2026 SAPA Healthcare Investment Forum & Roadshow

The 2026 SAPA Healthcare Investment Forum & Roadshow (HIFnR) was successfully held, bringing together 200 attendees from pharmaceutical companies, biotechnology firms, investment organizations, consulting firms, and the artificial intelligence community to discuss emerging trends in biopharma innovation, cross-border collaboration, healthcare investment, AI-enabled drug development, and business development.

Opening Remarks

The event opened with remarks from Stephen Xue, MS (General Manager, Chipscreen Biosciences US), who highlighted the evolving landscape of biopharma innovation in the age of artificial intelligence. He emphasized that AI is increasingly reshaping the drug development process, from early discovery to target validation, creating new opportunities to improve efficiency, decision-making, and translational success. Stephen also discussed the growing importance of business development collaborations between the U.S. and China, pointing to recent cross-border deals involving major pharmaceutical companies such as Pfizer and Chinese biotech partners. These partnerships reflect the increasing global recognition of China’s innovation capabilities and the strategic value of combining scientific expertise, capital, and market access across regions. A key theme of his opening remarks was the need to strengthen the full innovation ecosystem, from discovery and validation to investment and commercialization. Stephen called for continued support for scientific innovation, greater investment in emerging technologies, and stronger collaboration among researchers, entrepreneurs, investors, and industry leaders. His remarks set the tone for the event by emphasizing both the challenges and opportunities facing the biopharma industry in a rapidly changing global environment.

Lily Li, PhD (President-Elect, SAPA), provided an overview of the organization’s history, growth, and mission. Founded in 1993, SAPA has grown into a nationwide professional network with seven chapters across the United States and a newly launched North Carolina chapter in 2026. She highlighted SAPA’s year-round programs and active communities, including MINE (Meet the Investors & Network with Entrepreneurs), which was launched in 2025. These efforts keep members engaged with advances in drug discovery and innovation while fostering connections across the life sciences ecosystem to support progress in human health. Dr. Li emphasized SAPA’s flagship programs, particularly its scientific symposium, as key platforms for scientific exchange, industry dialogue, and professional collaboration. She noted that this year marks the 9th HIFnR, reflecting the forum’s continued growth and impact within the life sciences community. Her remarks reinforced SAPA’s commitment to connecting academia, the biotechnology and pharmaceutical industries, investors, and entrepreneurs to advance innovation and collaboration.

Seamus Jiang (Managing Director, PwC)  welcomed attendees and introduced PwC as the host venue for this year’s event. He highlighted PwC’s global consulting capabilities and its role in supporting companies across strategy, transactions, operations, and cross-border growth. His remarks emphasized the increasing importance of cross-border mergers and acquisitions between the U.S. and China, particularly in the life sciences sector. He also acknowledged the contributions of Xiaoxiao and Claire in supporting the event and helping bring together professionals across the biopharma, consulting, investment, and innovation communities.

Yingchao Zhang, PhD (Co-founder of opAIda, Inc.) introduced the organization’s focus on life sciences and artificial intelligence. He noted the group’s growing community presence, including an active WeChat network of more than 8,000 members, reflecting strong interest in the intersection of AI, healthcare, and biopharma innovation. His remarks further reinforced one of the event’s central themes: the growing role of AI-enabled platforms, professional communities, and cross-disciplinary collaboration in shaping the next stage of life sciences innovation.

Keynote Presentations

The keynote program began with Clare Love, MBA (Partner, PwC), who delivered a presentation titled “From Margin to Mainstream: The Future of Women’s Health and Future Healthcare Investment Trends.” She emphasized that women’s health represents both a major unmet medical need and a compelling investment opportunity, serving half of the global population and representing a multi-billion-dollar market. Clare noted that women drive a significant share of healthcare spending and decision-making, yet many women’s health conditions, such as menopause-related symptoms, autoimmune diseases, and cardiovascular disease, remain underdiagnosed or misdiagnosed. She encouraged the audience to define women’s health more broadly than reproductive health alone, including areas such as oncology, autoimmune disease, heart health, menopause, fertility, and health needs across the full life course from middle adulthood to advanced adulthood. From an investment perspective, she discussed multiple pathways across venture capital, private equity, pharma, payers, employers, and consumer health, with opportunities ranging from oncology innovation to fertility services, digital health, reimbursement models, and employer-sponsored care platforms. Clare also highlighted structural challenges, including limited historical inclusion of women in clinical trials, the complexity of hormonal biology, pregnancy-related safety concerns, and reimbursement barriers. Her keynote framed women’s health as a rapidly emerging area moving from the margins to the mainstream of healthcare innovation and investment.

