Catalyze August 2022

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THE ECONOMIC IMPACTS OF WOMEN'S HEALTH CAROLEE LEE - FOUNDER & CEO WOMEN'S HEALTH ACCESS MATTER WHAM was created because of a need that I realized existed that hadn't been fulfilled. And it had to do with the fact that I had built a successful international brand and women were at the heart of my company, both as my customers and my employees. They were 85% of my workforce. And I was an entrepreneur who started at my kitchen table and grew and built a global brand and eventually successfully sold it. And so I can tell you from firsthand experience that women's health is an issue that we can't afford to ignore. And my role led me to think a lot about the economic impact of women and to see that impact firsthand. And I also saw the ways that health issues could impact women's finances and their careers and the effect that illness could have on someone, on their family, on their business. And it shows in our entire economy. Women are more than 50% of the U.S. population and workforce and control over 60% of personal wealth. And they're also responsible for over 85% of consumer spending in the U.S. - more than $11 trillion - and make over 80% of healthcare decisions. Along with women driving our economy, our data shows that companies where women are well represented at the top outperform their peers. Yet women are still vastly underrepresented in the C-Suite. For example, this year a record 44 women are running fortune 500 businesses. It's certainly progress where it's celebrating, but it still means that just 44 out of 500 companies, or 8.8%, are women led . CATALYZE MAGAZINE | 1
CATALYZE MAGAZINE | 2 THE ECONOMIC IMPACTS OF WOMEN'S HEALTH I saw what was happening in the landscape and in the scientific community in particular and I asked, "What is more important than our health?" So for example, the OCD's latest report showed that women are underrepresented in research careers (and to its credit, the OCD now has an office of sex and gender research). However, across OCD's 36 member countries, women comprise only around 40% of all researchers and they are considered to be less likely to be in leadership positions. So I launched WHAM, a nonprofit nonpartisan organization to increase the awareness of and accelerate funding for women's health research because women's health is a societal and economic issue that none of us can afford to ignore. And although women drive the economy and make the majority of healthcare decisions across the globe, women are still an under studied species and continue to be underrepresented in vital health research. How's that possible? As a business leader, I tend to look at problems with economics in mind, and I believe that change starts with data. And so it became apparent to me that we lacked evidence. We lacked data about the economic costs, benefits, and social impacts of lack of attention to sex and gender and health research. And that the medical research gender gap is a major obstacle to not only achieving equity in healthcare, but to advancing the health and wellbeing of women around the world. As women globally drive the economy, that gap is holding us all back, which is why we're grateful that Ideagen is helping us bring this conversation to light.
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