7 standouts from McKinsey's report into the $1tr opportunity in women health
7 standouts from McKinsey's report into the $1tr opportunity in women health
Investing in women’s health will help millions of women live healthier, longer lives AND could boost the global economy by at least $1 trillion a year by 2040
On Wednesday 17 January, the World Economic Forum and McKinsey Health Institute teamed up for a landmark report: 'Closing the women's health gap: A $1 trillion opportunity to improve lives and economies.’
The report makes a case for health equity, but goes further to highlight both the societal and economic rationale for investment in women’s health.
The key finding? Investing in women’s health will help millions of women live healthier, longer lives AND could boost the global economy by at least $1 trillion a year by 2040.
There’s so many standout insights from the report, here’s our pick of the top seven:
1. While women live longer (on average) than men, they spend more of their lives in poor health.
A woman will spend an average of nine years in poor health - 25% more time than men.
One contributing factor to extended poor health is that women face barriers to timely and accurate diagnosis.
‘A study conducted in Denmark across 21 years showed that women were diagnosed later than men for more than 700 diseases. For cancer, it took women two and a half more years to be diagnosed. For diabetes, the delay was four and a half years. Analyses of US health records and studies indicate that fewer than half of women living with endometriosis have a documented diagnosis.’
2. Better women’s health benefits everyone.
Women’s health is not a standalone issue. It is a cornerstone of societal well-being and progress. Better health and well-being for women creates a ripple effect that extends to families, communities and nations.
‘If we can recognise and take a holistic approach, supported by collective action and sustained investment, we can narrow the health gap but also contribute to a better shared global future.’
3. There is a role for employers to play
Nearly 50% of the health burden affects women of working age - highlighting the need for employers to step up when it comes to women’s health.
This is also an opportunity for FemTech start-ups who work with businesses to offer their products and services as a wellbeing benefit and /or support. As more employers recognise the role they play in supporting the health of their workforce, the more these services will be in demand.
4. We need to embrace a full definition of women’s health
Almost half (47%) of the women’s health burden reflects conditions that affect women disproportionately i.e depression, migraines, autoimmune disease.
It’s not for women-specific conditions such as maternal and gynaecological (5%) that we might more traditionally associate with women’s health. This is a reminder that women’s health is not just sexual and reproductive health.
In fact, a powerful insight from the report is that at a global level, effective treatment of just ten conditions — for example, premenstrual syndrome (PMS), depressive symptoms, and migraines — could make up more than 50% of the economic impact.
5. Research is focused on areas leading to high mortality - overlooking those leading to disability
There’s a known research and data gap in women’s health.
And where it is being plugged, there is up to a tenfold higher volume of new therapies in development for some of the most common women’s cancers compared with debilitating gynaecological conditions.
As the McKinsey report points out:
“The solution is not to trim cancer funding, but to recognize the possibilities for advances in research related to other women’s health conditions—in particular, menopause, premenstrual syndrome, endometriosis, and polycystic ovary syndrome.”
6. Let’s end the debate around whether or not women’s health is a good investment.
This is a $1 trillion opportunity for the global economy - each year. For every $1 invested, $3 is projected in economic growth.
It’s a clear call to action for policy makers, investors, academia, employers and more. An attempt to move the conversation on from the somewhat exhausting debate on the benefits and need to invest in women’s health.
“The question is not whether this wealth of opportunities exists but rather who will take the initiative to seize it and drive change.”
Addressing sex-specific conditions can pay off.
‘For example, the debut of Viagra for erectile dysfunction, which affected an estimated 152 million men in 1995, generated $400 million in sales revenue within its first three months in the US market in 1998.75 By 2012, worldwide sales hit a record $2.1 billion.76 Globally, given the similar prevalence and high unmet need for conditions such as endometriosis and menopause, there is enormous potential for innovative treatments.’
7. There’s money on the table for investors in FemTech.
The report includes this specific call-out to investors:
“Given the large unmet need and resulting opportunity, those who continue to forgo investing in women’s health may find themselves left behind by the players that tap into this high-potential market.”
Investors are seeing the benefit of investing in women’s health, but it’s slow going.
‘A McKinsey analysis found that 11 start-ups addressing erectile dysfunction, among other men’s health concerns, secured $1.24 billion in 2019–2023, while eight start-ups addressing endometriosis received $44 million. Funding for companies focusing on erectile dysfunction was six times higher compared to endometriosis.’
So what next?
The report shares a clear framework for what needs to be done to address the health gap:
invest in women-centric research and development to fill gaps,
strengthen the collection and analysis of sex- and gender-disaggregated data
increase access to women-specific care
encourage investments in women’s health innovation
examine business policies to support women such as pregnancy and menopause-friendly workspaces.
Congratulations to McKinsey and the World Economic Forum on such a powerful report. In particular to lead authors:
McKinsey: Kweilin Ellingrud. Lucy Pérez. Anouk Petersen Valentina Sartori.
World Economic Forum Shyam Bishen, Amira Ghouaibi, Judith Moore Head, Christian Sand Horup
What do you think? What stood out for you in the McKinsey report? Let me know in the comments below!