The 2022 Dobbs decision cleared the way for states to impose their own restrictive laws by dismantling the federal protections for abortion established in Roe v. Wade. As a result, there are significant barriers to access to abortion, especially in conservative states, with nearly one in three women of reproductive age (approximately 21.5 million people) now either banning abortion completely or I live in a state that has significant restrictions beyond 6 weeks.
Women in these regions face increased travel distances, increased expenses, and logistical challenges, disproportionately impacting low-income women and women of color and exacerbating existing health disparities. This leads to deterioration of the health condition of pregnant and nursing mothers.
Health care providers in states with restrictive abortion laws face unprecedented challenges. The ability to provide comprehensive reproductive care and manage pregnancy-related complications is severely limited, and health care providers are reluctant to provide the necessary care due to legal risks. For example, there have been documented cases where doctors have delayed or refused treatment for ectopic pregnancies and miscarriages due to fear of prosecution, putting patients’ lives at risk. Additionally, the mental health impact on women is significant, with reports of anxiety and depression increasing in states with strict abortion laws.
The ruling also concerns the pharmaceutical industry, which is now concerned about the impact of judges overturning FDA approvals of other drugs such as Viagra, Humira, and Ozempic. The ruling also has broader implications for reproductive rights and health care.
Fallout beyond the clinic
With the recent two-year anniversary of the Dobbs decision, its far-reaching impact on women’s rights in the United States is becoming increasingly clear. On a brighter note, Melinda French Gates has pledged $1 billion to support women’s health and economic empowerment, with a focus on protecting reproductive rights. She plans to fund advocacy groups and initiatives aimed at countering recent legislative and judicial setbacks and expanding access to reproductive health care and education.
Republican senators in Washington, D.C., recently blocked a bill aimed at protecting access to contraception. This legislative resistance highlights deep political divisions and challenges in ensuring protection of women’s health rights.
Meanwhile, the private sector is actively grappling with some of the implications of the Supreme Court’s decision. Many American companies have pledged to provide abortion benefits to their employees, including major companies such as Disney, Apple, JPMorgan Chase, Adidas, and Airbnb. Hundreds of other employers have shown support for reproductive health care by paying for out-of-state travel for abortions.
The role of innovation
If ever there was a time to innovate in this space, it’s now. Innovations in reproductive health, such as telemedicine and advanced contraceptive solutions, are urgently needed. Investment in these areas is essential to provide alternative options and maintain access to care. While women’s health has historically been underfunded, private investors and philanthropic organizations are stepping up to make mission-driven impact investments in reproductive health, especially in underserved communities. I’m putting more emphasis on it.
In 2023, women’s health startups saw a significant influx of venture capital, with investments nearly tripling from 2018 to approximately $15.1 billion, up from $4.2 billion in 2022. Non-reproductive women’s health startups also saw significant growth, with $435 million invested in the third quarter. The year 2023 alone shows widespread interest in areas such as menopause, pelvic health, and mental health.
For American women, this is a tale of two cities marked by both opportunity and setbacks. On the one hand, there is hope and progress driven by influential advocates and significant support from the private sector. Meanwhile, legislative resistance and political opposition pose major obstacles that threaten to undermine efforts to secure essential health services.
As impact investors with an impact lens, we understand that private capital, especially venture capital, has a pivotal role in building the women’s health ecosystem. With interest and investment opportunities in the market currently surging, now is the ideal time to build on this momentum. We have identified several strategic priorities for investment and innovation that are critical to mitigating the impact of the Dobbs decision and advancing women’s health.
1. Revolution in contraceptive technology: One of the most pressing needs in reproductive health is the development of better contraceptive methods. Although traditional methods are effective, they often have significant drawbacks that limit their ease of use for many women. Enter the next generation of contraceptives. There are long-acting reversible contraceptives (LARCs), non-hormonal options, and even male contraceptives, with some products already in clinical development. Companies at the forefront of these innovations are offering promising solutions that give women more choice and better control over their reproductive health.
