Field Note #001

The Trillion-Dollar Opportunity Every Portfolio Has to Pursue

Lives are not a line item. They are priceless. But the systems that protect them are not. They are built, funded, maintained and too often neglected. What follows is not a case for profit from women’s health. It is a case for investment in the infrastructure that keeps societies functioning.
01
Quick Takes
"If lives are priceless, women’s health is the engine of shared prosperity."
£370bn a year is the minimum.
Primary care is doing the heavy lifting for an ageing, growing population. Underinvest it, and the whole system buckles. Strengthen it, and everything downstream moves with more calm and control. This is not optional spend. It is load-bearing.
£1 in women’s health returns £4 to the economy.
Women’s health is not a niche. It is half the population and the centre of family, workforce and community health. The returns are exponentially financial because they are measured in fewer lost lives, years, fewer repeat visits and fewer problems escalating quietly in the background.
FemTech grew 58% while venture overall grew 14%.
Capital follows pattern recognition. What we are seeing now is not hype, but correction. Years of underfunding are colliding with data that refuses to be ignored. The early majority is not speculating. They are repositioning.
FemTech received just 2% of health funding in 2023.
This gap is not a failure of technology. It is a failure of prioritisation. Real progress does not start with optimisation layers. It starts with fixing access, workflow and capability at the core, then letting technology amplify what already works.
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01. Primary Care Is Load-Bearing Infrastructure

The world now holds over 8.1 billion people and healthcare systems are already straining at the seams. Without decisive investment, they will buckle.

Spending $370 billion annually on primary care is not excess. It is reinforcement. Primary care absorbs pressure, prevents escalation and keeps specialist services from collapse.

The only sustainable path forward is equipping frontline providers to meet demand early, locally and competently. This is how societies stay resilient rather than reactive.

Source: Population Reference Bureau (2024)

02. Women’s Health Is Economic Stability

For every £1 invested in women’s health, £4 flows back into the UK economy. Not as a windfall but as regained productivity, reduced system strain and longer, healthier working lives.

That return is not the point. It is the proof. Proof that women’s health has always been foundational, simply underbuilt and underfunded.

Healthy women support families, communities and labour markets. When women’s health is neglected, the cost is social as much as fiscal.

Source: NHS Confederation (2024)

03. Capital Is Already Moving

Between 2018 and 2023, overall venture capital grew by 14%. In the same period, FemTech grew by 58%.

Moving away from speculation is the recognition that large institutions and governments are starting to treat women’s health as essential infrastructure rather than a niche category.

The proposed $12 billion Women’s Health Fund by the US government signals a shift from awareness to action. The early majority is no longer waiting.

Source: Forbes (2024)

04. Fix Foundations Before Optimisation

Healthcare companies have drawn roughly a quarter of total funding in recent years. Women’s health accounted for just 2% of the $41.2 billion raised in 2023.

Technology can accelerate care but acceleration without foundations only moves fragility faster. Real progress begins with reforming core systems: access, workflow, diagnostics and delivery.

Only then does technology compound value rather than expose gaps.

Source: Pharmacy Times (2024)

05. Change Requires Coalitions

The Pentagon’s $500 million investment in women’s health research is instructive. Not because of its size, but because of its structure.

Durable change requires coordination. Institutions to fund infrastructure. Governments to disseminate research. Angels to provide early governance and long-term stewardship.

This is how systems scale. Not through heroics, but through alignment.

Source: The Hill (2024)

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