Summary
Women's health represents one of the most significant untapped opportunities for global economic growth and human development. Despite comprising nearly 50% of the world's population, women's health has been systematically underinvested, underresearched, and undervalued. This white paper examines the economic imperative for investing in women's health and provides actionable recommendations for stakeholders across sectors.
Addressing the women's health gap could boost the global economy by at least $1 trillion annually by 2040
Women spend an average of 9 years more in poor health than men, affecting workforce participation and productivity
Women's health receives only 5% of global healthcare R&D funding despite representing half the population
The health gap equates to 75 million years of life lost due to poor health or early death per year
Closing the gap could generate the equivalent impact of 137 million women accessing full-time positions by 2040
Table of Contents
1. Introduction
2. The Economic Case for Women's Health Investment
2.1 Global Economic Impact
2.2 Workforce Participation and Productivity
2.3 Multigenerational Benefits
3. The Women's Health Gap: A Global Perspective
3.1 Defining the Health Gap
3.2 Regional Disparities
3.3 Key Health Conditions Affecting Women
4. United States vs. Global Comparison
4.1 Healthcare Spending and Outcomes
4.2 Research and Development Investment
4.3 Access and Affordability Challenges
5. Root Causes of the Women's Health Gap
5.1 Scientific and Research Gaps
5.2 Data Collection and Analysis Deficiencies
5.3 Care Delivery System Failures
6. Economic Sectors and Investment Opportunities
6.1 Reproductive Health
6.2 Menopause and Aging
6.3 Cardiovascular and Chronic Diseases
6.4 Mental Health and Nutrition
7. Recommendations
7.1 For Policymakers
7.2 For Healthcare Providers
7.3 For Investors and Private Sector
7.4 For Research Institutions
8. Conclusion
9. References
1. Introduction
For centuries, women's health has been simplified, misunderstood, and marginalized within the broader healthcare landscape. Often reduced to reproductive health alone, the full spectrum of women's health needs, from cardiovascular disease to mental health, from nutrition to chronic conditions, has been systematically overlooked.
This oversight comes at an enormous cost. Women globally spend 25% more time in poor health compared to men, translating to approximately 9 years of reduced quality of life. This health burden directly impacts women's ability to participate fully in the workforce, support their families, and contribute to economic growth. The ripple effects extend beyond individual women to affect entire communities, future generations, and national economies.
Recent research has quantified what advocates have long known: investing in women's health is not just a moral imperative but an economic necessity. The McKinsey Health Institute estimates that closing the women's health gap could add at least $1 trillion to the global economy annually by 2040. This figure is likely conservative, given the historical underreporting and data gaps that undercount the true burden of women's health conditions.
This white paper examines the economic case for investing in women's health from both global and United States perspectives. It explores the root causes of the health gap, identifies key investment opportunities, and provides concrete recommendations for stakeholders across sectors. The time to act is now, not only because it is the right thing to do, but because the economic returns are undeniable.
2. The Economic Case for Women's Health Investment
2.1 Global Economic Impact
The economic argument for investing in women's health is compelling and multifaceted. According to the McKinsey Health Institute, addressing the women's health gap represents a $1 trillion annual opportunity for the global economy by 2040. This estimate accounts for four primary economic pathways:
Fewer early deaths: Reducing premature mortality among women of working age
Fewer health conditions: Decreasing the burden of chronic and acute illnesses
Extended economic capacity: Enabling women to remain in the workforce longer
Increased productivity: Improving performance and reducing absenteeism due to health issues
The health gap equates to 75 million disability-adjusted life years (DALYs) lost annually, equivalent to seven days per woman per year spent in poor health or lost to early death. Closing this gap could generate the equivalent impact of 137 million women accessing full-time employment by 2040.
Beyond direct economic contributions, women's health investments yield multiplier effects. Research from the African Development Bank shows that for every $10 earned by African women entrepreneurs, $9 goes back to supporting families and communities. This reinvestment pattern amplifies the economic impact of women's health improvements across generations and communities.
