Forward signals The forward signals for women’s cancers are strong. New cases each year remain high,66 contributing approximately 47 million global disability-adjusted life years (DALYs) annually,67 with US productivity losses from premature women’s cancer deaths exceeding $10 billion annually.68 New and expanded approvals across breast, ovarian and endometrial cancers have broadened treatment eligibility, extended survival and accelerated biomarker-driven innovation. However, forward signals are uneven across subsegments. While breast and ovarian cancers benefit from the strongest commercial pull, extensive advocacy and a deep innovation pipeline, uterine and cervical cancers remain underfunded and underdeveloped. Nonetheless, policy initiatives around HPV vaccination, precision screening expansion and women’s health R&D initiatives signal longer-term momentum and suggest sustained opportunity for both commercial and impact- oriented investors. Reasons for optimism –Durable demand: Sustained global incidence and improving survivorship ensure long-term therapeutic need, reinforced by strong payer coverage. –Validated exit pathways: Oncology remains one of the most acquisitive therapeutic areas, with large strategics consistently acquiring promising Phase I or II assets69 at premium valuations, providing clear liquidity routes for investors. –Partnership-friendly models: Co-development and licensing structures offer upfront payments and milestones that extend runway and de-risk clinical development. –System-level value creation: Innovations in early detection and therapeutics improve survival outcomes, reduce hospitalization and generate meaningful cost savings for health systems and payers. Points of caution for investors –Capital intensity: Oncology drug development remains highly resource-intensive, demanding clear differentiation and compelling biomarker strategies to succeed in a crowded and competitive pipeline. –Pricing pressure: Some policy moves, such as Medicare’s drug price negotiation,70 may compress margins and increase cost-sharing, particularly for older or high-cost patient populations. 3.2 Virtual women’s healthcare and benefits management Current activity Women account for nearly three-quarters of all virtual healthcare users,71 with a global total addressable market estimated at approximately $31 billion (including approximately $14 billion in North America). Virtual women’s health platforms have evolved from discretionary wellness benefits to reimbursable, core healthcare offerings, which are reshaping payer economics and expanding access. Between 2020 and 2025, private investment accounted for 93% of funding events, but less than half of total capital flows into the sector. Public funding is also strengthening: the NIH Office of Research on Women’s Health (ORWH) has expanded its Small Business Innovation Research and Small Business Technology Transfer (SBIR and STTR) grants to support digital women’s health innovation,72 while the EU’s Horizon 2020 and Horizon Europe programmes have together invested more than €2 billion ($2.3 billion) in 1,000- plus women’s health projects, many focused on digital platforms.73 Women’s Health Investment Outlook 22

Womens Health Investment Outlook 2026