Menopause is Big Business
Women’s health is big business and Menopause is a growing market! There is a marketplace filled with products, apps and technology (aka Femtech) offering solutions for women’s health.
However, the accuracy and transparency in product claims and reviews are crucial considerations for consumers when making informed decisions about their health. So where do we begin when conventional medicine lets us down and we take matters into our own hands?
In this Episode I am chatting with Bethany Corbin: Women’s Health Innovator, Lawyer and founder of ‘FemInnovation’. We shed some light on the key considerations and questions you should ask when navigating the sea of self-help solutions populating the airwaves.
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Be a discerning Consumer
Women make 80 per cent of healthcare purchasing decisions globally. This makes us a powerful market for new healthcare products. Some companies, unfortunately, aim to exploit this power, flooding the market with apps, supplements, and solutions that may not deliver on their promises.
Bethany says; I can’t emphasize enough the importance of being vigilant as a consumer. When using an app, I weigh the data it requests against the benefits it offers. I also look into the scientific and medical foundation of the product. Ultimately, my goal is to find products that are not only innovative but also backed by sound science. It’s disheartening that the incentive for companies to invest in rigorous testing is lacking.
As consumers, we need clear, reliable ways to differentiate between products. This is a complex issue that requires collective effort to address. While the gap between technology and healthcare is apparent, there’s a promising shift happening in the world of Femtech.
Menopause is becoming a focal point, with new companies emerging to tackle this crucial stage in a woman’s life. I’m encouraged by this progress and look forward to seeing more innovations that truly address women’s health needs. Together, we can drive positive change in this space.
Bethany’s Key Messages:
1. Healthcare providers worldwide struggle to keep up with
the influx of new health apps, especially in the ‘femtech’ sector, due to a lack of standardisation.
2. There’s a disconnect between tech founders creating
products and the clinicians providing medical and scientific backing for said devices, this is a challenge for consumers attempting to reconcile health claims with evidence.
3. Women often resort to self-diagnosis and self-medication because of a historical neglect of women’s health. This leads to a reliance on online communities and information, which can be both helpful and risky.
4. Diversity in a company’s team matters to me. It’s a red flag if a homogenous group creates a product, as it may not consider the unique experiences of all women.
5. Privacy concerns are paramount when using health apps, it may be the case that your data could be disclosed or sold. So do your due diligence before you sign on the dotted line.
6. Consumers should be on the lookout for transparency regarding the medical and scientific backing of products. Clinical studies, publications, and diverse advisory teams can all enhance the credibility of products and their health claims.
7. Consumers should be diligent, conduct research, and seek qualified advice when navigating the ‘femtech market’ Being informed empowers women to make better decisions about their health and well-being.
My thanks to my guest
My thanks to my guest Bethany Corbin
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Disclaimer: Please note that any advice we provide in this podcast is for information only, and if you are unsure of its suitability for your specific circumstances, you should consult your medical practitioner if you have any specific health concerns.
