Our planet has just as many women as men, but technology companies catering to women’s health needs own only a sliver of the global market. In 2019, Femtech — an industry focused on women’s healthcare software and technology solutions — earned $820.6 million in global revenue and raised $592 million in venture capital investments.1 For comparison, Uber raised $8.1 billion in an initial public offering that same year.2
But Femtech won’t stay small for long. Its projected revenue for 2024 is $1.1 billion, a 34% increase.3
The Growth of Femtech Research
The rapid expansion of the Femtech industry is naturally translating into an increase in Femtech clinical trials, evidenced by the fact that, between 2012 and 2019, there was a year-over-year rise in women’s health trial initiations.4
This growth makes sense, as the cultural climate surrounding women’s issues, including health, has shifted dramatically in recent years. Women are sick of fighting for representation in healthcare and clinical research. Talking about and seeking help for women’s health issues is becoming more normalized. And women have more access to disposable income, smartphones, internet connections, and digital literacy than ever before. For example, hundreds if not thousands of menstruation-tracking apps are available in standard app stores across all smartphones.
But what about women who don’t have smartphones, disposable income, or access to digital health infrastructure? If every woman deserves access to safe, effective healthcare, doesn’t every woman deserve the chance to participate in the research to develop that care?
Yes.
Elligo’s Commitment to Increasing Diversity in Femtech Clinical Research
Elligo Health Research® strongly believes that everyone — regardless of race, ethnicity, gender, sex, socioeconomic status, location, or any other descriptor — should be able to participate in clinical research. As such, we offer sponsors several solutions that enable broader participation in trials of all kinds, including Femtech.
PatientSelect®
Focusing on the patient journey, our PatientSelect model optimizes the intersection of healthcare and research to accelerate clinical trials and make participation easier for women. Rather than following the traditional enrollment method of selecting research sites and then searching for patients, PatientSelect first identifies patients that fit the inclusion/exclusion criteria and then connects with the healthcare facilities those patients already use and trust.
The PatientSelect model is supported by our direct access to more than 150 million known patients through HIPAA-compliant identified healthcare, which we use to identify patients, and our clinical research site management services that give the found patients’ primary care practices, pharmacies, and other community providers the infrastructure, training, and support they need to serve as sites for the study. By meeting women where they are in their healthcare journeys and enabling their trusted physicians to serve as sites, we can increase their access to research as care.
Patient Travel Services
We offer Patient Travel Services to ease the travel burden for female trial patients, making it easier for them to participate and therefore much more likely to enroll and remain enrolled. From customized travel, reimbursement, and stipend solutions to providing a single point of contact for 24/7 concierge-level travel support, Patient Travel Services goes a long way toward increasing research access for patients from all walks of life.
Remote Research Services
Remote Research Services supports hybrid trial models, allowing women to participate both from home and from their preferred site. It includes solutions such as visit reminders, study-related screenings, transportation booking and support, and home trial services like direct-to-patient visit support and lab and investigational product management. By managing and centralizing all decentralized and hybrid trial requirements, Remote Research Services streamlines the study process, maintains the trusted patient-physician relationship, and expands research participation.
How Can You Increase Access to Femtech Research?
The growth of Femtech holds great possibility for an exciting future of high-quality, comprehensive healthcare for women. But, unless we make a concerted effort, that future won’t include all women.
Are you ready to join the fight?
Contact us today to learn more about Elligo’s efforts to increase research access and what we can do for your clinical trials.
References
- Wiederhold, B.K. Femtech: Digital Help for Women’s Health Care Across the Life Span. Cyberpsychology, Behavior, and Social Networking. Published Nov 2021.
- Newcomer, E., et al. Uber Opted for ‘Conservative Pricing’ During Its IPO but Still Raised $8.1 Billion. Fortune. Published 2019 May 9.
- Fernandez, M. Frost & Sullivan Defines Top Femtech Global Opportunities by 2024. Frost & Sullivan. Published 2020 March 3.
- GlobalData Healthcare. Women’s health clinical trials: increase in studies but still many opportunities for growth. Clinical Trials Arena. Published 2022 March 8.