Commentary: There’s a US$3 billion opportunity if Singapore closes women's health gap

SINGAPORE: International Women’s Day is celebrated on Mar 8, but it is important not to celebrate the impact and achievement of women nor recognise the challenges they face only for one day. Much has been discussed about how to bring about gender parity in the workplace and at home, which can uplift women more systemically.

Less focus, however, is dedicated to another important issue with a long tail: Women's health. A recent study by the World Economic Forum (WEF) and McKinsey Health Institute indicated a significant gap in Singapore - women spend 12 per cent more time in poor health than men in Singapore.

It should be noted - and celebrated - that Singapore has one of the smallest women’s health gaps globally. But critically, closing this gap can unlock over 40,000 years of higher quality life for women here.

Besides women-specific illnesses, there are also conditions that do not afflict men and women in the same way. Around the world, a limited understanding of gender differences, restricted access to appropriate care, data gaps leading to the undercounting of women's health burdens and inadequate investment in health innovations contribute to the women’s health gap.

And while foremost an issue of health equity and inclusivity, better health ultimately correlates to economic prosperity.

BETTER LIVES MAKE FOR BETTER ECONOMIES

The ramifications of the health disparity extend beyond individual well-being; it also poses significant economic implications.

Globally, addressing the 25 per cent more time that women spend in poor health relative to men not only would improve the health and lives of millions of women but also could boost the global economy by at least US$1 trillion annually by 2040. This estimate is probably conservative, given the historical underreporting and data gaps on women’s health conditions.

In Singapore, over two-thirds of the women's health gap affect women during their prime working years, exerting a substantial impact on Singapore's gross domestic product. The study suggested that closing this gap could inject over US$3 billion in annual incremental GDP for Singapore by 2040. This boost would stem from factors such as reduced health conditions, fewer early deaths, increased productivity and expanded workforce participation.

The study also noted that in Singapore, the top 10 conditions contribute to more than half of that US$3 billion GDP impact, and include areas such as premenstrual syndrome, osteoarthritis, ischemic heart disease, depressive disorders and migraines. Just ask a female friend or colleague next to you - these conditions are all too common and familiar.

So, what can be done to realise longer, healthier lives for women, while unlocking economic potential?

WOMEN’S HEALTH SHOULD MATTER TO MEN TOO

To address the health disparities faced by women, a multifaceted approach encompassing tailored research, equitable access to fit-for-purpose treatments, and increased funding is needed.

Currently, research and data collection fall short in addressing women's unique health needs. Only half of global studies differentiate findings by gender, with outcomes less favourable for women nearly two-thirds of the time compared to men. Without a clearer understanding of how health conditions and care may impact women differently, these disparities impact the quality of care they receive.

Disparities can also persist in treating conditions like heart disease and pain management, where women often receive inferior care, leading to poorer health outcomes. For instance, men are three times more likely than women to receive cardiac resynchronisation therapy for arrhythmia. These differences contribute to over one-third of the global health gap affecting women.

Finally, despite strides in integrating women into research and clinical trials, investments in women's health also remain disproportionately low. For instance, between 2009 and 2020, only 5.9 per cent of grants in Canada and the United Kingdom focused on female-specific outcomes or women's health issues.

We need to look at women’s health as more than better care for women - but as a foundation for overall societal welfare and advancement. Bridging the health gap could set off a chain reaction that positively impacts families, communities, and economies in Singapore and the world. 

Lucy Perez is Senior Partner with McKinsey & Company and health equity co-leader of the McKinsey Health Institute. Sachin Chaudhary is Senior Partner with McKinsey & Company and leader of the healthcare practice in Southeast Asia.