GLP-1s, Brian Thompson's murder looms large at JPM Health

San Francisco, known for its abundance of blazer-wearing tech workers, was swarmed by thousands of suit-wearing executives this week due to… JP MorganAnnual Healthcare conference.

Leaders of major health systems, venture capital firms, and corporations around the world gathered in hotel lobbies to talk business and strategy for 2025. The sunny skies were a welcome break from the heavy rains of years past, but other absences were hard to ignore.

This year's conference, known colloquially as JPM, took place a month after UnitedHealthcare CEO Brian Thompson attended the conference. Deadly shot In New York City. Americans welcomed the news through many posts on social media Express dissatisfaction about Health care industrywith many sharing stories about their negative experiences with insurance companies.

More than 10 companies, incl Cigna and WalgreensThey subsequently withdrew their appearance at JPM, according to a CNBC analysis of the conference agenda. There was a significantly large security presence at the conference's main venue, the Westin St. Francis Hotel, and many companies enhanced security measures at their private events and parties.

“The secret topic that I think people are talking about around water and cocktails is clearly what happened to the CEO of UnitedHealthcare,” said Wei Li Shao, president of metabolic health startup Omada. “What does this mean for health care? What transformation needs to happen? How can things become more responsible?”

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

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

While Thompson's death loomed during the conference, there was also palpable excitement and buzz around 2025. There was no shortage of discussion about the potential benefits of 2025. artificial intelligence and blockbuster weight-loss drugs called GLP-1s, and investors are cautiously optimistic that the digital health market could turn a corner at some point.

“There are a lot of amazing things on the horizon for health care,” he said. Discom CEO Kevin Sayre.

“Pharmaceutical companies and companies like ours, we try hard to improve people's lives, and we make a big difference,” said Sayre, who knows Thompson well. “Be a little optimistic and give us a break. We're all trying to do good things.”

Here are CNBC's highlights from JPM 2025:

Generative AI has stolen the show

There is no doubt that generative AI was the “it girl” of healthcare in 2024, and this seems unlikely to change in 2025.

Health systems in the United States are struggling to deal with burnout, understaffing and razor-thin margins, so companies are racing to develop artificial intelligence tools that can streamline some of the industry's most tedious administrative tasks. It was virtually impossible to avoid this topic at JP Morgan.

For example, a healthcare payments company Waystar It announced a new AI feature aimed at helping doctors quickly Fight insurance denials By automatically drafting appeal letters. Amazon Web Services The investment company General Catalyst announced a new partnership aimed at accelerating the development and deployment of artificial intelligence tools in the field of healthcare. Healthcare startup Abridge Announce Mayo Clinic will roll out its AI-powered system Clinical documentation technology For approximately 2,000 doctors across the entire organization.

“At the highest level, I don't think it can be understated how much of an impact AI is already having in healthcare,” said Dr. Shiv Rao, founder and CEO of Abridge. “At least in our category, the feedback we get on a daily basis is incredible, and the adoption rate shows that this is a real thing.”

Nvidiawhich makes devices that power artificial intelligence applications, was a particularly popular attendee at JPM this year. The company has announced partnerships with several healthcare organizations including a clinical research provider IQVIAneurotech startup Synchron, genomics company Illumina and Mayo Clinic Academic Medical Center.

“We have over $1 billion in business between direct revenue and revenue with our partners,” said Kimberly Powell, vice president of Nvidia Healthcare. She added that NVIDIA sees more room for growth in AI-based healthcare applications.

Executives are bullish on GLP-1s

At presentations and cocktail parties this week, CNBC spoke with executives who raved about the benefits of the burgeoning class of weight-loss drugs known as GLP-1s.

Novo Nordisk and Eli Lilly Diabetes and obesity treatments have had great success in helping patients lose weight in recent years. A May study I found that patients take novoFor example, Wegovy's obesity drug Wegovy maintained an average of 10% weight loss for up to four years.

Research shows that GLP-1s can also help treat cardiovascular disease, kidney disease, and addiction, among other conditions. The US Food and Drug Administration approved Lilly's weight-loss drug Zibbond as a treatment for sleep apnea last December.

Some analysts estimate that anti-obesity drugs could grow into a $100 billion industry by the end of the decade.

“These drugs are great and they're not going away,” Discom's Sayer said.

The lack of supply is one of the big hurdles facing companies in the market, as increasing demand has made it difficult for many patients to access treatments. The drugs typically cost $1,000 a month without insurance, and coverage still varies for many Americans.

However, many health care executives are optimistic that GLP-1 will measurably improve public health in the United States.

“I was just kidding, it was the G, right? It's like GLP and GPT,” Omada CEO Sean Duffy said.

Uncertainty surrounds the Trump administration

In front of the president-elect Donald TrumpAt his inauguration on Monday, JPMorgan executives had many unanswered questions about what his administration has in store for the health care sector.

Health care was not a major focus for Trump during his campaign, meaning his policy goals toward the industry are ambiguous. In addition, he made some controversial The government chooses since the elections.

Trump nominated vaccine skeptic Robert F. kennedy jr To lead the Department of Health and Human Services, a popular TV presenter Dr. Mehmet Oz To lead the Centers for Medicare & Medicaid Services and Pancreatic Surgeon doctor. Marty Macari To lead the Food and Drug Administration. The three nominees still need Senate approval.

“Until we have a little bit more visibility into this incoming administration in the United States, the market is going to be volatile and somewhat more depressed,” Rebecca Stevenson, head of healthcare investment banking for the Americas at HSBC, told reporters during the conference. Round table.

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

“It's not about who's in the White House, it's the fact that you have a Republican Congress and Senate that are aligned in principle with expanding access and transparency,” Tripp said. “I think you'll see more transparency on drug pricing and health care pricing as well, which is very positive as well.”

He watches: The UnitedHealthcare tragedy is a wake-up call for corporate America, says Wharton's Americus Reed