
GLP-1's and Brian Thomson's killing play a big role at JPM Health

Jamie Dimon, Chief Executive Officer of JPMorgan Chase & Co., at the Institute of International Finance (IIF) during the IMF and World Bank Annual Meetings in Washington, DC, USA, on Thursday, October 24, 2024.
Kent Nishimura | Bloomberg | Getty Images
San Francisco, famous for its abundance of tech workers in hoodies, was overrun this week by thousands of executives in suits JPMorgan's annual health conference.
Executives from major health systems, venture capital firms and companies around the globe gathered in hotel lobbies to discuss deals and strategies for 2025. The sunny skies were a welcome relief from the downpours of years past, but other absences were harder to ignore.
This year's conference, known colloquially as JPM, came a month after UnitedHealthcare CEO Brian Thompson was fatally shot in New York City. The news was greeted by Americans with numerous social media posts expressing their displeasure with the healthcare industry and many sharing their negative experiences with insurers.
Brian Thompson, CEO of UnitedHealthcare.
Courtesy: UnitedHealth Group
More than 10 companies including Cigna And WalgreensThey subsequently canceled their appearances at JPM, according to CNBC's analysis of the conference agenda. There was a noticeably large police presence at the conference's main venue, the Westin St. Francis Hotel, and many companies increased security at their private events and parties.
“The subterranean issue that I think people are talking about around the water and over 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 responsible?”
Thompson's murder was a “stunning, 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 consists of 51 hospitals and 1,000 clinics in seven states.
“Why are we on separate paths here? “Why are we fighting?” Wexler said. “Our job is to do good for people who urgently need us at the most important time in their lives, regardless of whether you are the payer or the hospital.”
While Thompson's death played a large role at the conference, there was also palpable excitement and excitement surrounding the year 2025. There was no shortage of discussion about the potential benefits of artificial intelligence and the blockbuster weight loss drug called GLP-1, and investors seem to to be cautiously optimistic that this will be the case. The digital healthcare market could be a game-changer.
Containers of Ozempic and Wegovy seen at Children's Hospital in Aurora, Colorado, November 18, 2024.
Kevin Mohatt | The Washington Post | Getty Images
“There are so many amazing things on the horizon for healthcare,” he said Dexcom CEO Kevin Sayer.
“Pharmaceutical companies and companies like ours work hard to improve people’s lives, and we make a big difference,” said Sayer, who knew Thompson well. “Be a little optimistic and give us a little break, we’re all trying to do good.”
Here are CNBC's key takeaways from JPM 2025:
Generative AI stole the show
Generative AI was undoubtedly the “it girl” of healthcare in 2024, and that seems unlikely to change in 2025.
U.S. healthcare systems are struggling with burnout, staff shortages and razor-thin profit margins. That's why companies are scrambling to develop AI tools that can streamline some of the industry's more tedious administrative tasks. At JPM the topic was practically unavoidable.
For example, a healthcare payment company Waystar announced a new generative AI feature designed to help doctors quickly address insurance denials by automatically writing dispute letters. Amazon Web Services and venture firm General Catalyst announced a new partnership aimed at accelerating the development and deployment of AI tools for healthcare. Healthcare startup Abridge announced that Mayo Clinic will roll out its AI-powered clinical documentation technology to approximately 2,000 clinicians across the company.
“At the highest level, I don’t think it should be underestimated the impact AI is already having on healthcare,” said Dr. Shiv Rao, Founder and CEO of Abridge. “At least in our segment, the feedback we get on a daily basis is just incredible, and the adoption rate shows that this is a real thing.”
Nvidiawhich makes the hardware for AI applications, was a particularly popular participant at JPM this year. The company announced partnerships with several healthcare organizations, including clinical research provider IQVIANeurotech startup Synchron, genomics company Illumina and Mayo Clinic Academic Medical Center.
The NVIDIA logo is displayed on a smartphone in this photo illustration on June 10, 2024 in Brussels, Belgium. (Photo illustration by Jonathan Raa/NurPhoto via Getty Images)
Photo only | Photo only | Getty Images
“We have a well over a billion dollar business between direct revenue and revenue with our partners,” said Kimberly Powell, Nvidia's vice president of healthcare. She added that Nvidia sees more room for growth for AI applications in healthcare.
Executives are optimistic about GLP-1s
At presentations and cocktail parties this week, CNBC spoke with executives who wondered about the benefits of the booming class of weight-loss drugs known as GLP-1.
Novo Nordisks And Eli Lilly's Diabetes and obesity treatments have been extremely successful in helping patients lose weight in recent years. A May study found that patients taking Novo's obesity drug Wegovy, for example, maintained an average weight loss of 10% for up to four years.
Research shows that GLP-1 could also help treat cardiovascular disease, kidney disease and addictions, among other things. The U.S. Food and Drug Administration approved Lilly's weight-loss drug Zepbound in December to treat sleep apnea.
A combination image shows an injection pen of Zepbound, Eli Lilly's weight-loss drug, and boxes of Wegovy, manufactured by Novo Nordisk.
Reuters
Some analysts estimate that obesity drugs could grow into a $100 billion industry by the end of the decade.
“These drugs are remarkable and are not going away,” said Dexcom’s Sayer.
Supply shortages are one of the major hurdles for companies in the market, as increasing demand makes 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.
Still, many health care leaders are optimistic that GLP-1 will significantly improve public health in the United States
“I was joking, it was the two Gs, right? It’s like GLP, GPT,” said Omada CEO Sean Duffy.
Uncertainty surrounding the Trump administration
U.S. President-elect Donald Trump speaks after a meeting with Republicans in Congress at the U.S. Capitol in Washington on January 8, 2025.
Jeenah Moon | Reuters
Ahead of President-elect Donald Trump's inauguration on Monday, JPM executives had many unanswered questions about what his administration has in store for the healthcare sector.
Health care was not a focus for Trump during the campaign, meaning his policy goals for the industry are unclear. In addition, he has made some controversial cabinet decisions since the election.
Trump appointed vaccine skeptic Robert F. Kennedy Jr. to head the Department of Health and Human Services, prominent television host Dr. Mehmet Oz as head of the Centers for Medicare & Medicaid Services and pancreatic surgeon Dr. Marty Makary named head of the Food and Drug Administration. All three nominees still need Senate confirmation.
“Until we have a little more insight into the incoming administration in the U.S., the market is going to be volatile and a little more depressed,” Rebecca Stevenson, HSBC head of healthcare investment banking for the Americas, told reporters at a roundtable.
Owen Tripp, CEO of virtual care platform Included Health, said the Trump administration appears to be pro-business and has indicated it will push for greater access to health care.
“It's not even so much about who is in the White House, but more about having a Republican Congress and Senate that is fundamentally committed to expanding access and transparency,” Tripp said. “I think there will also be more transparency in drug pricing and healthcare pricing, which is also extremely positive.”
Regard: The UnitedHealthcare tragedy is a wake-up call for corporate America, says Wharton's Americus Reed