The Heart of Healthcare | A Digital Health Podcast

Healthcare’s Eras Tour | NEA Co-CEO Mohamad Makhzoumi

Mar 31, 2025

Join Mohamad Makhzoumi as he reflects on his 25-year journey from intern to co-CEO of a major healthcare investment fund. Discover how venture capital in healthcare has evolved dramatically, and why timing is crucial for exits. The discussion dives into the cyclical nature of healthcare regulations and their impact on investment strategies. Learn about the balance between innovation and patient care, the role of machine learning in healthcare’s future, and the unique challenges of investing in this ever-changing landscape.

33:18

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Quick takeaways

The speaker's journey from intern to co-CEO highlights the essential role of mentorship and networking in career advancement within healthcare investment.

The evolving venture capital landscape underscores healthcare's increasing recognition as a valuable asset class, necessitating adaptability and focused engagement from investors.

Deep dives

Career Trajectory and Early Experiences

The journey from unpaid intern to co-CEO of a major healthcare fund exemplifies the potential for growth and opportunity within the industry. Initially starting as an intern at NEA, the speaker reflects on the valuable mentorship received from early industry leaders, which fostered a deep understanding of healthcare and venture capital. This personal commitment to learning and adapting paved the way for a lasting career in healthcare investment, highlighting the crucial role that networking and mentorship play in professional development. The speaker learned the intricacies of the business while engaging directly with high-level discussions and meetings, setting the foundation for future success in the field.

Intro

3min

Reflections on Healthcare Investment

10min

The Role of Generalists in Healthcare Investment

3min

Reflections on Investment Regrets and Lessons in Healthcare

3min

Navigating Healthcare Investment Challenges

12min

Navigating the Healthcare Landscape: Opportunities and Challenges

3min

Venture capital in healthcare has evolved from "the trailer park of venture investing" to a fundamental core tenant of the ecosystem, reflecting a quarter-century transformation of the entire industry.

In this episode, we sit down with Mohamad Makhzoumi, co-CEO of NEA, who shares his 25-year journey from unpaid intern to leader of one of the largest healthcare investment funds, offering his insights into the evolution of healthcare startups and VC.

We cover:

💼 His trajectory from carrying a partner's briefcase to co-CEO, and what it takes to break into venture capital today

🎭 Healthcare's distinct "eras" - from HMO revolution to digital health booms and regulatory cycles

🏥 Why healthcare venture capital follows different rules and timelines than traditional tech investing

💰 The challenges of timing exits in healthcare, and the regrets that come with leaving promising companies too early

🚀 How NEA has moved beyond traditional investing to incubating healthcare companies

🔄 The cyclical nature of healthcare regulation and its impact on investment strategies

🔮 Where digital health stands today – "transitioning from one party to another"

About our guest:

Mohamad Makhzoumi first joined NEA in 2000 and now serves as co-CEO of the firm. He was previously NEA’s co-president, prior to which Mohamad served as managing general partner, healthcare, where he led and oversaw NEA’s global healthcare investing practice across digital health and life sciences. Mohamad’s investment practice is focused on healthcare services and technology from early venture to late-stage growth, and he has helped many entrepreneurs build and scale transformative companies. Outside of NEA, he is a board member of the Lucile Packard Foundation for Children’s Health at Stanford.

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