492 - Investing in Women’s Health to Achieve Equity
In this episode of Talking HealthTech, host Peter Birch and a series of expert guests dive deep into the issues surrounding women's health, illustrating the impacts of gender inequity within the healthcare system.
Kearney , a global management consulting firm, has committed to working with the World Economic Forum to address the chronic underinvestment in women’s health.
As part of this commitment, Kearney’s Sydney office held its inaugural women’s health event, a health roundtable featuring Simone Clarke , CEO of UN Women Australia .
The event brought together a diverse group of C-suite executives, all passionate and dedicated to this cause, including Dr. Stephanie Allen , Senior Partner at Kearney ; Kathryn Evans , Managing Director of BioMarin Pharmaceutical Inc. Australia; Professor James M Elliott , Director of The Kolling Institute ; Professor Bronwyn Graham , Director of the Centre for Sex and Gender Equity in Health and Medicine; Dr Elizabeth Shaw , Interventional Cardiologist and Director of Cardiology at the Sydney Adventist Hospital and Shaw Cardiology; and Dr Roopa Mehta , Consultant at Kearney . The event was also attended by senior executives and Board Chairs of health care providers, private health insurers, medical technology companies, consumer organisations, private equity firms and investment banks.
Kearney’s involvement is a call to action for researchers, policymakers, innovators, and healthcare organisations to drive bold, scalable changes from healthcare design to healthcare delivery for women. Prioritising women’s health not only promotes gender equity but is a smart economic strategy with the global women’s health and femtech market growing at 12% CAGR, projected to reach USD163 billion by 2030, ripe for innovative healthcare solutions.
Raising Advocacy and Awareness for Women's Health in Australia
UN Women Australia's initiatives are at the forefront of efforts to progress gender equality in health, from combating domestic violence to addressing economic disparities and health inequities. These interventions aim to advocate and raise awareness of women’s health issues in Australia, while raising funds for programs that advance women’s health, education, equality, and protection worldwide.
A key discussion point highlights how domestic violence not only affects individual women but also has broader impacts on health, communities, and economic output. It's well noted that the deleterious effect of domestic violence goes beyond personal trauma; it permeates community well-being and impacts national productivity.
Progress towards achieving the 2030 Sustainable Development Goals (SDGs), particularly in gender equality, remains slow. Gender equality is crucial for achieving all 17 SDGs, underscoring the need for accelerated and focused efforts.
Healthcare and Economic Inequities
Women's health inequities persist in Australia despite commendable rankings in the World Economic Forum Gender Parity Index. Although women live longer, they often do so in poorer health due to misdiagnosis and inappropriate treatment models that we designed for and tested on men. These issues have far-reaching economic impacts, affecting productivity and access to healthcare.
Disparities in health funding further exacerbate these issues. Men have easy access to treatments such as Viagra, while women face out-of-pocket expenses for contraceptives and menopause treatments. This disparity in addressing and funding health issues underscores the need for equitable healthcare policies.
Collaborative Efforts for Gender Equality
Collaborating for gender equality is indispensable for addressing broader goals like poverty reduction and hunger alleviation. Addressing gender inequalities is crucial for achieving broader societal goals. Collaborative efforts from governments, organisations, and groups like Kearney play pivotal roles in promoting women's health and ensuring healthier societies.
Kearney prides itself on creating impact through actions, rather than admiring the problem. One example is Kearney’s mobilisation of over 270 global organisations to commit to healthcare, technology, and policy changes to advance women’s health, presented in an open letter at Davos in 2024. Kearney will be presenting an update at Davos 2025.
Health Disparities for First Nations Women
A pressing issue is the health disparities impacting women, especially First Nations women, who experience higher rates of health challenges and limited access to quality care. Addressing this requires dedicated policies and initiatives designed to meet the specific needs of these communities. Improving overall health outcomes is impossible without addressing the inequities faced by First Nations women.
