The Bloom Burton & Co. Healthcare Investor Conference (BBHIC), held in Toronto this week, drew over 1,500 global participants to one of Canada's leading events for healthcare investment and innovation. The conference brought together leading Canadian healthcare companies, institutional investors and international industry leaders for in-depth discussions on emerging trends and strategic opportunities in the sector.
As both a participant and sponsor at this year’s BBHIC, we had the opportunity to engage with thought leaders across both R&D and commercial healthcare sectors. The conference offered valuable insights into capital deployment strategies, innovation trends and the evolving investor landscape in Canada.
Two powerhouse panels took a close look at investing in healthcare companies at the R&D-stage and at the commercial-stage. The event’s keynote speaker, Jim Momtazee, talked about the tremendous upside to healthcare investing.
Here are the key takeaways from the discussions.
Jolyon Burton (Co-founder, President and Head of Investment Banking at Bloom Burton & Co.), Aaron Sonshine (Partner at Bennett Jones) and Brian Bloom (Co-founder, Chairman and CEO at Bloom Burton & Co.).
Capital efficiency in drug and technology development emerged as a central theme. Canadian companies, often operating with limited access to capital, have demonstrated an ability to innovate under financial constraints—a characteristic increasingly valued by investors.
Panelists stressed how important it is for companies to define how they are creating value and then clearly communicate this to investors. It is not as simple as it seems. The existential risks to a company’s product need to be expelled and a clear, linear path to value creation needs to be provided. Management teams need to push themselves to develop a clean and crisp pitch they can deliver to investors. Even if the risk profile is higher, investors will listen to a compelling story that is built on value.
The panel was asked where they stand on biology risk versus technology risk and first-in-class biologies versus best-in-class. Perspectives differed, with some saying that pioneers have not been rewarded in recent years and the envelope needs to be pushed once again on biological risk in North America. Others said they are less likely to take biological risk and prefer validated targets.
When it comes to how entrepreneurs can de-risk, panel members agreed that using clinical data sets from other companies and trials should be used to bolster a company’s case. Health care advisory firms and early investors can help entrepreneurs connect the dots and build their investment pitch as they seek funding.
Similar to many other industries, different areas of healthcare are affected in different ways, depending on the exposure to tariffs. Manufacturing, supply chains and consumer health are among the most impacted. The uncertainty created by tariffs is creating some pause in activity and there is some resetting of valuation and risk taking place. Volatility is clearly a challenge and bears on the work of some companies and their equity valuations.
The panel was asked what healthcare technology sub-sectors they see as particularly attractive right now and why. Members pointed to:
Panelists spoke about how 30 percent of healthcare spending in Canada comes from the private sector and expenditures continue to increase. There is some very successful innovation in Canada and valuations are much lower than the US. Due to the difference in the sizes of the markets, Canadian companies should focus their strategies on being able to compete in the US to grow or get acquired. By only commercializing in Canada, a company is limiting its strategic options.
Jim Momtazee, Managing Partner of Patient Square Capital, delivered the keynote address on the first day of BBHIC. He spoke about his views on why healthcare is a great place to invest due to the "tremendous upside" driven by:
Jim emphasized therapeutics as the sector with the most significant growth in market capitalization from 2004 to 2024. He highlighted how rising R&D productivity, combined with unmet medical needs and increasing demand, creates a compelling investment thesis—despite headwinds such as regulatory uncertainty and recent market stagnation in biotech.
BBHIC 2025 reaffirmed that Canadian healthcare companies are well positioned to deliver innovation and value, particularly for investors seeking underappreciated assets and long-term growth. The conference highlighted not only the resilience of the sector but also the strategic considerations investors must weigh in today’s evolving market. For professionals active in the healthcare investment space, these discussions are both timely and instructive.
Bennett Jones' team of Biotech, Pharma & Lifesciences lawyers work together with our Mergers & Acquisitions and Intellectual Property practices to serve clients in the wide range of issues affecting the healthcare sector. To discuss how Bennett Jones can assist your organization, please contact one of the authors.