2.2 Workforce Participation and Productivity
Women's health directly influences workforce participation and productivity. Nearly half of the women's health burden affects women during their working years (ages 15-50), creating significant economic consequences:
Healthcare Costs: In the United States, working women spend 18% more on healthcare costs than men, despite often receiving less effective care. This financial burden can force difficult choices between healthcare and other necessities.
Absenteeism: Health conditions disproportionately affecting women lead to substantial workplace absenteeism. In Bangladesh, a study found that 73% of women employed in textile factories missed an average of six days per month due to menstrual health issues. When provided with menstrual products and education, absenteeism dropped to just 3%.
Career Interruptions: Unmanaged health conditions, particularly reproductive health issues, can lead to career setbacks, job loss, and reduced earning potential. Women who lack access to family planning face higher risks of unintended pregnancy, which can derail educational and career trajectories.
Productivity Loss: Even when women remain in the workforce, untreated or poorly managed health conditions reduce productivity. Conditions like endometriosis, which affects an estimated 10% of women of reproductive age, can cause debilitating pain that impacts daily functioning.
2.3 Multigenerational Benefits
Investing in women's health creates positive ripple effects across generations:
Maternal and Child Health: Healthy mothers are more likely to have healthy children. Pregnancy complications can increase risk for chronic illnesses—gestational hypertension can lead to chronic hypertension, and women with gestational diabetes have a 50% risk of developing type 2 diabetes within 7-10 years.
Educational Outcomes: When mothers are healthy, children have better educational outcomes. Women with good health can better support their children's development and education.
Economic Mobility: Healthy women can pursue education and careers, lifting families out of poverty. As one Kenyan entrepreneur noted, access to contraceptives enabled her to build a successful business and send her daughter to become a biomedical engineer.
Community Development: Women's health improvements benefit entire communities. In Africa, where one-quarter of the female population is involved in entrepreneurship, women's health directly impacts community economic development and social progress.
3. The Women's Health Gap: A Global Perspective
3.1 Defining the Health Gap
The women's health gap refers to the disparity in health outcomes between women and men that results from structural and systematic barriers rather than biological differences alone. Women spend 25% more time in poor health relative to men, an average of 9 years over a lifetime.
Importantly, women's health extends far beyond reproductive health. While sexual and reproductive health (SRH) and maternal, newborn, and child health (MNCH) are critical, they account for only approximately 5% of women's health burden. The remaining 95% includes:
56% from conditions that are more prevalent or manifest differently in women (e.g., cardiovascular disease, autoimmune disorders)
39% from conditions that affect women and men similarly, but where women face treatment disparities
3.2 Regional Disparities
The women's health gap varies significantly by region, with the most severe impacts in low- and middle-income countries (LMICs):
Maternal Mortality: In 2020, approximately 800 women died daily from preventable pregnancy-related causes, one death every two minutes. 94% of these deaths occurred in low-resource settings, with 86% in sub-Saharan Africa and Southern Asia.
Cervical Cancer Prevention: Less than 25% of low-income countries and less than 30% of LMICs have introduced the HPV vaccine, compared to 85% of high-income countries. Only 36% of women worldwide have been screened for cervical cancer in their lifetime (84% in high-income countries versus less than 20% in LMICs).
Malnutrition: Malnutrition disproportionately impacts women and girls, costing the global economy over $1.6 trillion annually. In many regions, societal norms prioritize male nutrition, leaving women and girls undernourished.
Access to Care: In rural areas of developing countries, women face significant barriers to healthcare access, including distance to facilities, cost, and cultural restrictions on women's mobility and decision-making.
3.3 Key Health Conditions Affecting Women
Several health conditions disproportionately affect women or manifest differently in women:
Cardiovascular Disease: The leading cause of death globally for both sexes, but women are twice as likely to die from a serious heart attack. Women's symptoms often differ from men's and are frequently misdiagnosed. Treatment effectiveness can be 20% lower in women.
