In this edition of HealthTechQuity Spotlight, Perrin Joel sat down with Tracy MacNeal, CEO at Materna Medical, to talk about purpose-driven leadership, transforming maternal care, and building a Medtech culture that truly reflects the people it serves.
Tracy’s journey began as a chemical engineer at Merck, launching products around the globe. But as she moved from technical roles into executive leadership, she saw a gap and an opportunity in women’s health, especially around childbirth. “It’s the most dangerous thing most women will ever do,” she says, “and yet there’s been so little innovation in making it safer.”
Now leading Materna Medical, Tracy is focused on changing that. Her mission is both personal and systemic, improving safety for mothers while proving that women’s health can also be a strong, sustainable business. "We can do well for our shareholders while doing good for women,” she says.
Her leadership is rooted in a core belief: energy management is more important than time management. Rather than over-optimising schedules, she encourages her team to follow what lights them up. “If I’m exhausted and burned out, I’m not useful to anyone,” she explains. “But when I’m aligned with what energises me, I work better and so does my team.” That energy-first mindset shapes the culture she builds.
Tracy’s entry into Medtech was born from choosing to step back from Big Pharma to prioritise her growing family. During that time, she launched her own consulting business before diving into the device space, where she found her stride leading commercialisation, strategy, and now, full-scale innovation in maternal health.
When asked about the biggest challenge in MedTech today, she points to a familiar but deeply entrenched issue, the outdated U.S. reimbursement system. “Our payment model can’t keep up with innovation,” she says. “We can’t fund technologies that reduce cost and improve outcomes, because the system doesn’t support them. Investors can’t touch it and that stalls progress.”
On health equity, Tracy highlights the work of Navigate Maternity, a startup using remote blood pressure monitoring to support high-risk pregnancies. Their technology is helping improve maternal outcomes across communities that have historically faced disparities in care. “They're doing powerful, targeted work in a space that needs it,” she says.
At Materna, DEI isn’t just a side note it’s a performance metric. From inclusive hiring practices to ensuring clinical trials reflect the full diversity of U.S. women, Tracy has embedded equity into company goals. “If we don’t report on it and tie it to incentives, it’s just talk,” she says.
Looking ahead, she’s optimistic. With new energy at the federal level, she hopes to see real progress in rethinking how medical innovation is funded and regulated.
As a final reflection, Tracy poses a question for future leaders:
“How do you see your own behaviour as a CEO shaping your company’s culture for better or worse?”
For Tracy, leadership isn’t just about driving outcomes — it’s about modelling integrity, setting boundaries, and building a business where energy, equity, and impact go hand in hand.