Albert Yu Ren, PhD (WWBD China Lead, Pfizer) delivered a keynote titled “Pfizer Partnership in China”. He introduced Pfizer’s mission of delivering “breakthroughs that change patients’ lives” and emphasized that business development is deeply embedded in Pfizer’s DNA. A central theme of the keynote was why Pfizer aims to be a partner of choice for Chinese biopharma / biotech companies.

Xianping Lu, PhD (Chairman and CEO of Chipscreen Biosciences) delivered a keynote titled “Building First-in-Class Biotech: From Science to IPO in China and Beyond.” His talk combined his personal journey as a pioneering Chinese biopharma entrepreneur with a broader reflection on the evolution of China’s innovation ecosystem. After completing his undergraduate education in China, Dr. Lu moved to the United States for scientific training, built his career in biotechnology, successfully sold two companies, and later returned to China with the mission of developing innovative medicines for millions of Chinese patients.

Dr. Lu discussed how China’s biopharma environment has evolved through major policy reforms, including CFDA approval pathways that no longer required companies to wait for FDA approval, changes to the National Reimbursement Drug List, and tax reforms that reduced the burden on donated medicines. Reflecting on the early days of building Chipscreen, he noted that there was little private equity or venture capital support because the exit strategy did not existed, till major reforms in capital markets occurred in an attempt to transform national economy into more innovation-based one and thereby allowing R & D-driven high tech company still-yet-profitable to be listed in  18 A of Hong Kong Exchange, and STAR Board in Shanghai Stock Exchange,. He emphasized that innovation takes time, strong ecosystems matter, and entrepreneurs must be prepared to outlast market cycles rather than focus on short-term financial returns.

He also discussed emerging therapeutic modalities such as ADCs and XDCs, while stressing that disease has no borders and innovation should ultimately serve patients globally. During the Q&A, Dr. Lu reflected on the challenges of being a first mover over more than three decades, including securing seed funding, building a scientific track record, partnering with Roche, and navigating reimbursement pressures in China’s aging population. His remarks presented entrepreneurship not only as a business path, but also as a long-term commitment to science, patients, and systemic change.

Panel Discussion 1

The ensuing panel discussion, “Investment and Entrepreneurship,” was moderated by Chenchao Gao, PhD, MBA (Global Program Manager & Leadership, Daiichi Sankyo Inc.) and featured Rick Aldridge, MD (Managing Director, Healthcare Investment Banking, BMO), Issa Kildani (Managing Partner, Ambrosia Ventures), Xianping Lu, PhD (Chairman, Chipscreen Bioscience), James Li, MD (Venture Partner, Frazier Life Sciences), and Yingchao Zhang, PhD (Co-Founder and COO, opAIda Inc.). The panel explored how the biotech landscape has shifted amid tighter capital markets, evolving global dynamics, and the rapid rise of AI. Speakers agreed that after the COVID-era funding bubble, investors have become far more selective, prioritizing clinical-stage programs, clear inflection points within 12–18 months, and strong evidence of capital efficiency. Early-stage platform companies now face significant challenges, while mature, de-risked assets continue to attract large financings and strategic partnerships. Venture investors emphasized that differentiation—not hype—is the only reliable path to funding in today’s environment. Founders and investors also discussed valuation gaps, noting that while entrepreneurs often believe their companies are worth far more, the market ultimately determines price. Strong science remains essential, but science alone does not guarantee success; disciplined resource allocation, clear decision-making, and the ability to generate unambiguous data are equally critical. Several panelists highlighted the importance of leadership, organizational structure, and long-term strategic planning, especially when navigating the very different commercialization and reimbursement landscapes in the U.S. and China. AI emerged as a major theme, with panelists describing life sciences as a “golden opportunity” for workflow transformation. While AI-driven drug discovery remains early, applications in clinical trial management, knowledge operations, and productivity enhancement are already accelerating timelines and reducing costs. Companies leveraging AI effectively can operate with smaller teams while achieving far greater output. Looking ahead, the panel noted that China—once seen primarily as a fast follower—has rapidly become a source of globally competitive innovation. Efficiency, strong scientific foundations, and cross-border collaboration are expected to drive the next wave of China-originated breakthroughs, particularly in areas such as lifecycle management and emerging therapeutic modalities.

Biotech Roadshow

Following the keynote presentations and the first panel discussion, the forum shifted to a showcase of emerging biotech ventures, featuring three companies developing novel therapeutic and delivery platforms across different stages of growth.

The session opened with 7 Hills Pharma, a Houston‑based company advancing a first‑in‑class platform of integrin allosteric agonists designed to enhance immune‑oncology treatments and overcome resistance to existing immunotherapies. The company outlined its development strategy and announced that it is seeking $15 million in Series A financing to accelerate clinical progress and further validate its technology.