Endometriosis: Affects an estimated 10% of women of reproductive age (potentially 190 million women worldwide), yet diagnosis takes an average of 10 years. The condition has received minimal research funding despite causing debilitating pain and fertility issues.
Menopause: Affects most women, yet symptoms are rarely counted in disease burden classifications. Symptoms like mood swings and depression are often misdiagnosed as other conditions.
Autoimmune Disorders: Approximately 80% of autoimmune disease patients are women, yet research has historically focused on male subjects.
Mental Health: Women experience depression and anxiety at higher rates than men, often related to hormonal changes, societal pressures, and the burden of unpaid care work.
4. United States vs. Global Comparison
4.1 Healthcare Spending and Outcomes
The United States presents a paradox: despite spending more on healthcare than any other nation, American women face significant health disparities:
Higher Costs, Worse Outcomes: Working women in the US spend 18% more on healthcare costs than men, with an average of $135 more in out-of-pocket expenses annually. Of this, $55 goes to higher copay rates for conditions predominantly affecting women.
Maternal Mortality Crisis: The US has the highest maternal mortality rate among developed nations. Black women are 3-4 times more likely to die from pregnancy-related causes than White women, and Native American women face similar disparities. These disparities persist even after adjusting for income levels.
Insurance Discrimination: Historically, women have faced higher insurance premiums. While the Affordable Care Act addressed some gender-based pricing, women still face higher out-of-pocket costs for conditions specific to their biology.
Global Comparison: While the US spends approximately 17% of GDP on healthcare, outcomes for women lag behind other high-income countries in areas like maternal mortality, life expectancy, and chronic disease management.
4.2 Research and Development Investment
Research funding disparities are evident both in the US and globally:
United States:
• The National Institutes of Health (NIH) allocates only 11% of its budget to women's health-specific research
• Only 4.5% of NIH funding for coronary artery disease supports women-focused research, despite women having a 50% higher mortality rate in the year following a heart attack
• Only 4% of healthcare-related R&D efforts target women's health issues specifically
• As of 2015, there were five times more studies on erectile dysfunction than on premenstrual syndrome
Global Perspective:
• Women's health receives only 5% of global healthcare R&D funding
• In Canada and the UK, only 5.9% of grants between 2009-2020 went to research examining female-specific outcomes or women's health
• Clinical trial participation: Women were only required to be included in US clinical trials in 1993, resulting in significant knowledge gaps
• Pipeline disparities: There is up to a tenfold higher volume of new therapies in development for women's cancers compared to debilitating gynecological conditions like endometriosis
4.3 Access and Affordability Challenges
Access barriers differ between the US and global contexts but share common themes:
United States:
• Geographic disparities: Rural areas face healthcare deserts with limited access to women's health specialists
• Insurance coverage gaps: Not all women's health services are covered, particularly fertility treatments
• Cost barriers: High deductibles and copays prevent preventive care
• Racial and ethnic disparities: Women of color face systemic barriers to quality care
Global Context:
• 257 million women in developing regions who want to avoid pregnancy lack access to safe family planning methods
• 500 million people worldwide lack access to menstrual products and hygiene facilities
• In many countries, women need male's permission to access healthcare
• Distance to healthcare facilities can be prohibitive in rural areas
• Cultural stigma prevents women from seeking care for reproductive and sexual health issues
5. Root Causes of the Women's Health Gap
5.1 Scientific and Research Gaps
Historical male-centric medical research has created fundamental knowledge gaps:
Male-Default Research: Historically, men have both led and been the subject of medical and biological studies. The majority of animal models have been based on male specimens, with the assumption that findings would apply equally to females.
Treatment Effectiveness Disparities: Of 183 widely used interventions studied across 64 health conditions, 50% reported sex-disaggregated data. Where data were available, 64% of interventions put women at a disadvantage due to lower efficacy or more limited access.
