During the week of the 2025 J.P. Morgan Healthcare Conference in San Francisco, life sciences partners Suzanne Filippi and Laurie Burlingame led a thought-provoking discussion with women leaders in the industry on the persistent challenges facing women’s health innovation. Despite growing awareness, this sector remains critically underfunded, with only 2% of healthcare investment dedicated to women’s health solutions. The conversation explored the investment gap, the lack of comprehensive data shaping healthcare decisions, and the knowledge divide between founders and investors.
The panel featured insights from Kristen Helton, CEO of Herself Health, a women’s health clinic based in Minneapolis/St. Paul, and Delphine O’Rourke, CEO of 1928 Partners, a consulting and advisory firm serving the health innovation economy, lead partner with the women’s health-focused investment firm Portfolia, and adjunct professor at Columbia Law School.
In this Insight, we share some of the key takeaways from this annual ML Women event and shed light on the barriers holding back progress and the key steps needed to drive meaningful change.
Delphine O’Rourke: Despite its importance, women’s health continues to lag behind other healthcare sectors like oncology and neurology in attracting critical investment dollars. This is the proverbial “elephant in the room” of women’s health and there are several factors are at play here.
One is messaging: only 2% of investments go to women’s health innovations. While this is a stark reality, it also highlights the uphill battle for funding in a down market. Moreover, with 60% of women’s health innovation companies being less than five years old, the sector’s relative infancy compounds the challenge.
Another major factor is de-risking. Simply put, investors need confidence in their investments. Therefore, it is imperative that founders understand the regulatory environment, highlight the strength of their leadership team, and leverage strategic relationships to mitigate perceived risks.
Kristen Helton: When I was raising funds last year, I repeatedly heard “We want to invest in women’s health.” But when it came time to invest, the response from decisionmakers was often “We’re not there yet—stay in touch.”
Part of this disconnect is that founders don’t get enough actionable feedback. Without it, it’s impossible to pivot or refine. Is it a business model issue? A storytelling gap? A missed opportunity? Additionally, founders need champions who believe in their mission and provide constructive insights.
Another headwind is that there simply aren’t enough women in decision-making roles. This lack of representation contributes to the cycle of underinvestment.
Kristen: It’s a reflection of the messages we’ve been conditioned to accept about “playing the game.” Male CEOs often have stronger networks, more experience, and a head start in building relationships.
But there’s another layer—women can be incredibly tough on each other. There’s a perception among some female leaders that being a woman CEO inherently puts your company at a disadvantage. That belief can lead to unnecessary scrutiny and a lack of support within the very community we should be uplifting.
Delphine: One common mistake is assuming that potential investors, particularly those from private equity, have a foundational understanding of women’s health. Many investors lack the baseline knowledge of women’s anatomy, specific health issues, and the broader impact on women’s quality of life. The field of women’s health is still often viewed through the lens of reproductive health but the field is much broader, and includes finding treatments for chronic conditions, such as cardiovascular health, that affect women differently than men and remain the leading cause of death for women in the United States.
Without this foundational awareness, it’s challenging to have a meaningful conversation. For example, one private equity fund once inquired about vaccines to help prevent the spread of menopause—an indication of the knowledge gap that still exists.
It’s essential not to assume that male investors, and even women investors outside of healthcare, are already well-versed in women’s health. When you’re in a sales role, particularly one focused on a sector like women’s health where there’s still a huge education gap, it is critical to address the knowledge gaps. Knowing your audience and its investment goals while being able to translate the problem you are solving is critical to accelerating private capital investment.
Kristen: Feedback can take many forms—whether it’s a detailed email, a conversation with someone who genuinely cares about your cause, or insights from those you’ve built strong relationships with. Establishing and nurturing these connections is crucial. You also have to show up for the people who show up for you. These genuine supporters will be key in helping you navigate challenges and amplify your efforts.
A strategic approach to soliciting feedback involves asking investors, “What are the specific proof points or trigger signals you look for when considering a potential investment?” This framing allows you to gather actionable feedback and ensures you’re prepared to follow up appropriately.
It’s also vital to do your due diligence when identifying potential investors. Focus on those who have both the capacity and commitment to fund your vision. This ensures that your time is spent effectively, targeting investors who are aligned with your goals and who can provide the support necessary to drive your business forward.
Delphine: Stay ahead of market trends, understand the shifting landscape, and continuously adapt your messaging to meet current challenges. A compelling story is just as crucial as a groundbreaking device, if not more so. Tailor your narrative to resonate with diverse audiences, ensuring it’s relevant to both investors and consumers.
Kristen: The overarching theme with this question is “how do we get things to patients’ bedsides?” The Institute for Healthcare Improvement states it takes 17 years to get from approval to patient care. To shorten this timeline, we can prioritize integrating innovative technology into clinical practices and ensure training for providers to adopt these solutions effectively.
Additionally, the women’s health industry urgently needs major, high-profile success stories to spark momentum. Blockbuster companies and transformative products can serve as catalysts to attract investor interest and drive broader innovation across the field.
Kristen: We don’t need to reinvent the wheel—we just need to move forward. While innovations like new procedures and devices can lead to quicker impact, much of the challenge in Women’s Health lies in addressing quality-of-life issues—those that don’t necessarily threaten life but deeply affect well-being.
Unfortunately, these issues are often underdiagnosed or overlooked, causing them to be dismissed by both the market and investors. In terms of quality of life, the United States is still lagging behind compared to other nations.
The key to progress is investing in foundational research. We need to prioritize funding that supports basic scientific inquiry as this lays the groundwork for meaningful advancements. From there, we can explore programs that incentivize development in these critical areas.
Delphine: Consumers have a significant role to play—particularly the W economy. Women make 85% of all consumer purchases, including 80% of healthcare decisions, and control over 51% of private wealth in the United States. Women have the economic power to drive a healthier future. We must educate ourselves about the gaps in care and speak up, demanding the solutions we need.