erodes if payers refuse coverage. Without clear reimbursement pathways, even promising assets struggle to achieve commercial viability, making reimbursement a core enabler of both innovation and investment. Just as importantly, establishing a clear responsibility for payment – whether public insurance, private payers or employers – would reduce the ambiguity that currently forces patients to shoulder costs directly. Proof point: Coverage mandates and employer benefits transformed IVF from a largely out-of- pocket service into a mainstream, reimbursed benefit.115 This not only increased patient access but also created a clear, recurring revenue model, which in turn drove private investment into fertility platforms, laboratory services and fertility-benefits companies. Mobilize adjacent players to expand participation and scale Stakeholders: Investors, industry, philanthropies Women’s health has long been viewed as a niche category – but many of the solutions it demands fall squarely within the capabilities of established companies in healthcare, life sciences and adjacent sectors. These organizations have the infrastructure, distribution channels, commercial capabilities, technology and AI abilities and capital to enter adjacent categories, yet few treat women’s health as a core strategic priority. Significant opportunities exist in conditions not traditionally labelled as women’s health but where sex-specific manifestations and burdens translate into untapped demand and product differentiation. By integrating sex-specific biology and real-world data into their product design and service delivery, incumbents can open new revenue streams, reach underserved populations and strengthen diversification. Proof point: Mental health saw explosive growth once evidence linked untreated mental illness to $1 trillion in annual productivity losses globally.116 As investment momentum built, a leading virtual care provider expanded into behavioural health through the acquisition of a fast-growing digital therapy platform, illustrating how an adjacent player leveraged existing capabilities to enter the space. Following this move, funding for mental health start- ups increased tenfold between 2016 and 2021, reaching $5.5 billion in 2021.117 By 2024, mental health had become digital health’s most funded category,118 propelled by adjacent players redefining the ecosystem.5 Increase transparency to build investor confidence Stakeholders: Investors, industry, researchers Limited data on financial performance and ROI reinforces the perception that women’s health is “too niche” or “too risky” to attract significant capital. Greater visibility of financial performance can demonstrate that women’s health is a scalable, high-potential category with competitive returns. Systematic disclosure of benchmarks and outcomes, along with open data repositories, would make the field more attractive to investors and innovators. Proof point: Oncology illustrates how transparent pipelines and standardized reporting can drive investor confidence and attract capital. Supported by consistent metrics, such as disclosure of R&D spending, product revenues and clinical success rates in public and private markets, oncology now accounts for more than 30% of global pharmaceutical pipelines119 and more than $200 billion in annual investment.120 6 The path forward Together, these action areas address the core barriers that hinder innovation and investment in women’s health: limited foundational science, reimbursement uncertainty, fragmented financing, measurement gaps, regulatory hurdles and insufficient transparency throughout the ecosystem. What’s needed now is coordinated leadership, aligned incentives and shared accountability. With the right conditions in place, women’s health can evolve into a cohesive growth ecosystem that delivers measurable returns, scalable business models, better outcomes for patients and enduring societal value. Women’s Health Investment Outlook 33

Womens Health Investment Outlook 2026