How does world-class science fail to become a scalable business and what can founders do about it?

In this episode of Oxford+, host Susannah de Jager speaks with Benny Axt, Entrepreneur in Residence at Oxford Science Enterprises, about the complex relationship between healthcare technology and the systems it must operate within. They explore why healthcare's apparent inefficiency is often intentional constraint, how reimbursement models and regulatory pathways can make or break a company, and what UK health tech founders consistently underestimate about the US market.

Drawing on a recent BCG report highlighting a £20 billion annual opportunity if the UK strengthens its ability to translate research into real-world solutions, the conversation underscores why system fluency is not optional but essential. From the cultural transformation Benny led at DaVita across a dozen countries to the structural realities of NHS adoption and the perverse incentives within US oncology, this episode offers a candid and practical guide for founders, investors and anyone working at the intersection of innovation and healthcare delivery.

(00:00) - Welcome to Oxford+
(01:51) - The Biggest Misconception about Healthcare
(05:04) - Technology versus System: Where Value Really Comes From
(07:16) - When Extraordinary Science Fails to Translate
(11:48) - The GLP-1 Revolution and Its Unintended Consequences
(15:02) - Four Constants across Global Healthcare Systems
(18:24) - Culture, DaVita, and Scaling Values across Continents
(24:21) - What UK Founders Get Wrong about the US Market
(28:12) - Replacement versus Net New Cost Centres
(30:48) - Advising Oxford Spin-Outs in Their First 18 Months
(38:05) - What Excites Benny about Oxford's Health Tech Ecosystem
(44:03) - Why Oxford Science Enterprises and Why Now

Benny Axt: Benny Axt is Entrepreneur in Residence in the Health Tech team at Oxford Science Enterprises (OSE), the largest university-affiliated investment company in the world and OSE's first EIR to join from the US. A seasoned healthcare strategist, operator and corporate development leader, Benny has spent over 15 years building healthcare businesses across six continents. Previously Vice President of Strategy at Dialogue Health Technologies Inc., he supported the company's US market entrance and helped grow it from a venture-backed startup through to IPO and acquisition. Before that, Benny held leadership roles at DaVita, a Fortune 500 healthcare provider, where his work included leading the privatisation of healthcare services in Saudi Arabia and building cultural infrastructure across more than a dozen countries. Benny holds an MBA and a Master of Health Care Delivery Science from Dartmouth College. In addition to his role in venture capital, he serves as a board advisor and healthcare consultant to leaders seeking guidance on strategy, operations and international expansion.

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Susannah de Jager: Susannah is a seasoned professional with over 15 years of experience in UK asset management. She has worked closely with industry experts, entrepreneurs, and government officials to shape the conversation around domestic scale-up capital.

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Oxford+ is hosted by Susannah de Jager and supported by Mishcon de Reya, HSBC Innovation Banking, and James Cowper Kreston.

Produced and Edited by Story Ninety-Four in Oxford.