A panel at LSI Europe ‘23 brought together industry leaders to discuss the crucial role of diversity, equity, and inclusion (DEI) in healthcare and the medtech market. Moderated by Kwame Ulmer, the conversation featured Nicole J. Walker, Esther Reynal de St Michel Richardot, and Tracy Dooley, who shared their insights on investment trends, cultural competency, data analysis, diversity in clinical trials, funding barriers, and talent sourcing.

Investment Trends Surrounding DEI in Healthcare

Nicole J. Walker highlighted the evolution of investment trends with a DEI lens. Initially, the focus was on making treatments accessible for chronic conditions prevalent in diverse populations. Over time, this focus expanded to include culturally appropriate care, recognizing that different communities have unique healthcare needs.

"We've started to see more discussions, funds, programs, and opportunities focused around DEI as it relates to delivering care, designing therapies, and even determining which type of questionnaire to use. It’s not a monolithic problem across the country. There could be cultural differences, and there could be regional differences," Walker noted. She emphasized that DEI in healthcare is not just about ethnic or gender diversity but about the full diversity needed at the table.

Cultural Competency in Healthcare

Esther Reynal de St Michel Richardot discussed the importance of cultural competency in healthcare, particularly with the advent of AI. She highlighted the UK's efforts to address gender healthcare gaps and the biases in data collection to ensure fair and effective healthcare solutions.

"In the UK, there was a massive report showing it's the second worst country amongst the G20 for their gender healthcare gap," Richardot said. She added, "With AI, there's a lot of thinking on how we’re collecting data and ensuring we don't have biases, so we can highlight the inequalities and look for solutions."

Rigorous Data Analysis

Tracy Dooley emphasized the significance of rigorous data analysis in healthcare investments. Being meticulous about data from early stages ensures better insights and outcomes, which is crucial for evaluating and supporting diverse healthcare startups.

"Being incredibly rigorous about interrogating the data and going back to the unmet need and stratifying your data at the earliest stages is vital," Dooley explained. She also highlighted the importance of a strategic mindset in helping early-stage companies become attractive to strategic partners over a years-long process.

Diversity in Clinical Trials

Nicole J. Walker pointed out the need for diversity in clinical trials, especially for conditions disproportionately affecting certain demographics. She advocated for inclusive trials to ensure effective treatments for all populations, emphasizing that diverse thought is essential for comprehensive healthcare solutions.

"Women are diagnosed with Alzheimer's at a higher rate than men, and people of color index at a higher rate for Alzheimer's than non-people of color—but the clinical trials don't reflect that," Walker said. "If you're not doing anything to change the makeup of any given room, you're not getting the best discussions out of that room."

Overcoming Funding Barriers

Tracy Dooley and Nicole J. Walker discussed strategies for overcoming funding barriers for diverse founders. They emphasized the role of rigorous data and strategic networks in convincing traditional medical device investors to invest in diverse companies, highlighting the importance of mission-driven LPs and fund of funds.

Location and Sourcing Talent

Nicole J. Walker emphasized the importance of considering location and sourcing strategies when looking for diverse talent. She shared an example of how traditional search firms may overlook diverse candidates, suggesting that opening sourcing channels can significantly improve diversity in healthcare investments.

"Part of our challenge is to open up doors and think about how we search for talent," Walker explained. "Geography matters, but so does how you're sourcing and challenging your current recruitment teams to open up the lens they're using for those talent pools."

Conclusion

The full recording of the panel can be found in LSI’s resource hub at the link below:

• Investment Perspectives, Insights, & Increasing Representation With Leaders Changing the Face of VC

The panel discussion highlighted the growing importance of DEI in healthcare and the medtech market, emphasizing that true progress in these sectors requires a comprehensive, inclusive approach. By addressing investment trends, cultural competency, rigorous data analysis, diversity in clinical trials, and overcoming funding and talent barriers, the industry is starting to recognize the transformative potential of diversity in driving innovation and improving patient outcomes. As the medtech market continues to evolve, prioritizing DEI will be essential for creating equitable healthcare solutions and ensuring that all populations benefit from advancements in medical technology.

To hear more insights like this, join hundreds of executives at LSI Europe ‘25 at the JW Marriott Grosvenor House London from September 7th to 11th, 2025.