Safety Issues: Since 2000, women in the US have reported adverse events from approved medicines 52% more frequently than men, and serious or fatal events 36% more frequently. Since 1980, medicines are 3.5 times more likely to be withdrawn for safety reasons due to risks in women patients compared to men.
Examples of Treatment Disparities:
• Asthma: Inhaler therapy is approximately 20 percentage points less effective in reducing exacerbations in women than in men
• Cardiovascular disease: Despite identical technical success of cardiac interventions, the age-adjusted risk of death or cardiac events is 20% higher in women than in men
The research gap contributes 40-45 million DALYs per year to the women's health gap (approximately 60% of the total gap due to sex-related biology differences).
5.2 Data Collection and Analysis Deficiencies
Data gaps exist across the entire data value chain:
Pre-Data Generation:
• Lack of consistent definitions and measurement scales for women's health conditions
• Pain instruments and scales lack consistency
• Menopause and menstrual syndrome definitions differ across studies
Data Generation:
• Little understanding of how diseases manifest differently in women
• Lack of documentation of women-specific symptoms and diagnostic markers
• Only 4% of healthcare R&D efforts target women's health specifically
Data Aggregation:
• Sex-disaggregated results available for only 50% of interventions analyzed
• Only 25% of US clinical trials have sex-disaggregated data
• Clinical trial designs often fail to recruit adequate numbers of women
• During COVID-19, only 50% of countries reported cases by sex, 14% reported hospitalizations by sex
Data Analysis:
• Metrics selected may hide experiences of specific groups
• Machine learning algorithms can perpetuate structural disparities without proper guardrails
• Women's pain is routinely underestimated and undertreated
Diagnostic Delays:
• A Danish study found women were diagnosed later than men for more than 700 diseases
• For cancer, women took 2.5 more years to be diagnosed; for diabetes, 4.5 years
• Endometriosis diagnosis takes an average of 10 years
• Fewer than half of women with endometriosis have a documented diagnosis
Data gaps contribute approximately 25 million DALYs per year to the women's health gap.
5.3 Care Delivery System Failures
Women face inequalities throughout the entire care pathway:
Awareness and Prevention:
• Limited health education, particularly regarding menstrual health and reproductive conditions
• Many women are unaware of what symptoms are normal and when to seek care
• Healthcare providers often lack training on how diseases affect women differently
Accessibility and Affordability:
• Higher healthcare costs and insurance premiums for women in many countries
• In Switzerland, women pay 12% more for supplementary hospital insurance on average
• Lack of insurance coverage for contraceptives and fertility treatments
• 500 million people worldwide lack access to menstrual products
Timely Diagnosis:
• Male-centric disease models contribute to misdiagnosis
• Women are up to 7 times more likely to have heart conditions misdiagnosed during a heart attack
• Biomarkers and diagnostic criteria are often based on male physiology
Treatment Quality:
• Women cardiac patients less likely to receive secondary prevention medications
• Women twice as likely to die from a serious heart attack
• Pain management disparities: women's pain routinely under-investigated and undertreated
Care delivery failures contribute 34% to the women's health gap, equivalent to 25 million DALYs (Disability-Adjusted Life Years) per year.
