The top health-care conference features GLP-1s and Brian Thompson's killing as major topics.

• This week, JPMorgan's annual health-care conference in San Francisco was attended by thousands of health-care executives.
• A month after the fatal shooting of UnitedHealthcare CEO Brian Thompson in New York City, the conference occurred.
• Weight loss drugs, artificial intelligence, and president-elect Donald Trump were frequently discussed.

This week, thousands of executives in suits flocked to San Francisco for its annual health-care conference, despite the city's reputation for being filled with hoodie-clad tech workers.

Major health systems, venture capital firms, and global companies gathered in hotel lobbies to discuss business and strategy for 2025. While the sunny skies were a pleasant change from the rainy days of the past, other absences were more noticeable.

The JPM conference occurred a month after the death of UnitedHealthcare CEO Brian Thompson, which was met with approval by Americans on social media, many of whom shared their negative experiences with insurers.

Over 10 companies, including and , withdrew from JPM, according to CNBC's examination of the conference schedule. The Westin St. Francis Hotel, the main venue, had a significant police presence, and many companies increased security at their private events and parties.

"The topic that people are discussing around the water and cocktails is likely the disappearance of the UnitedHealthcare CEO," said Wei-Li Shao, president of Omada. "What does this mean for healthcare? What changes should take place? And how can we become more accountable?"

The murder of Thompson was a "shocking, sorrowful incident" that has served as a warning to the health-care industry, said Erik Wexler, CEO of the nonprofit health system Providence, which operates 51 hospitals and 1,000 clinics across seven states.

"What is the reason for us being on a separate pathway here? What is the reason for us fighting?" Wexler asked. "Our job is to provide assistance to those in need during their most critical moments, regardless of whether they are the payer or the hospital."

Despite the looming death of Thompson, there was excitement and buzz about 2025 at the conference. Discussions about the potential benefits of artificial intelligence and GLP-1 weight loss drugs were prevalent, and investors were cautiously optimistic about the digital health market's potential to turn a corner.

CEO Kevin Sayer stated that there are numerous incredible developments in healthcare on the horizon.

"Sayer, who knew Thompson well, said, "Drug companies and companies like ours strive to enhance people's lives and make a significant impact. Let's be optimistic and give us a chance, as we're all working towards doing good.""

Here are CNBC's big takeaways from JPM 2025:

Generative AI stole the show

In 2025, it is likely that generative AI will continue to be the "it girl" of health-care.

JPM was unable to avoid the topic of health systems in the U.S. struggling with burnout, staffing shortages, and narrow profit margins, prompting companies to develop AI tools to streamline administrative tasks.

Abridge, a health-care startup, announced that Mayo Clinic will implement its AI-powered clinical documentation technology across its entire enterprise, with around 2,000 clinicians set to benefit from the technology.

""AI is already making a significant impact in healthcare, as evidenced by the daily feedback we receive and the high adoption rate in our segment," said Dr. Shiv Rao, founder and CEO of Abridge."

The company that powers AI hardware was a popular attendee at JPM this year. They announced partnerships with several health-care organizations, including the clinical research provider, neurotech startup Synchron, genomics company, and academic medical center Mayo Clinic.

Nvidia's vice president of health-care, Kimberly Powell, stated that the company's revenue exceeds a billion dollars through both direct and partnered revenue. She emphasized that there is still significant potential for growth in AI-based healthcare applications.

Executives are bullish on GLP-1s

GLP-1s, a class of weight loss drugs, have been praised by executives at presentations and cocktail parties for their numerous benefits.

Recent studies have shown that treatments for diabetes and obesity have been highly effective in helping patients lose weight. For example, a May study found that patients taking Novo's obesity drug Wegovy maintained an average of 10% weight loss for up to four years.

Lilly's weight loss drug Zepbound has been approved by the U.S. Food and Drug Administration as a treatment for sleep apnea in December, and research suggests that GLP-1s could be used to treat cardiometabolic disease, kidney disease, and addiction, among other conditions.

By the end of the decade, the anti-obesity medication industry could reach $100 billion, according to some analysts.

Sayer from Dexcom stated that these drugs are exceptional and they will persist.

One of the significant challenges for companies in the market is the shortages of drugs, which has made it difficult for many patients to obtain the treatments they need. These drugs can cost up to $1,000 per month without insurance, and coverage can still vary significantly for many Americans.

Numerous health-care executives are hopeful that GLP-1s will positively impact public health in the U.S.

Sean Duffy, CEO of Omada, joked about the two G's, saying it was like GLP and GPT.

Uncertainty around the Trump administration

As President-elect Donald Trump's Monday inauguration approaches, JPM executives are uncertain about the health-care sector's future under his administration.

Trump's policy aims for the health-care industry are unclear because he did not prioritize it during the campaign. Furthermore, his controversial cabinet picks have raised concerns about his intentions for the industry.

Trump appointed vaccine skeptic Robert F. Kennedy Jr., celebrity TV host Dr. Mehmet Oz, and pancreatic surgeon Dr. Marty Makary to lead the Department of Health and Human Services, Centers for Medicare & Medicaid Services, and Food and Drug Administration, respectively. However, all three nominees still require Senate confirmation.

Rebecca Stevenson, HSBC's head of health-care investment banking for the Americas, stated that the market will remain volatile and depressed until there is more visibility into the incoming U.S. administration.

Included Health CEO Owen Tripp stated that the Trump administration seems to be favorable to businesses and may promote greater healthcare access.

"The fact that the White House is occupied by a Republican president is not as significant as having a Republican Congress and Senate that are committed to increasing access and transparency. This will likely lead to more transparency in drug and healthcare pricing, which is a positive development."

Americus Reed of Wharton believes that the UnitedHealthcare tragedy serves as a warning for corporate America.