San Francisco, known for its large population of hoodie-wearing tech workers, was packed with thousands of business-suited executives this week. JPMorgan Chaseof the annual healthcare conference.

Leaders from major global health systems, venture capital firms and corporations gathered in the hotel lobby to discuss business and strategy for 2025. Clear skies provide a respite from the downpours of the past few years, but other absences cannot be ignored.

This year's conference, known colloquially as JPM, was held a month after UnitedHealthcare CEO Brian Thompson was shot and killed in New York City. The news was welcomed by Americans, with numerous social media posts expressing dissatisfaction with the health care industry, with many sharing their negative experiences with insurance companies.

More than 10 companies, including Cigna and walgreensThey subsequently canceled their appearance at JPMorgan, according to a CNBC analysis of the meeting agenda. There was a heavy police presence at the Westin St. Francis Hotel, the conference's main venue, and many companies also increased security for private events and parties.

"I think the underground conversation that people are talking about around water and cocktails is obviously what happened to the CEO of UnitedHealthcare," said Weili Shao, president of metabolic health startup Omada. "What does this mean for health care? What shifts should happen? And how do we make things more accountable?"

Erik Wexler, CEO of the nonprofit health system Providence, said Thompson's murder was a "shocking, sad event" that served as a wake-up call for the health care industry . The system consists of 51 hospitals and 1,000 clinics in seven states. .

"Why are we going different ways here? Why are we fighting?" Wexler said. “Our job is to do good things for people who desperately need us in the most important moments of their lives, whether you’re a payer or a hospital.”

While Thompson's death drew a lot of attention at the conference, there was also excitement and buzz about 2025. There's no shortage of talk about the potential benefits of artificial intelligence and a blockbuster weight-loss drug called GLP-1, and investors appear to be cautiously optimistic about the outlook for 2025. The digital health market may be about to turn a corner.

"There are a lot of amazing things coming in health care," he said Dexcon CEO Kevin Thayer.

"Pharmaceutical companies and companies like ours, we work very hard to improve people's lives and we make a huge difference," said Thayer, who knew Thompson well. "Be optimistic, give us a break, we're all trying to do good."

Here are CNBC’s key takeaways from JPM 2025:

Generative AI steals the show

Generative AI will undoubtedly be the “it girls” in healthcare in 2024, and that seems unlikely to change in 2025.

The U.S. health system is grappling with burnout, staffing shortages and thin margins, so companies are racing to develop artificial intelligence tools to streamline some of the industry's more tedious administrative tasks. At JPMorgan Chase, the topic is virtually unavoidable.

For example, health care payment companies Weixing Announced a new generative AI feature designed to help physicians quickly respond to insurance denials by automatically drafting appeal letters. Amazon Web Services announced a new partnership with venture capital firm General Catalyst aimed at accelerating the development and deployment of artificial intelligence tools for healthcare. Healthcare startup Abridge has announced that Mayo Clinic will roll out artificial intelligence-driven clinical documentation technology to approximately 2,000 clinicians across the enterprise.

"At the highest level, I think artificial intelligence is already having a huge impact in healthcare, and that cannot be understated," said Dr. Shiv Rao, founder and CEO of Abridge. "At least in our segment, we see that every day The feedback received has been incredible and the adoption rates show this is a real thing. ”

NVIDIACompanies that make the hardware that powers artificial intelligence applications are particularly popular attendees at JPMorgan this year. Company announces partnerships with multiple healthcare organizations, including clinical research providers IQVIAneurotech startup Synchron, genomics company lighting company and the Mayo Clinic, an academic medical center.

"Our revenue between direct revenue and revenue with partners is well over $1 billion," said Kimberly Powell, vice president of healthcare at Nvidia, adding that Nvidia sees greater potential for AI healthcare applications. Big room for growth.

Executives bullish on GLP-1

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

Novo Nordisk and Eli Lilly and Company In recent years, diabetes and obesity treatments have had great success in helping patients lose weight. For example, a study in May found that patients taking Novo's weight-loss drug Wegovy lost an average of 10 percent of their weight over a period of up to four years.

Studies show that GLP-1 may also help treat conditions such as cardiometabolic disease, kidney disease, and addiction. The U.S. Food and Drug Administration approved Eli Lilly's weight loss drug Zepbound in December as a treatment for sleep apnea.

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

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

Supply shortages are a major hurdle for companies in the market, as soaring demand makes it difficult for many patients to access treatments. These medications often cost $1,000 per month without insurance, and coverage remains disparate for many Americans.

Even so, many healthcare executives remain optimistic that GLP-1 will effectively improve public health in the United States

"I've been joking, it's the two Gs, right? Like GLP, GPT," Omada CEO Sean Duffy said.

Uncertainty about the Trump administration

Ahead of President-elect Donald Trump's inauguration on Monday, JPMorgan Chase executives have many unanswered questions about his administration's plans for the health care industry.

Health care was not a focus of Trump's campaign, meaning his policy goals for the industry were unclear. Additionally, he has made some controversial cabinet picks since the election.

Trump nominates vaccine skeptic Robert F. Kennedy Jr. to lead Department of Health and Human Services, celebrity TV host Dr. Mehmet Oz to lead Medicare and Medicaid Services Center, nominated pancreatic surgeon Dr. Marty Makary to lead the Food and Drug Administration. All three nominees still need to be confirmed by the Senate.

"Until we know more about the incoming administration in the U.S., markets are going to be volatile," Rebecca Stevenson, head of Americas healthcare investment banking at HSBC, told reporters on the sidelines of the conference. , and more depressed.”

Owen Tripp, CEO of virtual care platform Included Health, said the Trump administration appears to be business-friendly and said it will push to increase access to care.

"What matters is not who is in the White House, but the fact that the Republican Congress and Senate are aligned in principle with expanding access and transparency," Tripp said. "I think there will also be more transparency in drug pricing and health care pricing, which It’s also very positive.”

watch: Wharton's Americus Reed says UnitedHealthcare tragedy is a wake-up call for corporate America