6. Economic Sectors and Investment Opportunities
6.1 Reproductive Health
Reproductive health represents both a critical need and a significant investment opportunity:
Market Opportunity:
• Family planning and contraceptives: 257 million women in developing regions lack access to safe methods
• Fertility services: Growing demand globally, particularly in developed nations
• Maternal health: Preventing the 800 daily deaths from pregnancy-related causes
Investment Activity:
• Private equity has invested over $80 billion in women's health in the past four years
• More than 300 buyout deals across various subsegments
• Median return of approximately 2.0x multiple on invested capital over 4-5 years
• Fertility clinics and IVF services have seen significant consolidation
Innovation Opportunities:
• Low-cost solutions like UNICEF's uterine balloon tamponade device (95% success rate)
• Telemedicine for reproductive health consultations
• Integration of tuberculosis screening in antenatal care
• HPV vaccination programs (can reduce cervical cancer incidence by 90%)
6.2 Menopause and Aging
Menopause represents an emerging investment frontier:
Market Size:
• Most women experience menopause symptoms, yet this market has been largely ignored
• Growing recognition of menopause as a significant investment opportunity
• Pharmaceutical companies developing new treatments without hormones
Recent Developments:
• FDA approval of new menopause drugs (e.g., Lynkuet/elinzanetant)
• Increased focus from major pharmaceutical companies (Astellas, Bayer)
• Women-exclusive wellness centers focusing on menopause care
• Example: M42's Laha Wellness Hub in the Middle East
Economic Impact:
• Menopause symptoms affect workforce productivity
• Untreated symptoms can lead to early workforce exit
• Estimated billions in lost productivity annually
Investment Opportunities:
• Pharmaceutical development for symptom management
• Specialized menopause clinics and wellness centers
• Digital health solutions for symptom tracking and management
• Workplace programs supporting menopausal women
6.3 Cardiovascular and Chronic Diseases
Cardiovascular disease is the leading cause of death for women, yet research and treatment have been male-focused:
The Problem:
• Women are twice as likely to die from a serious heart attack
• Symptoms present differently in women and are often misdiagnosed
• Treatment effectiveness can be 20% lower in women
• Women less likely to receive guideline-directed care
Investment Opportunities:
• Development of sex-specific biomarkers for heart attack detection
• Gender-adapted protocols for cardiac care
• Training programs for healthcare providers on sex differences
• Research into why treatments are less effective in women
Other Chronic Conditions:
• Osteoporosis: Disproportionately affects post-menopausal women
• Autoimmune disorders: 80% of patients are women
• Diabetes: Different risk factors and complications in women
• Alzheimer's disease: Two-thirds of patients are women
Success Stories:
• Standardized protocols have reduced outcome disparities in some health systems
• Discharge checklists for heart failure reduced mortality by 65% for both sexes
• More sensitive cardiac biomarkers for women have been identified
6.4 Mental Health and Nutrition
Mental Health:
• Women experience depression and anxiety at higher rates than men
• Mental health is critical for women's economic empowerment
• Untreated mental health conditions affect workforce participation
• Investment opportunities in women-focused mental health services and digital therapeutics
Nutrition:
• Malnutrition disproportionately impacts women and girls
• Costs the global economy over $1.6 trillion annually
• Maternal malnutrition affects child development and future generations
• Investment opportunities in nutrition programs, supplements, and education
The Intersection:
• Mental health and nutrition are interconnected
• Both affect women's ability to work and care for families
• Addressing both creates multiplier effects for communities
• Holistic approaches yield better outcomes than siloed interventions
7. Recommendations
7.1 For Policymakers
· Mandate sex-disaggregated data collection and reporting in all health research and clinical trials
· Implement tax incentives and economic benefits for companies investing in women's health research and services
· Increase public funding for women's health research to match disease burden (minimum 20% of health research budgets)
· Require insurance coverage for women's health services, including contraceptives, fertility treatments, and menopause care
· Establish women's health hubs and specialized clinics, particularly in underserved areas
· Implement value-based care models that incentivize better outcomes for women
· Address maternal mortality through targeted programs, particularly for communities of color
· Mandate medical school curricula updates to include sex and gender differences in disease presentation and treatment
· Support workplace policies that accommodate women's health needs (menstrual leave, menopause support, etc.)
