Seven companies forging new paths in women’s health

Women’s health: from neglect to global investment priority

For decades, women’s health has been underfunded and understudied, despite women representing half the global population. Conditions that disproportionately affect women, such as migraines, autoimmune disorders and mental illnesses, have historically received less research funding relative to their burden. Women also often experience poorer outcomes in conditions like cardiovascular disease due to research that long centered on male physiology. However, this picture is beginning to change. Growing recognition of these disparities has sparked a global push for more inclusive research, greater investment and policies designed to ensure women’s health is treated as a fundamental priority, not a niche concern.

Expanding the definition of women’s health

Today, “women’s health” is increasingly recognized as encompassing more than reproductive or gynecological issues. It also includes conditions that affect women differently or more severely than men, such as autoimmune diseases. Long-term studies like the Women’s Health Initiative (WHI) in the U.S. and the Million Women Study in the U.K. have deepened understanding of the role of hormones and life-stage changes in disease, laying the groundwork for more tailored, equitable healthcare for women.

Building equity through regulation

Over the past three decades, regulatory frameworks have increasingly recognized the importance of sex and gender in clinical research and drug development. In the United States, the 1993 NIH Revitalization Act first mandated the inclusion of women in federally funded clinical trials. Similar initiatives have followed globally, with agencies such as the European Medicines Agency (EMA) and the U.K. Medicines and Healthcare products Regulatory Agency (MHRA) promoting greater representation of women in studies and consideration of hormonal and reproductive factors in safety evaluations. Collectively, these changes mark meaningful progress toward embedding women’s health more fully into regulatory and research priorities.

Pioneering treatments and insights in women’s health

Newly approved therapies for menopause, endometriosis and reproductive health reflect growing innovation. Research has also highlighted the role of ovarian aging, estrogen signaling and female-specific conditions such as early menopause, polycystic ovary syndrome (PCOS) and endometriosis in overall health outcomes, including dementia, osteoporosis and cardiovascular disease. Advances in preclinical models, including organoids, and the study of the vaginal microbiome are accelerating discoveries, enabling better diagnostics and new therapeutics such as AMY-109 (Chugai Pharmaceutical Co Ltd), an anti-interleukin 8 antibody for endometriosis, while opening avenues for extending ovarian function and tailoring interventions across women’s life stages.

Momentum in investments

Although women’s health still represents only a fraction of global healthcare investment (15% of venture capital and 5% of R&D funding as of 2023), growth is evident by an increase in venture capital funding over the years, with biopharma companies raising over $44 billion since 1999. Early investments have focused on reproductive health, infertility and pregnancy disorders, but attention is shifting toward areas of high unmet need like endometriosis and menopause care, which have estimated annual global markets of $180-220 billion and $120-230 billion, respectively. Nonprofits are also helping to close the funding gap. The Gates Foundation’s $2.5 billion commitment through 2030 and the $100 million Pivotal-Wellcome Leap partnership mark historic investments in women’s health R&D.

Companies to Watch

It can be challenging to stay on top of such a broad topic as women’s health, especially given the currently shifting landscape of regulations and investment priorities. As companies both small and large advance therapies to address research gaps and debilitating conditions affecting women, it’s helpful to keep an eye on the larger ecosystem of investors, partners and research centers supporting their work. To better understand the field and identify some of the promising innovators, Clarivate analysts reviewed data on deal valuations, clinical trials, patents and market approvals in the space to identify seven women’s health Companies to Watch:

• Daré Bioscience, headquartered in San Diego, California, aims to provide access to evidence-based, innovative solutions that address unmet needs, primarily in the areas of contraception, sexual health, pelvic pain, fertility, infectious disease, vaginal health and menopause.
• Freya™ Biosciences, based in Copenhagen, Denmark and Boston, Massachusetts, uses its multi-omics data science platform, DYSCOVER™, to develop microbial immunotherapies that aim to address the chronic inflammation underlying a range of female reproductive system diseases.
• Gesynta Pharma, headquartered in Stockholm, Sweden, aims to develop treatments for chronic inflammation and pain in a wide range of diseases, including endometriosis with its lead compound, vipoglanstat, a non-hormonal, non-opioid, disease-modifying drug candidate.
• Granata Bio Corporation, based in Boston, Massachusetts, aims to develop and accelerate fertility treatments that expand therapeutic choices and improve access and affordability.
• Hope Medicine, a company based in Mainland China, is building a pipeline of therapies to address unmet needs in endocrine, cardiovascular and metabolic diseases, with a special focus on women’s health.
• Oxolife, headquartered in Barcelona, Spain, is focused on improving women’s health and female fertility, including its lead program that is designed to enhance embryo implantation, improve metabolic health, restore ovulation and reduce pregnancy loss.
• Reunion Neurosciences, located in Morristown, New Jersey, is developing psychedelic-inspired therapeutic solutions for underserved mental health disorders including moderate-to-severe postpartum depression (PPD) and adjustment disorder (AjD).

The women’s health marketplace is expanding rapidly, including:

• Growing deal activity and investment momentum, as pharma and biotech companies recognize its market potential and clinical importance across menopause, reproductive health and chronic conditions.
• Expanding clinical development pipelines, with new non-hormonal and targeted therapies addressing previously overlooked conditions such as endometriosis, uterine fibroids and menopause-related symptoms.
• An evolving regulatory and policy landscape, as agencies globally strengthen inclusion requirements and promote sex-specific research, helping to close evidence gaps and drive innovation in women’s health.

Discover more about emerging innovations and the seven companies shaping the future of women’s health in our latest report, Women’s Health Companies to Watch.

Biopharma Biotech Business Development Cardiology Dealmaking Diagnostics Gynecology Oncology Portfolio strategy Reproductive health Women's health

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