Whether the dealmaking momentum of 2019 will continue into 2020 is at the mercy of several uncertainties, not the least of which is the outcome of a U.S. presidential election and continued debates over drug pricing and other legislative issues affecting the industry.

Therapeutic area data reported by biopharma companies on phase I trials in December 2019.

Med-tech companies brought in more money than each of the last two years in every type of financing, aside from private placements, with about 11% of the funds flowing into digital health companies. In total, the industry raised $40.67 billion, an increase of 98% over 2018, which logged $20.6 billion and was more in line with the $19.4 billion raised in 2017.

Delegates convening in San Francisco Monday for the 38th Annual J.P. Morgan Healthcare Conference and other related biotechnology conferences running at the same time will certainly be in a better frame of mind than just 12 months ago. Back then, the sector had just come off a terrible fourth quarter, with investors shying away from biopharma company equities big time.