GLP-1s, killing the big loom Brian Thomson at JPM Health

San Francisco, famous for its large number of hoodie-clad tech workers, was overtaken this week by thousands of suit-clad executives. JPMorganof the year health conference.

Leaders from major health systems, venture capital firms and companies from around the world gathered in hotel lobbies to talk business and strategy for 2025. Sunny skies were a welcome reprieve from past years’ showers, but other absences were harder to ignore.

This year’s conference, colloquially known as JPM, was held a month after UnitedHealthcare CEO Brian Thompson. shot dead in New York City. The news was welcomed by Americans with a flurry of messages on social media expressing resentment towards healthcare industrymany who share stories about their negative experiences with insurance.

More than 10 companies, including Cigna and Walgreenslater dropped appearances at JPM, according to CNBC’s analysis of the conference agenda. There was a significant police presence at the conference’s main venue, the Westin St. Francis Hotel, and many companies increased security for private events and parties.

“I think the underground thing that people are talking about is water and cocktails, which is obviously what happened to the CEO of UnitedHealthcare,” said Wei-Li Shao, president of metabolic health startup Omada. “What does this mean for healthcare? What transformation needs to happen? And how do things become more accountable?”

Thompson’s killing was a “shocking and sad event” that served as a wake-up call for the health care industry, said Erik Wexler, CEO of the nonprofit Providence Health System, which includes 51 hospitals and 1,000 clinics in seven states. .

“Why are we here on a different path? Why are we fighting?” Wexler said. “Our job is to do good for people who desperately need us at the most important time in their lives, whether they’re paying or in hospital.”

While Thompson’s death loomed large during the conference, there was also palpable excitement and buzz about 2025. There was no shortage of debate about the potential benefits. artificial intelligence and a blockbuster weight-loss drug called GLP-1, and investors seem cautiously optimistic that the digital health market could turn the corner.

“There are so many amazing things on the horizon for health care,” he said Dexcom CEO Kevin Sayer.

“Drug companies and companies like ours, we try hard to make people’s lives better, and we make a big difference,” said Sayer, who knew Thompson well. “Be a bit optimistic and give yourself some rest, we’re all trying to do good things.”

Here are CNBC’s big takeaways from JPM 2025:

Generative AI stole the show

Generative AI was definitely the “it girl” of 2024, and it looks like that won’t change in 2025.

US healthcare systems are struggling to deal with burnout, staff shortages and thin margins, so companies are racing to develop AI tools that can simplify the industry’s most arduous administrative tasks. The topic was almost impossible to avoid at JPM.

For example, a health care payment company Waystar has announced a new AI creator feature that aims to help doctors quickly deal with insurance denials writing appeal letters automatically. Amazon Web Services and General Catalyst announced a new partnership aimed at accelerating the development and deployment of AI tools for healthcare. Healthcare startup Abridge announced Mayo Clinic to expand with AI clinical documentation technology to about 2,000 clinicians across the company.

“At the highest level, I don’t think it can be underestimated how much AI is already impacting healthcare,” said Dr. Shiv Rao, founder and CEO of Abridge. “At least in our segment, the feedback we get every day is incredible, and the adoption rate shows that this is a real thing.”

Nvidiawhich makes the hardware that powers AI applications, was particularly popular at JPM this year. The company announced partnerships with several healthcare organizations including a clinical research provider IQVIAneurotech startup Synchron, a genomics company the light and the Mayo Clinic academic medical center.

“We have more than a billion dollars in direct revenue and revenue with our partners,” said Kimberly Powell, Nvidia’s vice president of healthcare. He added that Nvidia sees more growth potential for AI healthcare applications.

Executives are bullish on GLP-1

At presentations and cocktail parties this week, CNBC spoke with executives who marveled at the benefits of the weight-loss drug known as GLP-1.

at Novo Nordisk and by Eli Lilly Diabetes and obesity treatments have been incredibly successful in helping patients lose weight in recent years. A May exam taking patients who have found NovoWegovy’s obesity drug maintained an average of 10% weight loss over four years, for example.

Research shows that GLP-1 can also help treat cardiometabolic disease, kidney disease, and addiction, among others. The US Food and Drug Administration approved Lilly’s weight loss drug Zepbound as a treatment for sleep apnea in December.

Some analysts believe that anti-obesity drugs could become a $100 billion industry by the end of the decade.

“These drugs are outstanding, and they’re not going away,” said Dexcom’s Sayer.

The shortage of supply is one of the major obstacles for companies in the market, as the increased demand has made it difficult for many patients to access treatment. The drugs typically cost $1,000 a month without insurance, and coverage still varies for many Americans.

However, many health officials are optimistic that GLP-1s will significantly improve US public health

“I’ve been joking, it’s been two G’s, hasn’t it? GLP is like GPT,” said Omada CEO Sean Duffy.

Uncertainty about the Trump administration

Before the President-elect Donald TrumpAt Monday’s inauguration, JPM executives had many unanswered questions about what his administration has in store for the health sector.

Health care wasn’t a big focus for Trump on the campaign trail, which means his policy goals for the industry are murky. Besides, he has done some controversial cabinet selection from the election.

Trump called himself a vaccine skeptic Robert F. Kennedy Jr. To lead the Department of Health and Human Services, the famous TV host Dr. Mehmet Oz Directing the Centers for Medicare and Medicaid Services and pancreatic surgeons Dr. Marty Macary To run the Food and Drug Administration. All three nominees still need Senate confirmation.

“Until we have a little more visibility of this administration coming into the US, the market is going to be volatile and a little more depressed,” Rebecca Stevenson, head of America’s healthcare investment banking at HSBC, told reporters. a round table

Owen Tripp, CEO of virtual care platform Included Health, said the Trump administration is pro-business and has suggested it will push for increased access to care.

“It’s not so much what’s in the White House, but actually having a Republican Congress and Senate that are fundamentally aligned with expanding access and transparency,” Tripp said. “I think you’re going to see more transparency in drug pricing and health care pricing as well, which is also very positive.”

See: The UnitedHealthcare tragedy is a wake-up call for corporate America, says Wharton’s Americus Reed