One such company is Cirqle Biomedical*, which develops hormone-free contraceptives for women. The company’s flagship product is a non-hormonal, on-demand contraceptive gel that gives women more autonomy over their reproductive choices. In 2022, Cirlqe announced a partnership with Organon to accelerate the development of this product. As an investor, supporting this type of venture is not only financially savvy, but also a direct investment in women’s autonomy and well-being. Another company making strides in this space is Venova, which is developing a new female contraceptive solution designed to be long-acting and free of side effects. Although in the early stages of development, it has shown promising results in several animal models.
2. Expanding telemedicine and telehealth services: Telemedicine has become a lifeline, especially in rural and underserved areas. In the context of reproductive health, telemedicine services can fill gaps created by restrictive laws and limited access to clinics. These services, from online consultations to teleprescription services to virtual counseling sessions, ensure that women receive the care they need, regardless of geographic barriers. By investing in a telehealth platform focused on reproductive health, you can remove these barriers and provide critical support to women in need.
Maven has significantly advanced the telemedicine landscape, especially in women’s health. As the largest virtual clinic exclusively for women and families, Maven aims to create a more accessible healthcare system. The company’s digital programs provide integrated clinical, emotional and financial support through a single platform, addressing areas such as fertility and family planning, obstetrics and newborn care, parenting and pediatrics, and menopause. I’m here.
3. Advances in innovative diagnostic tools: Effective reproductive health care depends on early and accurate diagnosis. Critical to this effort are companies developing diagnostic tools for conditions such as endometriosis, polycystic ovarian syndrome (PCOS), and sexually transmitted infections (STIs). These advances enable early detection and management, improving health outcomes for countless women. One such company, Evvy*, specializes in advanced diagnostics for vaginal health. By leveraging innovative microbiome testing, Evvy provides personalized insights and treatment recommendations to address critical gaps in women’s health and ensure more accurate and effective care. Masu. Several companies, including Hera Biotech, DotLab, and Ziwig, are at the forefront of developing diagnostic tools for conditions such as endometriosis. On average, women with endometriosis take 5 to 8 years to have their endometriosis accurately diagnosed, but these innovations are allowing for early detection of endometriosis and improved management of the condition. may be promoted.
4. Supporting underrepresented communities: Reproductive health disparities disproportionately impact marginalized communities, including low-income women, women of color, and LGBTQ+ individuals. Companies that address these disparities by focusing on culturally competent care are essential to achieving health equity. For example, Cayaba Care* provides in-home maternity care designed to meet the unique needs of underserved women. Our culturally sensitive approach ensures that women receive comprehensive support throughout pregnancy and postpartum. Another company in this space is Health In Her Hue. Health In Her HUE is a digital platform that connects Black women and women of color with culturally competent health care providers and provides health information centered on their lived experiences. The platform aims to reduce racial health disparities and improve health outcomes by leveraging technology, media, and community. Health In Her HUE raises awareness about health and wellness issues through relevant, engaging, and accessible content and empowers women of color and their allies to improve their health outcomes that disproportionately affect them. Let us share our challenges, learn, and innovate.
move forward
In the post-Dobbs era, investing in reproductive health is not only a strategic financial move, but also a moral imperative. By directing investment funds to these critical areas, we can support innovative solutions, expand access to essential services, and protect the fundamental rights of women across the country. This is our chance to make a tangible impact and champion a future where all women have the freedom and resources to make the best choices for their health and life.
*RH Capital portfolio companies mentioned in this article are marked with an asterisk.
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** We use the term “women’s health” to encompass the needs of people with wombs and others assigned female at birth. We acknowledge that not all persons assigned female at birth identify as female, and vice versa.
Photo: Asni Damalwani, Getty Images
Stasia Obremskey is Managing Partner and Co-Founder of Foreground Capital. She previously served as Managing Director of RH Capital. She believes that educating women and giving them the tools to manage their unique health care needs makes the world a better place. This is what inspires her work in the women’s health field, after working professionally for more than 25 years as a trusted advisor to nonprofit organizations. Stasia holds a Bachelor’s degree in Business Administration with a concentration in Finance and an MBA from the University of Notre Dame. Graduated from Harvard Business School.
Meera Doshi is currently an MBA student at the Stanford Graduate School of Business. Prior to becoming an investor in the Stanford GSB Impact Fund, he spent two years in healthcare investing at FFL Partners and three years in consulting at McKinsey & Company in San Francisco.
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