According to the Femtech in Ireland report, there is untapped market potential, particularly for start-ups and investors in women’s health innovation.
The Health Innovation Hub Ireland (HIHI) and the Department of Obstetrics and Gynaecology at University College Cork, have released the Femtech in Ireland: The Case for Prioritising Women’s Health Research and Innovation report, which is an exploration of the country’s potential within the growing femtech space.
The report aims to provide insight into Ireland’s current femtech ecosystem, the opportunities, the challenges and the actions needed to propel the industry forward. Particularly in the areas of women’s health innovation, entrepreneurship, economic potential and health inequities.
A primary discovery of the report was that despite benefitting from a strong medtech, digital health and pharmaceutical foundation, Ireland’s femtech sector is both underdeveloped and underfunded, with only a small fraction of health research and investments currently targeting women-specific health conditions.
“Women make up half the population, yet we still don’t understand enough about many conditions that affect them, like endometriosis, menopause, miscarriage or autoimmune diseases,” said Dr Tanya Mulcahy, the director of HIHI and founder of FemTech Ireland.
“We need to invest in women’s health, not just for equality, but because it’s smart research, healthcare and smart economics. There is a real buzz in the femtech innovation sector in Ireland today, with new ideas and start-ups being developed throughout the country.”
According to the report, as a rapidly growing industry, there is a major economic opportunity for people within Ireland’s femtech landscape to compete on a global level and close the women’s health gap.
The report reads: “Femtech is not only a social imperative but also a lucrative market for investors, entrepreneurs, and governments looking to drive economic growth.”
Going forward, the report states that it is vital that women’s health research and innovation be included in the National Strategy for Life Sciences.
“Given the significant advances in clinical delivery in women’s health within the HSE, supported by the Department of Health, Ireland has at this moment a pivotal opportunity to recognise, embed and deliver women’s health-focused research, innovation development and commercialisation in all Government-supported strategies and policies.”
Also commenting on the research, Minister for Health Dr Jennifer Carroll MacNeill, TD, added: “This report is an important step toward better care for women across Ireland. It supports the work we’re already doing through the Women’s Health Taskforce and highlights how innovation can help us go even further.”
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