A HORMONE CALLED relaxin helps loosen up pregnant women’s hips. Without it, the pain of delivery would be unbearable. Its job done, however, relaxin lingers in female bodies for up to a year, when softer ligaments make new mothers more prone to injury, as Jessica Ennis-Hill, an Olympic champion heptathlete, discovered in training after giving birth in 2014. Five years later Dame Jessica started Jennis, a fitness app to help other women perform safe post-natal workouts. It now lets users optimise workouts for the different phases of their menstrual cycles, and has just concluded a successful funding round.
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Dame Jessica’s startup is part of a wave of “femtech” firms coming up with ways for women to overcome health problems specific to their sex. The market could more than double from $22.5bn last year to more than $65bn by 2027, reckons Global Market Insights, a research firm. Having ignored it for years—in 2020 femtech received only 3% of all health-tech funding, and a modest $14bn has been invested in it globally to date—venture capitalists are at last waking up to the opportunity. So far this year they have invested nearly $1.2bn in the industry, nearly half as much again as the annual record in 2019 (see chart 1).
Last year Bayer, a big German drugmaker, paid $425m to buy KaNDy, a British developer of a non-hormonal treatment for menopause symptoms, and Bill Gates, Microsoft’s billionaire co-founder, backed BIOMILQ, a startup that has produced cell-cultured human breast milk and aims to bring both parents closer to their newborns. In August Maven Clinic, an American startup which began as a femtech but has expanded to other areas of health, raised $110m and achieved “unicorn” status, with a valuation of more than $1bn. In September Elvie, another British firm, raised $97m from venture-capital firms.
Unlike heath tech aimed at men, which often focuses on erectile dysfunction, a condition that afflicts perhaps one in ten potential users, femtech offers products like period trackers, which could be of value to virtually all of the world’s 4bn women at some point in their lives. Moreover, women are 75% likelier than men to adopt digital tools for health care. That makes for a huge potential market.
A big reason femtech has been slow to grow has to do with the underlying medical science. For conditions that affect all humans, men are more commonly studied, largely owing to misplaced worries that women’s hormonal fluctuations can confound results (male mice are favoured for the same reason). In the few more inclusive studies, results are seldom disaggregated by sex, obscuring how diseases—and the drugs used to treat them—affect women differently. “We have been operating as if women are just smaller versions of men,” observes Alisa Vitti, a hormone expert whose work on the 29-day “infradian” body clock, which affects everything from metabolism to sensitivity to pain and is a uniquely female phenomenon, underpins many period trackers.
As a result, plenty of woman-specific health issues have, despite their ubiquity, been routinely neglected. Femtechs help fill this research gap. Noting that eight in ten women suffer from premenstrual pain but no treatments have been specifically designed to allay it, founders of Daye, a British startup, designed a tampon laced with cannabidiol, after observing that the vaginal canal has more cannabinoid receptors than any other part of the female body.
Hertility Health, also of Britain, offers non-invasive tests which can help diagnose nine common gynaecological conditions. Elvie’s silent wearable breast pump is a best-seller in America and Britain; its app-controlled pelvic-floor trainer reduces the chances of the typical intervention, whereby surgeons insert “a fishing net and lift up your pelvic organs because they are falling out of your vagina”, says Tania Boler, the firm’s founder.
Labour pains
That is welcome progress. But too many femtechs face an uphill struggle. Helen O’Neill, who runs Hertility Health, calls the $5.7m funding round her firm closed in June a “soul-destroying” process. “It was predominantly grey-haired men saying they are not sure there is a market for this,” she says. Never mind that all women with a reproductive system require gynaecological help at some point. ■
This article appeared in the Business section of the print edition under the headline “Girls uninterrupted”
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