Next, DIAPIN Therapeutics from Michigan presented its lead asset, DT678, a novel antiplatelet therapy with potential to address unmet needs in cardiovascular care. The company emphasized both the clinical promise and commercial relevance of its approach, noting that it is currently raising $7.5 million in seed funding to support upcoming development milestones.

The final presentation featured ACON Pharma, a New Jersey‑based startup focused on organ‑targeted RNA delivery, an increasingly critical capability as RNA therapeutics expands into new disease areas. The company highlighted its strategy for improving precision and efficiency in RNA drug delivery.

Throughout the pitch session, investors engaged actively with the presenters, raising questions about data readiness, therapeutic scope, and market positioning. Several investors continued discussions after the session, signaling strong interest in the scientific innovation and commercial potential represented by the three companies.

Panel Discussion 2

The second panel discussion was moderated by Leon (Jun) Tang, PhD (Founding Partner, InScienceWeTrust BioAdvisory) and featured Fernando Salles, PhD (Chief Business Officer, Protalix Biotherapeutics), Carla Lema Tome, PhD, MBA (VP of Business Development, Otsuka Pharmaceutical Companies (U.S.)), Allan Shaw (Director, Evecxia Therapeutics, Inc.), Blair Bu (Senior Partner, IntelliPro Group), and David Dai, MS (Director, UBS). Leon opened the discussion by highlighting a significant surge in global biotech M&A and licensing deal values in 2026, noting that China-based companies now contribute to nearly two-thirds of these licensing deals. He emphasized that cross-border collaboration remains a powerful engine for global healthcare innovation despite macroeconomic and geopolitical hurdles. Allan Shaw stressed that undercapitalized biotechs must relentlessly prioritize resource allocation and focus on true commercial differentiation rather than crowded “me-too” programs. Within the boardroom, he noted that capital efficiency, strategic partnerships, and establishing robust medical affairs early are critical to compressing timelines and attracting discerning investors. Carla Lema Tome emphasized that big pharma buyers are increasingly looking for advanced modalities backed by solid biomarker data to fully de-risk investments. She explained that heavily structured deals featuring robust back-end regulatory and commercial milestones allow acquiring companies to hedge macro uncertainties while still sharing long-term upsides with partners. Fernando Salles advised sell-side biotech companies to proactively “make their own luck” by designing comparative head-to-head clinical studies against existing marketplace players and underscored the critical role of rigorous CMC diligence to prevent unexpected timeline delays when big pharma internalizes cross-border assets. David Dai provided a capital markets perspective, recommending a “business-as-usual” approach anchored in early, strategic endpoint alignment with the FDA to successfully navigate volatile regulatory environments. He added that the current macroeconomic backdrop makes aftermarket liquidity paramount, pushing companies to look to private investor networks and overcapitalize to safely hit meaningful clinical inflection points. Blair Bu observed a notable shift in global talent acquisition, reporting that Western biotechs are actively seeking global talent to build operational and clinical capabilities directly within China to leverage local efficiencies. She concluded that behind every high-value cross-border transaction is a foundation of irreplaceable human relationships and mutual trust that AI tools can never replicate.

Closing remarks

SAPA President Ding Wei concluded the forum by emphasizing that true innovation thrives at the intersection of science, capital, and enterprise, expressing hope that the day's connections will catalyze powerful new collaborations. He invited attendees to either continue networking at the downstairs reception or attend a concurrent bonus session featuring a live demo by Junchi Lu, PhD (Associate Director, BMS) on leveraging AI to optimize business development and decision-making.

BD Decision Intelligence AI workshop 

During the BD Decision Intelligence AI Workshop, Dr. Lu presented BD Decision Intelligence — a multi-agent AI system that accelerates pharma business development decision-making, the single most time-sensitive lever in this industry. The system compresses diligence from weeks to minutes by running four specialized AI agents with tools, validated against 30+ real 2025–2026 M&A transactions. The demo drove great discussion on adoption and scaling opportunities for successful BD processes while removing the data-gathering bottleneck.

As the 2026 SAPA Healthcare Investment Forum & Roadshow concluded, participants reflected on a common message that resonated throughout the day’s discussions: the future of biopharma innovation will be shaped by the convergence of scientific excellence, strategic capital, technological advancement, and global collaboration. Across keynote presentations, panel discussions, company pitches, and the AI workshop, speakers highlighted the growing impact of artificial intelligence, the increasing global influence of China-originated innovation, the importance of cross-border partnerships, and the need for strong innovation ecosystems to translate scientific discoveries into therapies that benefit patients worldwide. By bringing together leaders from academia, industry, investment, consulting, and entrepreneurship, the forum once again served as a valuable platform for knowledge exchange, relationship building, and the advancement of healthcare innovation.