We live in a man’s world. Although partly rooted in patriarchy and leadership, the man’s world flourishes in all aspects. From medical research to retail, much of society wasn’t built with women in mind. Gender biases in retail such as the pink tax make it difficult to find affordable services for women. But, the rise of FemTech changes that narrative.
Ida Tin, a Danish entrepreneur, came up with the term FemTech to describe the branch of industry that focuses on women’s healthcare needs. Tin is the founder of Clue, a menstrual tracking app that collects data points to inform millions of women on their health. This is just one of the many FemTech companies that aim to transform how we approach women’s healthcare.
FemTech companies create with the female consumer in mind. This is especially important because women’s healthcare is uniquely different from that of men’s and deserves to be treated as such. Additionally, women tend to take on more household and healthcare roles within the family, so technology that supports womens’ health directly supports entire families.
Menopause-related products are a big portion of the FemTech industry. Menopause is different for every woman and can be a very difficult and painful process for some. Companies such as mySysters enable individuals to input data to receive personalized feedback and advice to help women better understand the process. Other companies such as MPowder offer nutritional supplements targeted to women at each stage of menopause. In contrast to products found on the general market, these products and services are made after heavy research into what is best for women specifically.
Another sect of this industry includes products targeted towards treating and managing breast and cervical cancer. Data collection and research in this area are so important because most clinical trials for drugs performed decades ago did not include menstruating women. Because of concerns with how certain drugs would affect any children women bear, we have a large body of data that is representative of how they affect men, but not women. It was only in the late 80s that NIH policies shifted to encourage the inclusion of women in studies. This has put women at a disadvantage because we are less sure of what medicines and products work on the female body.
In recent years, FemTech has received a lot of venture capital funding because investors are recognizing the huge market gap in female-centered products. One study found that FemTech presents up to a 60 billion dollar market that is relatively unexplored. It’s our sign that the tech and retail industry is recognizing the needs of the female consumer.
Larger, more established businesses, while not directly FemTech, are also beginning to capitalize on the market in recent years. For example, cosmetic company L’Oreal partnered with Clue last August to understand how the menstrual cycle can affect changes in skin health. These partnership opportunities are a great way for the field to gain more mainstream attention.
As more women take on leadership roles in the corporate world, FemTech is bound to expand. Even better, companies that serve both men and women will become more representative of women in their products and pricing.