Healthcare companies failing to meet women’s needs, shows report

Almost half of women across the globe say that healthcare companies are not meeting their needs, highlighting a multimillion dollar opportunity in female-focused healthcare products.

A new survey of over 11,ooo women across 12 countries has revealed that 41 per cent believe that they are being let down by healthcare companies that are not catering to the specific health concerns of women.

Similarly, those surveyed said that medical treatment or interactions with health insurers are similarly insufficient.

The Innovate Her report, conducted by Boston Consulting Group (BGC), explored healthcare, financial services, and consumer products, noting this is a “significant missed opportunity by companies that provide these services, given that women manage US$32tn in global spending and are projected to control 75 per cent of discretionary spending.”

The report notes that, given the survey results, healthcare organisations need to improve the services they provide for women, given that the majority of household health care decisions are made by women. For example, in India, 66 per cent of these spending decisions are made by women and 83 per cent in Germany and France.

In order to close this gap, the report suggests that organisations need to better understand the attributes of care that women prioritise.

For example, the report found that 87 per cent of women prioritise quality care, 82 per cent prioritise timely appointments, 82 per cent prioritise affordability, 76 per cent prioritise convenient locations for service, and 76 per cent prioritise bias-free, fair, and impartial care.

“Taking a step further, health care organizations need to understand how these needs differ across lifestyles,” the report reads.

For example, BCS highlights that 59 per cent of women respondents with children worldwide find telehealth important, while only 37 per cent of women without children do.

However, the report notes that some companies are working to close this gap, such as UK startup  Hertility which offers personalised, at-home hormone and fertility tests and reproductive health consultations.

The report concludes: “Our data should send a clear message to health care, financial services, and consumer companies: Do better. Women make up half the population, and they control the vast majority of household spending.

“The fact that most are not satisfied with the products and services offered to them is surprising, but it also points to a sizable opportunity. The companies that take proactive steps to identify and address the functional and emotional needs of women consumers can capitalise on a clear means to grow their business and build a more loyal base of customers.”