Capturing the commercial potential of underserved markets.
Nina Rawal works across science, capital and policy to close the gap between what science makes possible and who benefits. Through Emerging Health Ventures, she combines investment and strategic advisory with writing and speaking to drive an agenda for change.
The Courage Dividend
The next decade of life science innovation won’t be won on technology alone. The bigger opportunity is changing the economics of reaching more markets.
AI is transforming the cost of R&D. Adaptive regulation can reduce the time and cost of bringing innovation to market. Together, they create the opportunity to rethink how life science businesses are built, designing for reach and scale across markets from the start.
The greatest returns will go to those who build for reach. The courage is doing it before it’s obvious.
Read the thesis (opens in a new tab)Women’s health
The parts are moving. The system is not.
Women’s health is finally attracting attention, but momentum is not progress. Thin evidence weakens the case for coverage; uncertain coverage deters investment; and without investment, the evidence never gets built. The cycle reinforces itself.
In A Global Roadmap to Transform Women’s Health Innovation, co-authored with Misti Ushio, Dorothy Chou and Juan Camilo Arjona Ferreira, we set out 10 priority actions across science, regulation, investment and access. At their centre is coordination: establishing who does what, by when, and who is accountable.
Together, these actions could shorten diagnostic delays, establish accepted clinical endpoints, build large-scale evidence and increase pharmaceutical R&D investment in women’s health tenfold.
The work ahead is to bring the right actors together to make this happen.
Read the paper (opens in a new tab)Featured thinking
The agenda.
- Writing
The courage dividend: Europe can be a global launch pad for life sciences innovation. Here’s how (opens in a new tab)
World Economic Forum, 16 June 2026
- Writing
A Global Roadmap to Transform Women’s Health Innovation (opens in a new tab)
Digitalis Group, co-authored, 11 October 2026
- Keynote
The Courage Dividend: Building a globally scalable commercial model for life science innovation
CPHI Milan Leadership Summit, October 2026
- Panel
ABI Stockholm: What Makes Biotech Worth Backing? (opens in a new tab)
Stockholm, 25 September 2026
- Keynote and moderator
BioStock Investor Day: keynote and Nordic capital panel
Stockholm, 22 September 2026
- Guest column
- Guest columnForthcoming
The parts are moving; the system is not.
NLS Magazine, 17 November 2026
Earlier papers, talks and panels that shaped the thinking.
Open the archiveInvestment, advisory and boards
The practical work.
Investment and strategic advisory
- We Venture Capital
- Member, Investment Committee
- ESCP School of Technology
- Advisory Board
- A rare disease company
- Advising on strategy.
Boards
Twelve boards to date.
Previously
- Calliditas Therapeutics
- Owner representative, nomination committee chair.
- May Health
- Series B lead investor and board member.
- BONESUPPORT
- Investor and board member.
- Stockholms Sjukhem
- Board member.
About
With 25 years of experience across academic research, strategy, and life science investing, Dr. Nina Rawal has served as Partner and Co-Head of Ventures at Trill Impact, led the life science investment team at Industrifonden, and held earlier roles at Boston Consulting Group and Gambro. She is the founder of Emerging Health Ventures, an advisory firm, and sits on the investment committee at We Venture Capital.
She holds an MSc in Biomedicine and a PhD from Karolinska Institutet, with research experience at Columbia University and Hôpital de la Salpêtrière. A World Economic Forum Young Global Leader and European Young Leader, she writes and speaks on the future of life science and is committed to advancing solutions that deliver both returns and reach.