
By Sheryl Sutherland*
We are, by now, well past International Women’s Day – frankly the lead up to the day and the day itself sees me veering between boredom and anger. Boredom, in that for decades, I have watched our painfully slow progress. Anger in that women are not further ahead in the power stakes. I have this fantasy of women taking over control and banishing all the deranged white men – see your Trump, Putin, Luxon; you can continue the list if you can be bothered.
McKinsey Health Institute wrote a fascinating piece entitled “Blueprint to Close the Women’s Health Gap: How to Improve Lives & Economics for All.” It was so good it gave me goosebumps. Particularly as I am endeavoring (have been for far too long) to write a book which is a kind of follow-up to ‘Girls Just Want To Have Fund$’ published in 2011. We have gained a lot of financial investment knowledge over the last decade, so time to move forward. The concept that women have substantial health inequities and poor health outcomes worldwide is well-known, but tying this into the global economy is rare.
The original study published in 2024 calculated that women live in poor health for 25% more of their lives than men do. Closing the gap, they suggest, will add seven healthy days a year per women and unlock $1 trillion in global GDP by 2040, generating a return of $3 for every $1 invested in annual incremental growth. It's universally acknowledged that a woman is not just a small man, yet women's health has been systematically underfunded and seen as not separate to that of men. This has resulted in huge segments of the healthcare investment market remaining untapped. ‘The WHAM Report - The Business Case for Accelerating Women's Health Investment’ presented in February this year puts forward the theory that $350 million in research focused on women could yield nearly $2 billion.
But momentum is shifting. A group of forward-thinking investors and emerging startups have identified that investment in women's health is indubitably a massive growth opportunity, as well as a moral imperative in the ongoing fight for equality. There is an old and oft-repeated saying “Every cloud has a silver lining.” The U.S. government’s move to downsize USAID and withdrawal from WHO has created a funding vacuum, presenting a unique opportunity to develop healthcare innovation whilst unlocking substantial rewards.
Investments and women's health grew 300% between 2018 and 2023 to $4.3 billion and are predicted to reach $66 billion by 2023. This tremendous opportunity is validated by the results from the $41.2 billion directed to the whole health sector and the States. This $41.2 billion was directed to 1,787 deals, 2% on women’s health and 30% on digital health VC funding. The report states that there have been 34 successful exits in the past five years, including four IPOs and 31 mergers or acquisitions, proving the sectors viability for high returns.
A further study released in December reported that in the key segment of healthcare, women did not believe that goods and services available to them met their needs. Women manage $32 trillion in global spending and are predicted to control 75% of discretionary spending. A weighted global average put satisfaction with healthcare providers at 44% out of 100%, and health insurance at 37%. (Source BCG analysis).
Early-stage companies aiming to bridge gaps in the women's health market, many of which are women-led, offer new products, services and research. To support this important work, the Inclusive Ventures Lab (MSIVL), Morgan Stanley's in-house accelerator for underrepresented founders, provides a number of startups in the space with funding introductions to the venture capital community and mentorship.
Juniver is a health company transforming the $66 billion eating disorder market through a first-of-its-kind digital solution with Al-powered support for on-demand help for eating disorder urges, personalized insights from health data, evidence-based education and peer support. Shown to be 92% effective in a pilot, Juniver is designed to cover the full continuum of care, from self-guided digital experiences proven to drive symptom reduction, to a 1:1 virtual clinic.
Dotlab is revolutionising the diagnosis of endometriosis with a non-invasive test, aiming to replace the need for invasive procedures with a more patient-friendly approach. This innovation not only improves diagnostic accuracy but also enhances the overall patient experience. Founder, Heather Bowerman, also underscored the economic impact of the disease: "There is no test for endometriosis," she said. "The standard of care is surgery in the form of laparoscopy. lt's a multi-billion-dollar problem for U.S. health systems every year, and among the most expensive and burdensome diseases."
OVUM, part of MSIVL's current cohort, is a reproductive health brand demonstrating improved fertility outcomes using their products and services. Founder, Jenny Wordsworth, is building an ecosystem of best-in-class fertility support for the trying-to-conceive community, from patented preconception support supplements to launching their first fertility treatment offering.
HANX is redefining the sexual and intimate wellness industry by offering a consumer platform bringing together medically designed women’s reproductive health products, prescription treatments and community-based content. Co-Founder, Farah Kabir, says some investors initially dismissed HANX but that she has been able to shift the conversation and rewrite the narrative in a fragmented market.
Unfabled is a curated platform offering women’s health and wellness products, with solutions for premenstrual syndrome, menopause and other conditions that allow users to receive tailored product recommendations. Founder Hannah Samano says her business model is intended to help address the lack of sex-disaggregated data that hinders women’s health research.
The spillover benefits of improved women's health – such as better outcomes for children, fewer caregiving burdens, and less strain on public resources – translate into broader societal gains. Healthier women translate to healthier families, more productive workforces, and stronger economies. It means fewer healthcare costs over the long term, better educational outcomes for children, and greater stability for entire societies. Fundamentally, it means giving half the world's population the healthcare attention it deserves – while delivering robust financial returns for those poised to seize the opportunity.
Now is the time for savvy investors, entrepreneurs, and policymakers to step up. As public funding vacillates and new challenges emerge, private-sector leadership can fill the gap, catalyzing breakthroughs with lasting impact. By placing women's health at the forefront of investment strategies, we create a virtuous cycle: fueling innovation that meets urgent medical needs, driving economic growth, and improving quality of life around the globe.
The Bottom Line
Women's health remains one of the most underinvested frontiers in healthcare – a space where capital can unlock disproportionate returns while addressing an indisputable moral obligation. Given the market’s size, growth potential and transformative societal impact, there's never been a better moment to invest in women’s health.
*Sheryl Sutherland is director of The Financial Strategies Group, and author of Girls Just Want to Have Fund$ – Every Women’s Guide to Financial Independence, Money, Money, Money Ain’t it Funny – How to Wire your Brain for Wealth, and co-author of Smart Money – How to structure your New Zealand business or investments and pay less tax. You can contact her here.
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