In a recent webinar titled “The Future of FemTech,” hosted by Reuters Events Pharma, industry leaders got together to explore the ever evolving landscape and intersection of women’s health technology also known as FemTech and the pharma industry. The session, moderated by Femtech Insider’s Kathrin Folkendt, featured an expert panel comprising Elcie Chan from Otsuka, Fatima Perez Sastre from Novartis, Paula Antunes from Novo Nordisk, Lisa Falco from Zühlke Group, and Katya Masconi-Yule from DigitalHealth.London.
Taking advantage of the panelists’ knowledge from various sectors of the healthcare industry, including pharma, digital health, regulatory affairs, and commercial strategy, the webinar explored the complexities of FemTech and its potential to address the historically underserved area of women’s health. Despite women making up half of the global population and influencing a significant portion of healthcare decisions, their health needs have often been sidelined or generalized. The recent dialogue highlighted this, but also explored various strategies and advancements set to revolutionize care delivery for women touching on several critical areas for innovation and success in this space.
Embracing Digital Health for Women’s Health
Undoubtedly the integration of digital health solutions holds great potential in addressing the healthcare challenges we see on a global level today. And it could also lead to great advancements in the management of women-specific health issues. AI and data analytics will be instrumental in the development of personalized health monitoring tools, that address the unique healthcare needs of each individual, eventually leading to better health outcomes.
Technology also has a role to play in empowering women, enabling them to manage their health proactively from the comfort of their homes. Apps, wearables, at-home testing – consumer health has arrived in many households and could not only democratizes health access but also address the subtle biases sometimes present in traditional healthcare settings.
Navigating Regulatory and Commercial Challenges
FemTech companies face many hurdles when navigating regulatory landscapes and working towards commercialization, which makes it even more difficult to build in this space. Clear regulatory pathways are needed to accommodate the unique aspects of FemTech solutions, ensuring safety and efficacy without stifling innovation. Establishing these frameworks will be crucial for building trust among consumers and healthcare providers alike, and ensuring success of new innovations in this space.
From a commercial perspective, there is a critical need for FemTech companies to articulate their value propositions more clearly towards regulators, but also payers and investors. It is critical to now only demonstrate clinical benefits but also the economic advantages to the healthcare system. In this regard panelists emphasized the role of evidence in persuading healthcare providers and insurers to adopt and reimburse new technologies.
Bridging the Funding Gap
Despite the momentum in the sector, FemTech companies still encounter funding challenges, and securing investment remains difficult for innovators in both research and the private sector. The is partly due to lingering misconceptions about the market size and potential returns, which highlights the importance of investor education. Today more than ever there is a need to showcase successful case studies and market research that underscore FemTech’s viability and impact.
Future Directions and Opportunities
Looking ahead, there is optimism about the potential of FemTech to fill critical gaps in women’s healthcare. Emerging technologies, such as wearable devices for fertility tracking and apps designed for menstrual health, offer promising pathways for early detection and disease management. Addressing women’s health more comprehensively could unlock significant global economic and societal benefits including enhanced productivity and overall wellbeing.
In order to fully harness the potential of FemTech, a collaborative effort is required from all stakeholders, including pharmaceutical companies, healthcare providers, policymakers, and investors. By prioritizing women’s health as a core aspect of healthcare innovation, there is a significant opportunity to not only improve health outcomes for women but also to drive broader advancements in healthcare delivery and efficiency.
As the dialogue continues at Reuters Events: Pharma 2024 in Barcelona, the healthcare industry is called upon to leverage the potential of FemTech and commit to making women’s health the global priority it should be.
