#Twenty25 - Funding the future of health tech - Part 16/20 Interview with Marta Mrozowicz, Heal Capital

Ian Coyne: What are your thoughts on the future of health tech investments in 2025?

Marta Mrozowicz: I think we'll see a continuation of what we've seen in 2024, not only in healthcare but in other industries as well. There's a lot of AI innovation, especially with LLMs (Large Language Models). I get a copilot or AI agent pitch every other week. There's an incredible wave of innovation and founders using LLMs to solve problems that were previously difficult or didn't scale easily. Some of these will be successful because LLMs allow for things that weren't possible before. However, the space feels crowded with a lot of competition and similar ideas.

Ian: Are these AI innovations primarily clinician-facing or patient-facing?

Marta: So far, most have focused on non-clinical tasks, which is smart because clinical tasks are harder due to certification and higher thresholds for data privacy and management. We've seen a lot of market pull for non-clinical solutions, and there's still room for more innovation here. For clinical copilots and agentic AI, it will be interesting to see if new startups or established players with existing distribution and regulatory knowledge will lead the way.

Ian: What broader trends do you see emerging in health tech beyond 2025?

Marta: Age tech and femtech are obvious categories that will continue to grow due to demographic trends. Femtech, especially in areas like fertility and reproductive health, might see more attention due to public conversations and political developments. We need a few big wins to attract more investors. Prevention, consumer diagnostics, and longevity are also emerging themes. Full-body screening and early disease detection are gaining traction, though business models need to catch up. Weight loss, driven by GLP-1 drugs, will remain significant, with a focus on making these drugs more accessible and managing their side effects.

Ian: What role do you see health tech playing in the context of GLP-1 drugs?

Marta: There's a debate about the value created by the drug versus the tech around it. GLP-1 drugs are expensive, and there's a need for solutions that help manage their administration and side effects. Future tech might focus on making these drugs more accessible and integrating lifestyle changes to eventually reduce dependency on the drug. However, we lack full visibility into the drug pipeline, so it's hard to predict the exact role of health tech in this space.

Ian: If you had a magic wand, what would you change to make health tech better?

Marta: It's a tough one. Many clinical AI tools have the potential to deliver cheaper healthcare at scale, but adoption is slow due to the usual problems: inherent inertia of the healthcare systems, difficulty selling digital solutions to providers, internal lobbying. We need strong top-down political or regulatory action to counteract these internal challenges and create opportunities that entrepreneurs can exploit. It's a complex issue, and real solutions would need to be a good mix of aligned incentives between payors, providers and patients as well as consider the usual budgetary constraints. In practice that means better policies and bigger budgets.

---

Marta Mrozowicz, Principal at Heal Capital

Marta Mrozowicz is a Healthcare Investor at Heal Capital, with a background in business analysis and financial analysis. She has held roles at prominent organizations like Calm/Storm Ventures and HCVC, demonstrating expertise in market research and equity valuation. Marta has a Master of Business Administration from HEC Paris and has experience investing in Series A and Seed stages across sectors like Developer Tools and FinTech.

About Heal Capital