Shashank Avadhani, Co-founder and CEO, Alyve Health emphasises that women require specialised solutions and products when it comes to unique health needs, including maternal, menstrual, contraceptive, menopause, and pelvic health. In addition, certain health conditions, such as specific hormonal conditions, cancers, and osteoporosis, disproportionately affect women. Therefore, targeted diagnostics, lifestyle guidance, habit coaching and relevant supplements matter to this demographic. Generic insurance and health benefits do not address these gender-specific needs
Today’s consumer market is fiercely competitive as new and established players strive to gain market share through innovative and differentiating strategies. Brands are trying to meet evolving market expectations through a growing emphasis on personalisation and customer experience. As one of the largest consumer demographics, such marketing efforts have often targeted women. However, not all of these attempts have been successful.
An example is the Bharatiya Mahila Bank, launched by the Indian government a decade ago as a bank run by women for women. It failed because it attempted to address a need that never existed. Women and men have similar financial and banking needs, hence any mainstream bank could easily have catered to both demographics with various personalised policies and services. In contrast, bicycles designed and branded for women (e.g. BSA Ladybird) was a massive success because it addressed a specific need that made it easier for women to use. This underscores the importance of creating products that address unique needs that generic, non-gender-specific products cannot meet.
This rule also applies to the healthcare industry. Although men and women may have similar healthcare needs, only products and services that cater to real, women-specific needs will succeed in the long run. Brands must therefore understand the particular needs of their target demographic and create products that cater to those needs to ensure success in the market.
Women require specialised solutions and products when it comes to unique health needs, including maternal, menstrual, contraceptive, menopause, and pelvic health. In addition, certain health conditions, such as specific hormonal conditions, cancers, and osteoporosis, disproportionately affect women. Therefore, targeted diagnostics, lifestyle guidance, habit coaching and relevant supplements matter to this demographic. Generic insurance and health benefits do not address these gender-specific needs. A recent McKinsey study shows that although progress has been made, several areas still need to be addressed. This is particularly true in areas such as innovative health services and benefits, financing of care for menstrual and sexual health, menopause, and diagnostics.
Gender-responsive insurance and health benefits are essential in empowering women and addressing their unique health needs. It can help close the gender gap. Targeted health offerings can attract more talent from the demographic and also keep more women in the workforce by ensuring that they receive the care they require and deserve. It can improve long-term health outcomes for women. By providing access to innovative digital tools and platforms, technology can help women manage their health more effectively and catch potential health issues earlier. It can bring about positive social change by enabling an open conversation about supporting women employees’ health needs.
Reaching and engaging with women effectively on their healthcare needs can be challenging. One effective strategy is to leverage corporate organisations to co-create relevant offerings.. By partnering with these groups, platforms can deliver targeted solutions to women, who are already seeking such solutions. Additionally, these groups can provide valuable insights into the unique health needs of their members, which can help inform the development of targeted offerings.
Non-corporate groups, such as insurance companies (for their women customers), professional associations and health advocacy organisations, can provide valuable resources and support to women who may not have access to traditional healthcare services. These groups can also help raise awareness of specific health issues that disproportionately affect women, such as breast or cervical cancer. Other informal groups, such as social clubs or online communities, can also play a critical role in supporting women’s health. By providing a safe and supportive environment, these groups can help women access information, resources, and emotional support related to their health and wellness.
As the industry moves towards recognizing the unique healthcare needs of women, more corporations and non-corporate groups are looking to add women-specific benefits to their existing group covers. Awareness campaigns, proactive screening, and outcome-based programs are becoming increasingly important . Alyve Health’s data shows that the market is responding to women’s needs by creating targeted programs powered by technology, such as women specific diagnostics, education campaigns on topics such as breast cancer and programs to combat conditions such as anemia and PCOS..
Looking to the future, we can expect continued growth in recognition of women’s unique healthcare needs, with technology playing a significant role in delivering targeted and personalised healthcare solutions. By leveraging formal and informal groups, insurers and healthcare providers can create a more equitable and accessible healthcare system for women.
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