GLP-1 and the murder of Brian Thomson loom large at JPM Health

San Francisco, famous for its abundance of techies in hoodies, was invaded this week by thousands of executives in suits. JPMorganit’s annual healthcare conference.

Executives from major health systems, venture capital firms and corporations from around the world gathered in hotel lobbies to talk business and strategy for 2025. Sunny skies were a welcome respite from the downpours of years past, but other absences were harder to ignore.

This year’s conference, colloquially known as JPM, came a month after the appointment of UnitedHealthcare CEO Brian Thompson. dejected in New York. The news was well received by Americans with numerous publications on social networks. express resentment towards the healthcare industrymany of whom share stories about their negative experiences with insurers.

More than 10 companies, including Cigna And Walgreenssubsequently withdrew their appearance at JPM, according to CNBC’s analysis of the conference agenda. There was a noticeably heavy police presence at the main conference venue, the Westin St. Francis Hotel, and many businesses increased security at their private events and parties.

“The underground topic that I think people are talking about over water and cocktails 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 should take place? And how can things become more accountable?”

Thompson’s killing was a “staggering 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, made up of 51 hospitals and 1 000 clinics across seven states. .

“Why are we on separate paths here? Why are we fighting?” » said Wexler. “Our job is to do good for people who desperately need us at the most important time of their lives, whether you are the payer or the hospital.”

Although Thompson’s death dominated the conference, the excitement and buzz around 2025 was also palpable. Discussions about the potential benefits of artificial intelligence and blockbuster weight loss drugs called GLP-1, and investors appear cautiously optimistic that the digital health market could turn a corner.

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

“Pharmaceutical companies and companies like ours work very hard to improve people’s lives and we are making a huge difference,” said Sayer, who knew Thompson well. “Be a little optimistic and give us a little break, we’re all trying to do good things.”

Here are CNBC’s key takeaways from JPM 2025:

Generative AI stole the show

Generative AI was undoubtedly the “it girl” of the healthcare sector in 2024, and it seems unlikely that this will change in 2025.

Healthcare systems across the United States are struggling to deal with burnout, understaffing and razor-thin margins. So companies are racing to develop AI tools that can streamline some of the industry’s most tedious administrative tasks. The subject was virtually impossible to avoid at JPM.

For example, a healthcare payment company Path Star announced a new generative AI feature that aims to help doctors quickly fight against insurance refusals by automatically writing appeal letters. Amazon Web Services and venture capital firm General Catalyst announced a new partnership aimed at accelerating the development and deployment of AI tools in healthcare. Healthcare startup Abridge announcement Mayo Clinic to roll out its AI-powered system clinical documentation technology to approximately 2,000 clinicians across the company.

“At the highest level, I don’t think you can underestimate the impact that AI is already having on healthcare,” said Dr. Shiv Rao, founder and CEO of Abridge. “At least in our segment, the feedback we receive on a daily basis is nothing short of incredible, and the adoption rate demonstrates that this is a real thing.”

Nvidiawhich makes the hardware that powers AI applications, was a particularly popular attendee at JPM this year. The company announced partnerships with several healthcare organizations, including clinical research provider IQVIAneurotechnology startup Synchron, genomics company Illuminated and Mayo Clinic University Medical Center.

“We represent over $1 billion in direct revenue and revenue with our partners,” said Kimberly Powell, Nvidia’s vice president of healthcare. She added that Nvidia sees more room to grow for AI applications in healthcare.

Executives are optimistic about GLP-1

At presentations and cocktail parties this week, CNBC spoke with executives amazed by the benefits of the booming class of weight-loss drugs known as GLP-1.

Novo Nordisk And Eli Lilly’s Treatments for diabetes and obesity have seen enormous success in helping patients lose weight in recent years. A Can study found that patients taking NovoFor example, Wegovy, an obesity drug from , was able to maintain an average weight loss of 10% for four years.

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

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

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

Supply shortages pose one of the biggest hurdles for companies in the market as growing demand makes it difficult for many patients to access treatments. Drugs typically cost $1,000 a month without insurance, and coverage still varies for many Americans.

Despite this, many health care officials are optimistic that GLP-1s will significantly improve public health in the United States.

“Just kidding, that’s both G’s, right? It’s like GLP, GPT,” said Omada CEO Sean Duffy.

Uncertainty around the Trump administration

Before the president-elect Donald TrumpAt the inauguration Monday, JPM executives had many unanswered questions about what his administration has in store for the healthcare industry.

Health care was not a major priority for Trump on the campaign trail, meaning his policy goals regarding the industry are unclear. Moreover, he made controversial cabinet choice since the elections.

Trump named vaccine skeptic Robert F. Kennedy Jr. to lead the Department of Health and Human Services, famous television host Dr Mehmet Oz lead Centers for Medicare and Medicaid Services and Pancreatic Surgeon Dr Marty Makary to run the Food and Drug Administration. All three candidates must still be confirmed by the Senate.

“Until we have a little more visibility into this administration coming into the United States, the market is going to be volatile and a little more depressed,” Rebecca Stevenson, head of investment banking at the healthcare sector at HSBC for the Americas. a round table.

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

“It’s not even so much who’s in the White House, but rather the fact that you have a Republican Congress and Senate that are aligned in principle on expanding access and transparency,” said Tripp. “I think you’re going to see more transparency on drug and health care prices, which is also extremely positive.”

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