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Femtech Startups
Context:
Women often find themselves unheard when discussing their health concerns, both at home and in the doctor’s office. Their symptoms are frequently dismissed or minimised, with common advice being to “lose weight” as a catch-all solution.
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- However, the rise of female-focused health companies, known as femtech, is changing the landscape.
- Femtech refers to the use of technology to address women’s health needs.
- These companies offer diagnostic tools, services, wearables, and software that cater to areas such as menstrual, reproductive, sexual, and maternal health, as well as conditions that disproportionately affect women.
Importance of Femtech Startups
- Addressing Unmet Health Needs: Femtech encompasses a range of technology-driven solutions specifically designed for women’s health issues, including reproductive health, maternal care, menstrual health, menopause, and general health conditions that disproportionately affect women.
- Shaili Chopra launched Gytree to tackle women’s chronic exhaustion through preventive healthcare, offering products like plant-based supplements and expert consultations.
- The platform also provides at-home lab tests for weight and diabetes management.
- Market Growth and Investment Opportunities: The Femtech market is experiencing rapid growth, with estimates suggesting it could reach over $100 billion by 2030.
- The surge in investment reflects a broader recognition of the potential for innovation in this sector, with funding levels rising from $900 million in 2017 to approximately $2.7 billion in 2021.
- Empowering Women Through Technology: Femtech startups empower women by providing tools that enhance their understanding of their own health.
- Arva Health, founded by Nidhi Panchmal and Dipalie Bajaj, provides fertility tests, counselling, and coaching to help individuals and couples make informed reproductive decisions.
- Positive Social Impact: For instance, addressing menopause—a stage when many women assume leadership roles—can impact workplace dynamics and enhance the quality of women’s experiences in professional settings.
- Pee Safe, a Gurugram-based company, first launched a toilet seat sanitizer spray and later expanded into menstrual hygiene with products like sanitary napkins, tampons, menstrual cups, and related accessories.
- Data Collection and Research Advancements: Femtech solutions facilitate the collection of valuable health data specific to women, which can be used to inform research and improve medical understanding of female-specific conditions.
- Collaboration with Traditional Healthcare Providers: Femtech startups are increasingly forming partnerships with established healthcare providers, pharmaceutical companies, and tech firms to enhance their offerings and reach broader audiences.
- Democratising Healthcare: Femtech apps democratise healthcare by providing easy access to information, empowering women to manage their health independently.
Government’s Initiatives
- Public Procurement Policy for MSEs: Under the Public Procurement Policy for Micro and Small Enterprises (MSEs) Order, 2018, it is mandated that at least 3% of total annual procurement by Central Ministries, Departments, and Public Sector Undertakings (PSUs) must be from women-owned MSEs.
- This is part of a broader target of 25% procurement from MSEs overall.
- Womaniya Initiative: The Womaniya initiative aims to encourage participation from women entrepreneurs in public procurement markets.
- It focuses on addressing barriers that women face in accessing these markets and promotes products and services offered by women-led enterprises.
- Capacity Building and Training: The government has partnered with organisations like the Self-Employed Women’s Association (SEWA) to provide training and support for women entrepreneurs.
- Mudra Yojana: This scheme provides financial support to micro and small enterprises, with a special focus on women entrepreneurs.
- It offers loans up to ₹10 lakhs without collateral, making it easier for women to start or expand their businesses.
- Stand-Up India Scheme: Launched to promote entrepreneurship among women and marginalised communities, this scheme facilitates bank loans ranging from ₹10 lakhs to ₹1 crore for establishing greenfield businesses.
- It aims to ensure at least one woman borrower per bank branch.
- Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE): This scheme offers collateral-free financing to micro and small enterprises, with a guarantee cover of 85% for women-operated or owned enterprises, facilitating easier access to credit.
- Prime Minister’s Employment Generation Programme (PMEGP): Aimed at generating employment through micro-enterprises, this program provides financial assistance for setting up new ventures and expanding existing ones, specifically targeting women entrepreneurs.
- Udyam Shakti Portal: Launched by the Ministry of MSME, this portal supports social entrepreneurship by offering business planning assistance, incubation facilities, training programs, and mentorship for women entrepreneurs.
- Samarth Initiative: Under this initiative, 20% of seats in free skill development programs are allocated for women, along with dedicated business delegations for women-owned MSMEs at exhibitions.