Women’s health has historically been underfunded and deprioritised, with a paltry 5% of healthcare research funding allocated to female-specific conditions.
Despite affecting millions, conditions like endometriosis and polycystic ovary syndrome receive significantly less investment than male-focused conditions such as erectile dysfunction.
Advances in technology, AI diagnostics, and femtech are now driving change, offering new solutions for early detection and treatment. However, funding remains a barrier, with women’s health receiving less than 2% of healthcare venture capital in 2023, despite a growing market demand.
Note: the term “woman” is used here to denote humans who were born female with all our superior biologic differences and fully intact XX chromosomes.
The investment gender gap
Did you know that between 2019 and 2023, there were eleven erectile dysfunction (ED) startups that were able to attract 28 times more capital than eight endometriosis-related ventures?
Endometriosis affects at least 1 in 10 women (probably more). About the same percentage of men suffer from ED. Endometriosis affects approximately 50% of women with fertility issues. Erectile dysfunction is certainly going to be an issue for a couple wishing to conceive, obviously. However, women with endometriosis can suffer crippling, whole body, complications and I suspect many of them would be deeply offended at the suggestion that a man with erection concerns warrants anywhere near as much sympathy as they do. I’m not here to argue whether one condition causes more suffering than the other. The point is that, historically, conditions that affect men have gathered more money, more attention, more innovation than conditions that affect only women.
But the times, as they say, they are a-changing.
And with good reason. As the much welcomed McKinsey report highlighted, women’s health represents a $1 trillion (£740M) economic opportunity. Whoa… I could buy a lot of shoes with that kind of cash. Of course, that number doesn’t reflect the pure profit for investors. McKinsey considered the knock-on societal implications and economic growth that occurs when women have access to preventative healthcare, contraception and interventions that consider the ways in which people born female both present and respond to disease intervention.
Why all the fuss?
For those of you who have been living under a rock blissfully unaware, women’s health is getting a lot of attention. That’s not just because the first generation of women who truly believed they could do anything, grow up to be anything, are hitting back at menopause with a vengeance. Actually, that might be part of it. Gen X’ers (such as myself) represented a shift in thinking from traditional gender roles to a more gender-neutral lens, at least when it came to the workplace. The little girls who were told they could be CEOs and Chairman of the board are not too thrilled when hot flashes and palpitations interfere so badly in their day-to-day lives that up to 10% of them leave the workforce earlier than planned. For whatever reason, the acknowledgement that the exclusion of women in healthcare research (another topic for another day) has failed women has fired up a movement demanding equal research and attention. What are just some of the discoveries that have lit these flames?
- Heart disease is the leading cause of death in women, but we are 50% more likely to be misdiagnosed. Why? Because women shouldn’t suffer from a “man’s disease” and our presentation is labelled “atypical.” Think about that. “Atypical” is the typical presentation for 51% of the population.
- Women make up 75% of all autoimmune disease patients yet no one fully knows why.
- Across every single condition, it takes longer for women to be diagnosed than our male counterparts.
We’re mad, and we’re not going to take it anymore. For those of you in the investment world, let me translate that for you. Women’s health represents a legitimate market!
Show me the money!
Back to pure economic profit, once we strip away all the “softer” benefits to society and the world at large, there is still a hefty profit to be found. What kind of money are we talking about? If we go back to erectile dysfunction, the first drug released, Viagra, generated $400M (£296M) in the first three months and after 14 years, had reigned in a whopping $2.1B (£1.6B). There is clearly a precedent set for gender-specific healthcare research and innovation.
Consider this:
- Women control 80% of the healthcare decision making in their households.
- Women spend nine years of their lives in poor health (compared to just 6.75 years for men).
- The femtech industry is already worth almost $61 billion and is projected to reach $130.8 billion by 2034.
There is more than enough evidence that women’s health is a profitable investment. We are no longer satisfied with outliving our husbands if we aren’t well enough to go on a cruise and finally enjoy some light reading without interruption.
Consider some of the innovation we are seeing. Hormones, immune markers, early signs of disease – it’s all there, offering a clearer picture of health than a one-time blood test ever could. And the movement doesn’t stop there. AI-powered diagnostics to cut the time to treatment for conditions such as endometriosis from years to days. Wearable devices that provide real-time, personalised insights into hormonal health, protecting not only our fertility but our brains, bones and hearts. The shift is underway, and women aren’t waiting for the system to catch up. They’re turning to private, tech-driven solutions that prioritise their needs.
The call to action
Investing in women’s health is not an act of charity. It’s a genuine market that is already massive and growing by the day. Innovation is everywhere. It’s been nearly 20 years since Viagra appeared on the scene and made a lot of money for some very smart people who invested in the science to address a genuine health concern that affects millions of men. Yet, when that very same drug was studied for menstrual pain, the funding disappeared.
Without investment, innovation is dead in the water. A capitalistic society supports profitable businesses. Investment professionals have a duty to bring returns to their investors. What more evidence could those who control the reigns of the money we need in women’s health need? Men had their moment. Now it’s our turn.