Women's Role in Healthcare Decision-Making
In the healthcare sector, organisations need to adapt their offerings to meet women's needs better. The female consumer healthcare market is expanding, and with this growth comes an opportunity for social as well as commercial gains. Healthcare and consumer organisations must reflect the needs and priorities of their communities, particularly women, who are significant healthcare consumers.
Women are powerful agents in healthcare decision-making, directing around 86% of healthcare expenditure on behalf of their parents, in-laws, husbands, and children, in addition to themselves. Their influence extends to household expenditure and health insurance decisions, making their well-being choices a critical focus for any healthcare strategy.
As agents of change, women must be supported and empowered to continue driving improvements in healthcare. Their insights and experiences are invaluable in shaping policies and initiatives that better meet the needs of all patients. Investing in women's health can yield substantial economic benefits. Economic investment in women's health is not only a moral responsibility, but a strategic imperative and increasingly a commercial opportunity.
Gender Bias in Healthcare Research
Gender bias in healthcare research continues to present challenges. Clinical research does not adequately account for biological differences between men and women. Underrepresentation of women research participants in clinical trials, leads to gaps in the medical evidence base and worse outcomes for women. Women for example report more adverse drug reactions than their male counterparts.
Women often present differently when experiencing a heart attack compared to men. For example, women may not present with the classical symptom of chest pain. They may present with other symptoms such as gastro-intestinal problems, prolonged tiredness or sleep disturbances. This difference can lead to misdiagnosis and poorer outcomes. More women participating in clinical trials is crucial to improving science, medicine, and women’s health.
A Call for Policy Change in Research
Research and policy changes are critical to addressing gender disparities in healthcare. Tackling biases throughout the healthcare pipeline requires a dual approach, combining top-down policy initiatives with bottom-up educational efforts to create meaningful change.
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A concerted effort to integrate sex as a biological variable in research design is needed to improve health outcomes for all people.
Healthcare Education and Gender-Specific Health Risks
Educating healthcare providers about female-specific health risks is crucial. Many healthcare professionals, including GPs and specialists, often miss key questions related to female specific risk factors such as in cardiovascular disease. Integrating these considerations into regular health assessments can significantly improve women's health outcomes.
The healthcare workforce, particularly in specialised fields like cardiology, should reflect the gender demographics of the general population. Encouraging more women to take on these roles could improve our understanding and patient outcomes.
The Importance of Data-Driven Solutions
Using data to drive solutions is essential for tackling gender disparities in healthcare. Drawing insights from sources like the Workplace Gender Equality Agency can help identify challenges and establish measurable targets. Measuring and managing gender disparity issues can foster meaningful change.
Data-driven approaches can provide evidence-based insights that inform policies and initiatives to improve women's health outcomes. This encourages transparency and accountability, ensuring that efforts to promote gender equity are grounded in actionable insights and measurable progress.
The Path Forward: Investment and Innovation
The future of women's health lies in investment and innovation. The market for women's health is rapidly growing, with femtech leading this expansion. Investments in areas like fertility, mental health, and cardiovascular disease are crucial for addressing women's health needs.
Currently, 70% of investment in women's health targets reproductive health, pointing to a need for more diversified investments that address a broader range of health issues. Encouraging investment in women's health can unlock significant economic benefits and drive medical research and treatment advancements. Australia’s economy could be boosted by $128 billion annually through promoting gender equity.
Towards a Healthier Future for Women
As discussions around women's health and gender equity continue to evolve, it is clear that significant progress is still needed. From medical research, through to the development of products and services designed specifically with women in mind, the path forward requires concerted efforts and collaborations.
Healthcare organisations must remain committed to adapting their offerings to meet women's needs better and investing in areas that have historically received minimal attention.
By investing in women's health and addressing gender disparities, we can create a more just and equitable society where everyone can thrive.
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Kearney is a leading global management consulting firm specializing in strategic and operational issues critical to the agendas of CEOs and senior executives.
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