AI health apps are everywhere. the ones with actual revenue infrastructure underneath them are not.

every week there's a new AI health or wellness app. most of them are pure software plays with no revenue, no moat, and a pitch deck where the TAM slide does a lot of heavy lifting.

been looking at a few of the AIM-listed health tech names that have tried to build something more defensible underneath the app layer. the interesting ones tend to have some combination of regulated infrastructure, NHS contracts, or clinical data assets that pure consumer wellness apps can't replicate quickly.

the app layer is commoditising fast. anyone with an API call to a foundation model can build a wellness coach. what's harder to copy is pharmacy licences, NHS dispensing relationships, and patient data under MHRA governance.

curious whether anyone else is filtering health tech investments this way or whether you're still looking at pure SaaS multiples for these names.