In the wake of International Women’s Day on 8 March, Swiss private bank Julius Baer has just published a report entitled “Research Focus on Women and Wealth – Narrowing the gender health gap.”

Women have a lifespan of 72 years and outlive men by four years on average, but the percentage of their lives lived in ill health is much higher relative to men, according to a new report by Julius Baer.

“Part of this is due to the biological differences between the sexes. However, much of the gender health gap also stems from socioeconomic inequality such as the gender wage and wealth gap, which has implications for health outcomes,” Jen-Ai Chua (pictured), equity research analyst at Julius Baer Asia, said. “Systemic prejudices within the healthcare system have also manifested in delayed or inaccurate diagnoses for females, and treatments that work less well. There is a tremendous opportunity and financial incentive for businesses to fill the unmet health needs of women,” she continued.

Part of these prejudices in the healthcare system is due to the differing symptoms presented by women versus men. For instance, research in the UK shows that women were 50 per cent more likely than men to be incorrectly diagnosed after a heart attack as they were 1.4x as likely as men not to have chest pain, but more likely to report stomach pain.

Another reason is the absence of women in clinical trials, a lack of sex-disaggregated clinical data and the reliance of the male physiology as the default in designing therapeutics and interventions. For example, diagnostic tests for heart attacks were developed on men and less able to pick up blockages in women who have smaller arteries.

Separately, research by UC Berkeley and the University of Chicago have found that women tend to suffer more adverse reactions to drugs than men as most drug dosing guidelines are based on male-dominated clinical trials, whereas women tend to have lower body weight and may have fundamentally different biological traits such as body temperature or heart rate variability.

The firm highlighted that there are untapped opportunities in this area for businesses. The unserved areas in female health and wellbeing, and growth in the newly-emerging femtech space, offer tremendous opportunities â€“ in particular for pharmaceutical companies, entrepreneurs and investors, Julius Baer said.

The McKinsey Health Institute estimates the market potential for endometriosis treatments at $180 to $220 billion and medication for menopause at $120 to $230 billion globally. This compares with the $130 billion in annual spend for cardiovascular conditions and $80 billion for immunology.

The femtech sector was valued at $28 billion at the end of 2024, up from $500 million 10 years ago. It is projected to more than double to $60 billion by 2027.

As investors, the firm believes that citizens have the power to effect change through the use of advocacy and investee engagement. “We can also consider increasing investments in companies with exposure to female wellbeing which are committed to narrowing the gender health gap as part of a health-driven wealth strategy,” the firm continued. Surveys have shown that impact investing and the desire to make a positive difference to society are priorities for high net worth women in managing their wealth.

According to McKinsey, the women’s health gap is equivalent to 75 million years of life lost due to poor health or early death each year. Closing the gap would benefit 3.9 billion women and give them an extra seven healthy days a year, or an average of 500 days over a lifetime. It could also boost the global economy by $1trillion by 2040 as a result of fewer early deaths and health conditions, and women’s increased ability to contribute to the economy and society. McKinsey’s report Closing the Women’s Health Gap: A $1trillion Opportunity to Improve Lives and Economies notes that every $1 invested in women’s health yields $3 in economic growth.

Beyond economics, better wellbeing for women creates a ripple effect that benefits families, communities and countries. Health is wealth, and to be wealthy is to be enriched physically, financially, emotionally, relationally and socially.