[DISCLAIMER: The use of the term “women” throughout this article refers to those who identify as a woman and those who were Assigned Female at Birth (AFAB)].

Although women’s health should be a concern every day of the year, International Women’s Day (8th March 2024) is the one day a year when more eyes and ears are open to hearing the issues facing women; where women get to be seen and heard and where women are celebrated. We, theblood, are taking this opportunity to advocate for a cause that resonates deeply with our mission; women’s health. Let’s celebrate the efforts and achievements accelerating advancements within the women’s health sector, and honour those women who are taking action, but let’s also use this occasion to spotlight the persistent gap hampering the health and well-being of women, and remind everyone that women’s health is not just something that women should be worrying about!

One of the themes for this year’s International Women’s Day is a call to "Invest in women: Accelerate progress”. In this blog post, we will be exploring the stark realities faced by women in accessing adequate healthcare and the ripple effects this has on society as a whole; highlighting why EVERYONE (not just women) should consider investing their time, money and energy into benefiting women’s health, one way or another.

The Gender Data Gap, Women's Health and more

Information is power, we all know this. But the existing gender data gap means that there is a lack of information regarding women’s health; limiting the understanding and effective addressing of women’s health issues. This gender data gap is ultimately the barrier that impedes progress in healthcare for women; followed closely by the challenges faced by those who are trying to help close it.

The gender data gap affects everyone, not just women.

You might think that the gender data gap only affects women, but if you do, then you’re wrong. Yes, it massively affects women, ALL women, throughout their entire lives… but it also affects society as a whole. The well-being of women directly correlates with the well-being of society.

The effects of the gender data gap

Before we go any further, let’s just make sure we know what women’s health actually is. Women’s health is often narrowly simplified to sexual and reproductive health (SRH). This oversimplification significantly underrepresents the true burden of women's health. Women’s health extends beyond sex-specific conditions like endometriosis and menopause to encompass general health conditions that may affect women differently or disproportionately. For example, women are 50% more likely to receive an initial misdiagnosis when having a heart attack, than men (Pope et al. 2000).

Because of the historical prolonged use of male models in medical and clinical research, the way that most diseases and issues present themselves in women and affect them is still very much under-researched. From delayed diagnoses to overlooked conditions, the repercussions are extensive and profound; and not just for women.

On average, women are diagnosed later in life than men across a spectrum of 770 diseases, with an average difference of about four years (Westergaard et al. 2019). This delay not only jeopardises individual health but also filters into how investors and researchers prioritise needs, assess market potential, and allocate resources. See the cycle?

“Women spend 25% more time in “poor health” compared to men” (Ellingrud et al. 2024). This gender disparity not only diminishes the quality of life for millions of women but also holds back potential economic growth. When a woman enters the healthcare system, she is more likely to have her health concerns dismissed, ignored, or potentially missed altogether. This systemic oversight perpetuates these health concerns and the underlying causes, hindering women’s contributions to Gross domestic product (GDP) growth. This is not just a women’s issue; this is a societal issue.

The gender data gap isn't solely a women's issue; it's an economic one. Millions of women, spanning all age groups, face barriers to accessing healthcare, treatment, and support. The McKinsey Health Institute reports that closing this gap could potentially boost the global economy by a staggering $1 trillion. Every dollar invested in women's health is projected to yield around $3 in economic growth—a testament to the profound impact of prioritising women's well-being.

The women’s health funding discrepancy

Historically, women's health research has struggled with significant underfunding, leading to a stark contrast in investment compared to men's health. The gender bias is obvious in funding allocations; for instance, the McKinsey report states that start-ups focusing on erectile dysfunction secured six times more funding than those addressing endometriosis. But now, things seem to be changing…

The rise of Femtech

The emergence of FemTech, a sector dedicated to female technology, is at the forefront of driving innovation in women's health. This includes maternal health patient support, consumer menstrual products, gynaecological devices, and fertility solutions. Although FemTech currently receives only 3 percent of total digital health funding, the potential for growth is immense.

Private equity and venture capital investments in women's health are gaining momentum, mirroring the increasing clarity of opportunities in this sector. As society becomes more attuned to the specific needs of women, investment in FemTech start-ups is rising. The last four years alone witnessed women's health newcomers securing $2.2 billion in funding, reflecting a positive shift in recognizing and supporting initiatives aimed at women's health.

The time to invest in women’s health is now

Investing in women's health is not just a humanitarian endeavour but a strategic decision with significant economic potential. The global market for women's health presents vast opportunities for those willing to tap into this high-potential sector. Conditions like endometriosis and menopause, which have long been overlooked, represent untapped markets with enormous potential for innovative treatments. By aligning investments with the unmet needs in women's health, we not only contribute to improving lives but also position ourselves at the forefront of a trillion-dollar opportunity. Supporting women's health is not just a moral obligation but a wise business decision. The transformative period is starting.

So now you obviously want to learn more about how you can invest in and support women’s health. Below we outline just some of the steps that need to be taken to help minimise the gender data gap, and ways in which you can get involved, one way or another. From investing to advocating, all action will help to pave a future where women’s health is fully understood, supported and prioritised.

