female leadership, and participants are encouraged to wear pink to show their support.