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23:36
Next in Health Podcast: 2026 Healthcare Investment Trends
Glenn Hunzinger, PwC’s Health Industries Leader, speaks with Jeremy Gelber, Partner at Vitruvian Partners, and Claire Love, Principal in PwC’s Deals Strategy practice, at the JPM Healthcare Conference in San Francisco about where healthcare investment momentum is building for 2026, how technology is reshaping value creation, and what investors are watching as care models, consumer behavior, and capital deployment continue to evolve.
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We’ve summarized the full discussion in a short Q&A format so you can get the highlights in minutes.
How are healthcare investors thinking about value creation over the next decade?
Q. Glenn Hunzinger
As we look ahead to personalized medicine, longevity, and new value pools, how are investors framing the opportunity?
A. Jeremy Gelber
We see three major shifts shaping value creation. Care delivery is moving closer to the patient, increasingly into the home and in more personalized ways. There is also a significant opportunity to reduce administrative waste, where AI can have near term impact by streamlining documentation, approvals, and payment processes. Finally, healthcare is moving from treating disease to preventing it, giving individuals more ownership of their health and driving demand for new tools and services.
Where are the strongest long term investment tailwinds?
Q. Glenn Hunzinger
Which areas stand out as underappreciated or underinvested?
A. Claire Love
Women’s health is one of the most compelling opportunities. It has historically received disproportionately low investment despite significant unmet need and strong business potential. Opportunities span fertility, menopause, and broader care models tied to cardiology, oncology, and immunology, particularly as healthcare becomes more consumer driven and personalized.
How does regulatory uncertainty shape investment decisions?
Q. Glenn Hunzinger
How are investors navigating policy and reimbursement uncertainty?
A. Claire Love
Scenario planning is critical. Investors cannot assume the future will mirror the past. Changes in research funding, clinical trial expectations, and regulatory approaches create uncertainty, so investors need to plan for multiple outcomes and ensure their strategies are resilient across different scenarios.
A. Jeremy Gelber
Frequent policy shifts can slow adoption and capital deployment, even when there is broad agreement on the direction of care models like value-based care. That uncertainty increases friction, which ultimately delays innovation and scale.
Where does technology and AI create the most immediate impact?
Q. Glenn Hunzinger
How are investors evaluating AI and technology opportunities?
A. Jeremy Gelber
The focus is on real ROI. Administrative and revenue cycle use cases are where AI is delivering the clearest value today, including documentation support, prior authorization, and payment integrity. These areas reduce friction and free up clinician time without changing clinical decision making.
A. Claire Love
Beyond AI, robotics is an important long-term opportunity. Robotics can support surgery, caregiving, and care at home, helping address labor shortages while improving access and experience.
What feels different about the investment environment heading into 2026?
Q. Glenn Hunzinger
What has changed compared to prior cycles?
A. Claire Love
Technology is advancing at a much faster pace, and policy uncertainty is higher, which adds complexity. At the same time, there is significant capital available to deploy and a more favorable interest rate environment, which supports optimism for 2026.
A. Jeremy Gelber
Technology adoption by clinicians, payers, and consumers will determine where profit pools shift. That creates both opportunity and risk, making technology one of the most important variables investors are watching.
Where do you expect investment activity to accelerate in 2026?
Q. Glenn Hunzinger
Which sectors are likely to see increased deal activity?
A. Claire Love
Healthcare IT remains active, and pharma services are expected to rebound as clinical trial activity picks up. Medtech continues to be a strong area, including take privates and carve outs, and diagnostics is likely to see more creative deal structures.
A. Jeremy Gelber
Healthcare technology and biotech both feel more energized than in recent years. We also expect payers to reenter the investment landscape as operating pressures ease and they refocus on technology enabled growth.
What excites you most about the future of healthcare?
Q. Glenn Hunzinger
What developments are you most optimistic about?
A. Jeremy Gelber
People gaining greater ownership of their health through access to data, diagnostics, and AI supported insights is transformational. That shift will require new models for how payers and providers engage with consumers.
A. Claire Love
The intersection of healthcare and technology has the power to improve outcomes, lower costs, and meaningfully improve the patient and caregiver experience. That combination is what makes this moment so exciting.
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Episode transcript
Find episode transcript below.
01:00:10:00 - 01:00:14:20
Glenn Hunzinger
Welcome to Next in Health. I’m Glenn Hunzinger, PwC’s Health Industries Leader.
01:00:14:20 - 01:00:22:20
Glenn Hunzinger
We are in San Francisco for the J.P. Morgan Health Care Conference. It’s an exciting time of year, my favorite time of the year, to talk about what is ahead.
01:00:22:20 - 01:00:34:15
Glenn Hunzinger
A lot of this conference focuses on great science and M&A activity. Our previous episode covered much of that. In this episode, we’re going to talk about investing in health.
01:00:34:15 - 01:00:45:10
Glenn Hunzinger
In prior conversations, we discussed the trillion dollar shift we believe will happen in the reallocation of profit pools. Today, we’re going to explore that further.
01:00:45:10 - 01:00:53:00
Glenn Hunzinger
I’m joined by two esteemed colleagues: Jeremy Gelber, Partner at Vitruvian, and Claire Love, who leads PwC’s Deals Strategy practice.
01:00:53:00 - 01:00:54:10
Glenn Hunzinger
Thank you both for being here.
01:00:54:10 - 01:01:02:20
Glenn Hunzinger
Jeremy, let’s start with you. As we think about the future of health and the changes around personalized medicine, longevity, and new value pools being created, how are you thinking about that shift?
