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MARKET INTEL by PharmaCompass
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By PharmaCompass
2019-01-17
Impressions: 98 Article
The JP Morgan Healthcare Conference at the Westin St Francis hotel held during January 7 to 11 has been a hot topic of discussion in the pharma circles. Held each year in San Francisco, the meet ends up occupying all hotels, restaurants, bars and coffee shops in the six-block radius around Union Square in the city.
During the meet, the industry makes big announcements about new deals, financings and collaborations. This year saw plenty of those announcements, such as Celgene, Loxo, Adaptive, and many others. The JPM week is also a mega networking event.
However, this year, the event proved to be exceedingly expensive. Hotels charged anything between US$ 8,000 to US$ 20,000 for four nights, while also selling “time” for meetings in their lobby. Hotel Nikko, for instance, rented out tables for US$ 30 per person per hour. Food prices too hit through the ceilings. A simple egg breakfast came for US$ 28, while a cup of coffee costed US$ 21 coffee. San Francisco’s Parc 55 hotel charged every company holding an event on its property during the annual JPM meet US$ 170 for a gallon of coffee.
Even taxi companies (like Uber) and airlines made hay while the JPM meet was on.
San Francisco is already an expensive city. With everything turning super-expensive during the JPM week, many took to Twitter to vent out their angst. “Threaten to stop trading through JPM, that will have biggest impact on changing the location,” a person said on Twitter.
The location may not change though — reports say JPM has signed a contract with its investment bank and the Westin hotel for another 17 years!
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Image Credit : #Phisper Infographic by SCORR MARKETING & PharmaCompass is licensed under CC BY 2.0
“ The article is based on the information available in public and which the author believes to be true. The author is not disseminating any information, which the author believes or knows, is confidential or in conflict with the privacy of any person. The views expressed or information supplied through this article is mere opinion and observation of the author. The author does not intend to defame, insult or, cause loss or damage to anyone, in any manner, through this article.”
