The Heart of Healthcare | A Digital Health Podcast

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

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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.

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ANECDOTE

From Intern to Co-CEO

Mohamad Makhzoumi started at NEA as an unpaid intern 25 years ago after being inspired by a co-founder's talk.
He literally carried Chuck Newhall's briefcase to board meetings, learning firsthand through mentorship.

ADVICE

Breaking into VC

Don't just try to break into VC; contribute to healthcare innovation by becoming an entrepreneur.
Explore various paths into venture capital like investing, technical expertise (MD, PhD), or operational experience.

ANECDOTE

Healthcare Family Background

Mohamad Makhzoumi comes from a family of doctors but chose a different path.
Witnessing the rise of HMOs in the 80s and 90s during his family's experience at Johns Hopkins shaped his perspective.

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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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