01:01:02:20 - 01:01:04:00
Jeremy Gelber
I think we should really be thinking about three major changes.
01:01:04:00 - 01:01:24:00
Jeremy Gelber
First, how clinical care is delivered to patients. We’re moving from a system centered on facilities to one where care is delivered directly to individuals in their homes, in a more personalized way.
01:01:24:00 - 01:01:35:00
Jeremy Gelber
This shift addresses access challenges, particularly in rural communities, and gives patients greater control by allowing them to receive care where they want it.
01:01:35:00 - 01:01:54:00
Jeremy Gelber
Second is administrative efficiency. Roughly thirty cents of every healthcare dollar is wasted. This is where AI can have the greatest impact, streamlining how care is delivered, documented, approved, and paid for.
01:01:54:00 - 01:02:06:00
Jeremy Gelber
Third is the personalized medicine revolution. We’re shifting from treating disease after it occurs to preventing it, empowering individuals to take greater ownership of their health.
01:02:06:00 - 01:02:18:00
Glenn Hunzinger
Five trillion dollars in US healthcare spending growing at eight percent annually is unsustainable. Technology has the opportunity to remove friction and improve affordability.
01:02:18:00 - 01:02:26:00
Glenn Hunzinger
Claire, as you look at long term investment opportunities, where do you see unique tailwinds?
01:02:26:00 - 01:02:29:00
Claire Love
One area I’m particularly excited about is women’s health.
01:02:29:00 - 01:02:44:00
Claire Love
It represents an investment arbitrage opportunity because it has historically been underinvested across private equity, venture capital, and pharma.
01:02:44:00 - 01:03:00:00
Claire Love
There are significant unmet needs in fertility, menopause, oncology, cardiology, and immunology. Scaling solutions in women’s health presents both strong business models and meaningful impact.
01:03:00:00 - 01:03:14:00
Glenn Hunzinger
Investing in health is difficult given regulatory risk. Jeremy, what needs to change to create stronger tailwinds?
01:03:14:00 - 01:03:37:00
Jeremy Gelber
There’s too much friction between providers and payers. Technology can reduce that friction through better documentation, coding, embedded prior authorization, and fraud, waste, and abuse reduction.
01:03:37:00 - 01:03:48:00
Jeremy Gelber
We just need to ensure regulation doesn’t overcorrect and limit technology adoption.
01:03:48:00 - 01:04:05:00
Claire Love
This is a period of elevated uncertainty. The key for investors is scenario planning. You can’t assume the future regulatory environment will mirror the past.
01:04:05:00 - 01:04:21:00
Claire Love
We’ve seen funding fluctuations, regulatory questions around clinical trial models, and policy changes. Investors need to model multiple outcomes and plan accordingly.
01:04:21:00 - 01:04:37:00
Glenn Hunzinger
Let’s pivot to AI. Jeremy, when you evaluate AI investments, what’s your lens?
01:04:37:00 - 01:04:58:00
Jeremy Gelber
It comes down to real ROI. Administrative applications such as revenue cycle, prior authorization, ambient listening, and payment integrity offer immediate measurable impact.
01:04:58:00 - 01:05:10:00
Jeremy Gelber
Clinical decision support is promising, but we’re still determining whether AI alone or AI plus physician collaboration produces the best outcomes.
01:05:10:00 - 01:05:28:00
Claire Love
Beyond AI, I’m excited about robotics. In surgery, in home care, and in addressing labor shortages, robotics could transform care delivery.
01:05:28:00 - 01:05:40:00
Claire Love
With nearly three trillion dollars of spending tied to labor, automation and robotics present a massive opportunity.
01:05:40:00 - 01:06:05:00
Glenn Hunzinger
As we look toward 2026, where do you see investment flowing?
01:06:05:00 - 01:06:20:00
Claire Love
Healthcare IT will remain strong. Pharma services, particularly CROs and CDMOs, should rebound as clinical trial activity increases. Medtech and diagnostics will remain active, including creative carve outs.
01:06:20:00 - 01:06:35:00
Jeremy Gelber
Healthcare technology remains highly attractive. Biotech funding feels alive again. We also expect payers to reenter the M&A market as financial performance stabilizes.
01:06:35:00 - 01:07:00:00
Glenn Hunzinger
As you think long term, what excites you most about the future of health?
01:07:00:00 - 01:07:24:00
Jeremy Gelber
What excites me most is individuals owning their health journey. Access to medical records, genomics, family history, and AI driven insights will empower people to make informed decisions earlier.
01:07:24:00 - 01:07:35:00
Jeremy Gelber
That shift will fundamentally change the roles of payers and providers.
01:07:35:00 - 01:07:52:00
Claire Love
For me, it’s the intersection of healthcare and technology. The ability to improve patient experience while reducing costs is incredibly powerful.
01:07:52:00 - 01:08:05:00
Claire Love
Technology can transform caregiving, support families, and create better outcomes at scale.
01:08:05:00 - 01:08:18:00
Glenn Hunzinger
Healthcare is expensive and inefficient, but there is a clear path forward. Removing friction, lowering costs, and enabling innovation through technology.
01:08:18:00 - 01:08:30:00
Glenn Hunzinger
Jeremy, Claire, thank you both for your insights on what to expect in 2026 and beyond.
01:08:30:00 - 01:08:38:00
Glenn Hunzinger
On behalf of PwC, thank you for joining us.
01:08:38:00 - 01:08:45:00
Glenn Hunzinger
For more on these topics and others across health industries, please subscribe at pwc.com/us/nextinhealthpodcast.
01:08:45:00 - 01:08:48:00
Glenn Hunzinger
Until next time, this has been Next in Health.
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