Health-Care Sector Talks Reflect New Optimism
Jefferies' London Healthcare Conference proved again why it is Europe’s leading investment event in the healthcare sector – bringing together more than 950 companies and 4,500 attendees. Bellevue Asset Management had a strong presence at this year’s edition.
Pharma: Confidence Returns to the Sector
Pharma management teams struck a distinctly more upbeat tone at this week’s conference, reflecting a clearer operating environment under the current US Administration – both for companies that have completed transactions and those still in negotiations.
Compared with meetings we attended at a prior conference in September, sentiment has shifted decisively from uncertainty to confidence, a change shared by investors as well. The improved visibility has helped fuel renewed momentum in biotech M&A in recent months, with companies this week pointing to the need for additional bolt-on acquisitions.
The standout was Roche, where management voiced strong confidence in the recently announced giredestrant study in adjuvant breast cancer, which they expect to become a backbone therapy in a major indication – a clear win-win for both the industry and patients.
Biotech: a Fresh Wave of Growth Begins
The mood in the biotech space was equally optimistic. Many companies are just starting or about to start major launches in the next 6-12 months. Companies that we spoke to are confident in their ability to execute.
These launches range across multiple therapeutic areas. Cardiovascular diseases and ophthalmology in particular are set to see exciting new launches in the year ahead. These remain areas of significant unmet need, which have historically attracted somewhat less capital relative to oncology. We are confident that the strong fundamentals of derisked launch stories will add to the positive sentiment to help drive more interest in the sector heading into 2026.
Medtech: Early Signs of Recovery Shine Through
In medtech, end markets are mainly stable, with first signs of recovery in markets that have been impacted by negative consumer sentiment or tariff uncertainty so far in 2025. Across companies, China remains a challenging market, especially due to ongoing VBP (volume-based procurement) dynamics, while tariff impacts are being addressed, and in some cases, the companies have found ways to mitigate or reduce the headwind.
Hearing aids currently are a tale of a weak market and innovation-driven market share shifts. Market growth will likely remain below historic averages in 4Q25. However, demand is structurally intact, and the market should gradually return to normal demand patterns over time, potentially already in 2026.
Dental markets have remained stable and are beginning to show a slight improvement in areas like clear aligners in 3Q while implants are becoming more standard of care. The conference took place just after Siemens Healthineers’ Capital Markets Day, which gave more information around its mid-term outlook as well as announced the separation of its diagnostics business into a standalone unit.
AI solutions in imaging are becoming a decisive factor in winning customers for manufacturers, as well as enabling a strong increase in the number of patients treated, as they help to mitigate staff shortages. Innovation continues to drive market growth, and reimbursement wins in mobility, where neuro-orthotics and bionics are becoming more standard of care.
Asia: Dynamic Growth and Global Ambitions
The outlook for broader Asia healthcare has never been more exciting. We caught up with multiple C-level management teams who had made their way to London.
China is emerging as a true innovation engine with globally competitive pipelines; Japan continues to deliver steady, high-quality growth underpinned by strong R&D capabilities; and India is rapidly climbing the value chain, expanding beyond traditional generics into complex formulations, biologics, and genetic technologies.
Together, these markets showcase a dynamic and increasingly influential Asia healthcare ecosystem with meaningful long-term opportunities for investors.
Bellevue is a specialized asset manager listed on the SIX Swiss Exchange with core competencies covering healthcare strategies, entrepreneur strategies, alternative and traditional investment strategies. Established in 1993, Bellevue, a House of Investment Ideas staffed by 90 professionals, generates attractive investment returns and creates value added for clients and shareholders alike. Bellevue managed 4.8 billion francs in assets as of June 30, 2025.
