Investing in Women’s Health: A Path to Economic Prosperity
Enhancing investments in women’s health could potentially increase the global economy by $1 trillion annually by the year 2040.
Bridging the Healthcare Gap
According to analysts, hospitals are urged to address the growing healthcare disparities women experience, which include delayed treatments and increased misdiagnosis rates. These issues impact their overall well-being and economic contributions.
The Healthcare Seeking Behavior of Women
Despite being more proactive in seeking healthcare, women spend approximately 25% more of their lives suffering from poor health. Shyam Bishen, head of health and healthcare at the World Economic Forum (WEF), emphasized this concern during an interview with Healthcare Asia.
“Women often receive less evidence-based care than men for comparable conditions, resulting in delays, increased costs, and undue stress,” he stated. “Hospitals need to be adequately equipped to recognize and treat conditions that are frequently overlooked.”
Enhancing Women’s Health Outcomes
By effectively addressing these healthcare challenges, it is possible to provide each woman an additional seven healthy days each year, leading to a collective gain of over 500 days throughout a lifetime. “Improving their health can lead to more active participation in the workforce,” Bishen pointed out.
Potential Economic Contributions
The report by the WEF and McKinsey & Company released in January revealed that targeted investments in women’s health could also significantly enhance the global economy by $1 trillion by 2040. Focusing on specific health issues such as coronary heart disease, women-specific cancers, maternal hypertensive disorders, and severe postpartum bleeding could be responsible for an estimated boost of $400 billion to annual GDP.
Training for Gender-Sensitive Healthcare
Bishen suggested that hospitals should invest in gender-specific training programs to ensure equitable healthcare delivery. “Women often face skepticism regarding their medical needs due to a lack of adequately trained healthcare professionals,” he stressed.
Lessons from Equitable Healthcare Models
Observation of Scandinavian countries like Sweden and Denmark, which have established equitable healthcare systems, could serve as a guiding framework for other nations. These models stand out as examples that countries could learn from to improve women’s healthcare.
Opportunities in the Asia-Pacific Region
Shin Thant Aung, director at the Thai office of YCP Solidiance, indicated that Asia-Pacific nations, including Australia, Singapore, Japan, China, and South Korea, have great potential to enhance women’s health. “Countries with advanced medical research capabilities and strong digital health adoption are poised to lead in the development of femtech,” he explained during a Microsoft Teams interview. For example, Singapore offers regulatory incentives and funding aimed at supporting femtech startups and pharmaceutical R&D.
The Role of Precision Medicine
Innovations in precision medicine are well-positioned to address the disparity in women’s health. “Breakthroughs in genomics and AI-driven diagnostics could facilitate personalized treatments for conditions such as breast cancer, osteoporosis, and heart diseases,” he added.
Government’s Role in Enhancing Women’s Health
Jin Wang, a senior partner at McKinsey and a healthcare expert in Shenzhen, China, reflected on the significant role governments can play in advancing women’s health. “Governments should mandate the collection and reporting of sex-disaggregated data,” she remarked during a Zoom interview.
Wang pointed out that only 5% of published reports from clinical trials include separate data on male and female participants, which highlights a severe lack of female representation in clinical research.
Addressing Bias and Representation in Clinical Trials
Bishen added that the gap could be attributed to gender biases and stereotypes. “Male-dominated environments in clinical research tend to overlook women’s contributions,” he noted. Furthermore, women frequently encounter implicit biases that challenge their competence and authority, creating barriers to leadership, funding acquisition, and professional recognition.
Overcoming Cultural Stigmas
Wang discussed the deeply ingrained cultural and social stigmas surrounding women’s health issues and emphasized that collaboration between governments and the private sector is essential. They can implement policies, campaigns, education initiatives, and investments to reduce this gap.
“Tackling these challenges requires international cooperation to establish global standards,” she urged. “Moreover, building capacity through resources and training for effective data collection is crucial.”