· Invest in global programs for HPV vaccination, cervical cancer screening, and maternal health
7.2 For Healthcare Providers
· Integrate gender-specific data into research and treatment protocols
· Develop and implement sex- and gender-adapted clinical protocols for major conditions
· Train all healthcare providers on how diseases manifest differently in women
· Establish standardized screening and data collection processes to enable earlier diagnosis
· Adopt holistic, patient-centric treatment approaches for conditions like endometriosis
· Implement discharge checklists and quality improvement initiatives to reduce gender disparities
· Create women's health centers of excellence that coordinate care across specialties
· Utilize telemedicine to expand access to women's health services in underserved areas
· Address unconscious bias in pain assessment and treatment
· Collect and analyze patient outcomes data by sex to identify and address disparities
7.3 For Investors and Private Sector
· Recognize women's health as a major investment opportunity beyond reproductive health
· Provide growth-stage capital to help promising women's health companies scale
· Invest in pharmaceutical development for understudied conditions (endometriosis, PCOS, menopause)
· Support digital health solutions that improve access and outcomes for women
· Fund research into sex differences in disease and treatment effectiveness
· Invest in AI and machine learning tools that address gender data gaps
· Support women entrepreneurs in the health sector (they are more likely to repay loans)
· Develop women-focused wellness centers and specialized clinics
· Create workplace health programs that address women's specific needs
· Measure and report on gender-specific outcomes in portfolio companies
7.4 For Research Institutions
· Require sex-disaggregated analysis in research studies
· Ensure adequate representation of women in clinical trials, matched to disease burden
· Develop research tools that better model female biology (animal models, computational models, etc.)
· Prioritize research into conditions that disproportionately affect women
· Study why existing treatments are less effective in women and develop alternatives
· Investigate how diseases manifest differently in women versus men
· Develop sex-specific biomarkers and diagnostic criteria
· Use meta-analytical techniques to analyze sex-specific efficacy without increasing sample sizes
· Increase funding for women investigators (linked to better enrollment of women in trials)
· Create consistent definitions and measurement scales for women's health conditions
8. Conclusion
The case for investing in women's health is overwhelming. With the potential to add $1 trillion to the global economy annually by 2040, improve the lives of billions of women, and create positive ripple effects across generations, women's health represents one of the most significant opportunities of our time.
Yet despite comprising half the world's population, women's health receives only 5% of global healthcare R&D funding. Women spend 25% more time in poor health than men—not due to biology alone, but due to systematic failures in research, data collection, and care delivery. These failures cost lives, reduce quality of life, and constrain economic growth.
The good news is that solutions exist. From low-cost innovations like uterine balloon tamponade devices to sophisticated AI-powered diagnostics, from policy changes mandating sex-disaggregated data to value-based care models that incentivize better outcomes—we have the tools to close the women's health gap.
What we need now is action. Policymakers must prioritize women's health in funding and regulation. Healthcare providers must update their practices to reflect sex and gender differences. Investors must recognize the enormous market opportunity and provide capital to scale solutions. Researchers must ensure women are adequately represented and studied.
The comparison between the United States and global contexts reveals that even wealthy nations with advanced healthcare systems fail women. The US has the highest maternal mortality rate among developed nations, with stark racial disparities. Globally, 800 women die daily from preventable pregnancy-related causes. These deaths are not inevitable—they are the result of choices about where to invest resources and attention.
Investing in women is not charity—it is sound economics. When women are healthy, they participate more fully in the workforce, earn more, and reinvest in their families and communities. The African Development Bank found that for every $10 earned by African women entrepreneurs, $9 goes back to supporting families and communities. This multiplier effect amplifies the impact of women's health investments.
The time to act is now. Every day of delay means more women spending time in poor health, more families affected by preventable deaths, and more economic potential left unrealized. The $1 trillion opportunity is not just about money—it represents 137 million women able to work full-time, 75 million years of healthy life restored, and countless families lifted out of poverty.
Women's health is not a niche issue. It is a global economic imperative, a moral necessity, and an investment in our collective future. The question is not whether we can afford to invest in women's health—it is whether we can afford not to.
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