Ways to support women’s health:

1) Investing in women-centric research and development (R&D)

Support, get involved or invest in targeted R&D addressing women’s health concerns. Increasing knowledge and developing innovative interventions based on this, is fundamental for helping close the data gap and cater to the unique needs of women.

2) Strengthening data collection and analysis

Enhancing the collection and analysis of sex- and gender-disaggregated data is a pivotal step. Governments, research institutions, and private entities must collaborate to establish standardised practices for data collection, ensuring that it includes diverse demographics. This not only means quantifying health issues accurately but also understanding the nuanced impact on different groups of women. Strengthening data infrastructure creates a more reliable foundation for evidence-based decision-making.

3) Facilitating Access to Gender-Specific Care

Access to gender-specific care is a crucial component of bridging the data gap. This involves tailoring healthcare services to address the unique needs of women. By fostering an environment where women feel heard and understood in healthcare settings, we not only improve their health outcomes but also contribute to more accurate data collection. This targeted approach ensures that the gender data gap is gradually filled, creating a comprehensive understanding of women's health.

4) Examining Business Policies to Support Women

Beyond research and innovation, examining business policies is essential for systemic change. Companies should evaluate their policies to ensure they support women in the workplace and acknowledge the unique health challenges they may face. By creating a supportive environment, businesses contribute to women's well-being and indirectly influence the broader societal perception of women's health.

5) Empowering Women Through Education

Education serves as a catalyst for change. Empowering women with knowledge about their health, reproductive rights, and the importance of data-driven healthcare decisions is a crucial step. Initiatives that promote health literacy among women contribute not only to their well-being but also to the overall improvement of data accuracy. Informed women become advocates for their health, driving a positive feedback loop in data collection and analysis.

6) Advocacy for Policy Change

Advocacy at the policy level is indispensable for effecting systemic change. Governments, institutions, and Non-Governmental Organisations (NGOs) must join forces to advocate for policies that prioritise women's health research, allocate resources for gender-specific care, and mandate comprehensive sex- and gender-disaggregated data collection. A unified advocacy front ensures that the necessary legislative frameworks are in place to support and sustain women's health initiatives.

7) Amplifying Women's Voices

Amplifying women's voices in the discourse surrounding healthcare is a fundamental aspect of addressing the gender data gap. Women must be active participants in shaping the narrative around their health, experiences, and challenges. Platforms that amplify these voices contribute to a more accurate representation of women's health issues, fostering a deeper understanding and dismantling stereotypes that may have perpetuated gender data gaps.

8) Supporting Female-Led Innovation

Supporting and promoting female-led innovation is a strategic investment in closing the gender data gap. By fostering an environment where women entrepreneurs, researchers, and innovators thrive, we ensure diverse perspectives in healthcare solutions. Investors and stakeholders play a pivotal role in recognising and supporting female-led initiatives, ultimately contributing to a more inclusive and comprehensive approach to women's health.

Conclusion

The gender data gap has a profound impact on women’s health. The disparity in research funding, the underrepresentation of women in clinical trials, and the dearth of sex- and gender-disaggregated data have created a landscape where women's health remains insufficiently understood and addressed. From delayed diagnoses to overlooked conditions, taken together with the economic and societal repercussions, it is imperative that action is taken now and women’s health is no longer sidelined. The growing recognition of the untapped potential in women's health innovation, the emergence of female-led startups, and the increasing focus on FemTech present a transformational change. From fostering female entrepreneurship to amplifying women's voices, the solutions to help prioritise women’s health are clear. We urge everyone to recognise their role in reshaping the narrative around women's health and take action. Collective action will help address the gender data gap, and pave the way for equitable healthcare outcomes.

As a female-led FemTech company, theblood are committed to taking action and contributing to this transformative journey. We call upon our peers, competitors, and collaborators to join hands in this collective effort. Let us leverage the power of innovation, data, and advocacy to ensure that no woman is left behind in the pursuit of well-being.

On this International Women's Day, let our commitment be more than words. Let it be a catalyst for change, a spark that ignites a revolution in how we perceive, prioritise, and invest in women's health. Together, we can build a future where the gender data gap is diminished completely.

#IWD2024 #InvestInWomen

References:

1. Pope JH, Aufderheide TP, Ruthazer R, Woolard RH, Feldman JA, Beshansky JR, Griffith JL, Selker HP. Missed diagnoses of acute cardiac ischemia in the emergency department. N Engl J Med. 2000 Apr 20;342(16):1163-70. doi: 10.1056/NEJM200004203421603. PMID: 10770981.

2. Westergaard, D., Moseley, P., Sørup, F.K.H. et al. Population-wide analysis of differences in disease progression patterns in men and women. Nat Commun 10, 666 (2019). https://doi.org/10.1038/s41467-019-08475-9

3. Kweilin Ellingrud, Lucy Pérez, Anouk Petersen, and Valentina Sartori (2024). Closing the women’s health gap: A $1 trillion opportunity to improve lives and economies. McKinsey Health Institute. Available at: Closing the women’s health gap: A $1 trillion opportunity to improve lives and economies | McKinsey. [Accessed 5th March 2024].

Why women’s health should be everyone’s concern and not just women’s.