Femtech, yet another reason for medtech women in charge
Femtech: Medical devices that target women specifically. It includes products such as fertility solutions, period-tracking apps, nursing care, women’s sexual wellness, and reproductive system health care.
Although it doesn’t say so in the article, I’ll bet the pregnancy detection market is included in the $55 billion market estimated by KPMG.
It includes Elvie, a do it yourself Kegel trainer, a fertility company, Ava, that produces a wearable device that tracks fertility, and Naya, producer of the Smart Breast Pump, claiming greater comfort, more milk, with less noise, all within a compact system.
Fortunately, Tania Boler, co-founder and CEO of Elvie, Lea von Bidder, President of Ava Science and Janica Alvarez CEO & Co-Founder of Naya, are all woman.
Don’t laugh! I point this out because Women’s Health was one of my twelve medical specialties when I worked in the medtech industry, and I was shocked on my first day at work (2000) to find I was the only woman on the 11 person women’s pelvic floor surgery product development team.
Circumstances haven’t changed much.
But, there is something we can do.
In 2015, Halle Tecco, angel investor/co-founder of Techammer, commented on the report Rock Health’s The State of Women, stating; “Despite making up more than half the healthcare workforce, women represent only 21% of board members at Fortune 500 healthcare companies. Of the 125 women who carry an executive title, only five serve in operating roles as COO or president. And there’s only one woman CEO of a Fortune 500 healthcare company.
“We know from funding data that women make up only 6% of digital health CEOs funded in the last four years. When we looked at the gender breakdown of the 148 VC firms investing in digital health, we understood why. Women make up only 10% of partners, those responsible for making final investment decisions. In fact, 75 of those firms have ZERO women partners (including Highland Capital, Third Rock, Sequoia, Shasta Ventures). Venture firms with women investment partners are 3X more likely to invest in companies with women CEOs. It’s no wonder women CEOs aren’t getting funded.”
I still think mentoring, (and plenty of it), is the answer. In 2018, one of my New Year’s goals is to start speaking at the middle school and high school level to girls to try to ignite the passion in them that has made my professional life in medtech so rewarding.
If you agree, let me know by clicking here. I have discovered an organization that focuses on getting women speakers (only women) on the podium at professional and educational forums. I am in process of trying them out, and by the time you reach out to me, I will have more experience with them and will be comfortable recommending them.