In a groundbreaking development during the concluding hours of the World Economic Forum in Davos on Thursday, a new Global Alliance for Women’s Health was launched, aiming to “re-shape the future of women’s health and the global economy.” The alliance has garnered interest from 42 organizations, including government leaders, private sector representatives, and philanthropic entities, with a collective pledge of $55 million.
The initiative responds to a report by the World Economic Forum (WEF) and McKinsey Health Institute, released this week, highlighting the need to enhance women’s access to health services, promoting healthier lives and offering an unprecedented boost to the global economy.
The report emphasizes that health burdens for women are often underestimated due to datasets excluding or undervaluing crucial conditions. Women frequently encounter barriers to care, leading to diagnostic delays and suboptimal treatment.
Investing in women’s health is projected to yield significant economic benefits, with estimates as high as $1 trillion annually by 2040, equating to a 1.7% increase in per capita GDP. This investment could enhance health outcomes for over 3.9 billion women globally.
The Global Alliance for Women’s Health will secure new commitments across three pillars: financing, science and innovation, and agenda-setting. The current partners have already pledged $55 million to improve women’s health outcomes.
Shyam Bishen, head of the Centre for Health and Healthcare at the World Economic Forum, emphasized, “Our analysis demonstrates that addressing the women’s health gap and investing in women’s health must be a priority for every country.” He highlighted that beyond improving women’s quality of life, ensuring access to healthcare innovations is a vital investment for societies and economies.
Investing in Women’s Health Linked to Economic Growth
Despite women, on average, living longer than men, the report reveals that women spend 25% more of their lives in poor health. The report advocates for improved investments in women’s health services, extending beyond standard maternal and child health packages.
The report calls for advancements in diagnostics, data on women-specific conditions like ovarian cancer, and increased investments in women’s health and research.
“Investing in women’s health shows a positive return on investment: for every $1 invested, ~$3 is projected in economic growth,” the report asserts. Surprisingly, the economic return is highest in higher-income settings, where a ratio of around $3.5 returned to $1 invested is anticipated due to greater economic participation. Even in low-income settings, the benefit is estimated at $2 for every $1 invested.
Anita Zaidi, President of the Gender Equality Division at the Bill & Melinda Gates Foundation, emphasized, “Investing in women’s health goes far beyond individual women. It is a direct investment in families, communities, societies, and economies.”
Key Commitments Towards Women’s Health
The Global Alliance for Women’s Health will be overseen by a governing board comprising world leaders representing diverse stakeholders crucial for advancing investments in women’s health.
As part of the alliance, Tower Capital Group, an economic development entity, commits over $25 million in 2024. Additionally, Rotary International will launch the Rotary Healthy Communities Challenge, providing $30 million for disease prevention and treatment, focusing on maternal and child health in the Democratic Republic of Congo, Mozambique, Nigeria, and Zambia.
Brazil’s Health Minister, Nisia Trindade Lima, will serve as the co-chair of the alliance alongside Anita Zaidi, stating, “This is a critical moment for a greater mobilization across sectors to invest in women’s health, keeping in mind the imperatives of equity and integral care.”
