In a compelling call to action, Carolee Lee, CEO of Women’s Health Access Matters (WHAM), advocates for increased investment in women's health research. Highlighting both ethical and economic reasons, Lee emphasizes the vast potential of this underexplored market. Presenting her organization's latest report at the JPMorgan Healthcare Conference, she underscores the need for greater funding from both public and private sectors. The report projects a significant $30 billion market for women’s health by 2030, yet only 2% of venture capital currently supports this sector. Lee stresses the importance of addressing unique health challenges faced by women and the broader societal benefits of healthier populations.
Lee’s campaign is rooted in the belief that investing in women's health is not just a moral duty but also a sound business strategy. She argues that women constitute more than half of the global population and play a pivotal role in healthcare decisions within families. WHAM’s collaboration with KPMG aims to accelerate investments in women’s health research, presenting findings that reveal the untapped potential of this market. Historically, women’s health has been overlooked, with only minimal resources allocated to conditions disproportionately affecting them, such as lupus and Alzheimer’s disease. Lee points out that understanding these differences at the cellular level presents immense opportunities for innovation and growth.
The menopause market, valued at $16 billion and projected to reach $27 billion by 2031, exemplifies this potential. Traditionally stigmatized, menopause now represents a burgeoning area for medical advancement. Lee encourages entrepreneurs to explore this less competitive field, noting that small companies can thrive by focusing on women’s health. Additionally, WHAM’s "3not30" initiative seeks to increase federal and private investments, engage more women in clinical trials, and track progress through data-driven programs. Recent federal support, including President Biden’s $1 billion investment, has boosted awareness and momentum. Despite concerns about future federal funding under different administrations, Lee remains optimistic about private sector and philanthropic contributions.
A significant shift in wealth control by women by 2030 could further transform healthcare spending. With women expected to control $34 trillion in the U.S., up from $7 trillion in 2020, this demographic change may drive new investments in health-related enterprises. Lee envisions a future where women not only spend more on their health but also become key players in shaping the industry. This transformation could lead to innovative approaches in how healthcare is managed and funded, potentially revolutionizing the sector.
The push for greater investment in women’s health is gaining traction, driven by both ethical considerations and economic incentives. As awareness grows, so does the recognition that healthier women contribute to healthier societies. Lee’s advocacy highlights the need for a paradigm shift in how we approach and fund women’s health research, paving the way for a more equitable and prosperous future. By fostering a deeper understanding of women’s unique health needs, the industry can unlock unprecedented opportunities for growth and innovation.