DAVOS, Switzerland: The World Economic Forum (WEF) revealed that the disparity in the treatment of women’s and men’s health is costing the global economy a staggering $1 trillion annually. Women experience a quarter more years of poor health compared to men, a gap that stems from an unequal focus on men across medical research, diagnosis, and treatment, according to the WEF’s report.
The report, released during the WEF’s 54th annual conference in Davos, Switzerland, highlights the need for urgent action. Closing this gender health gap by 2040 could lead to a 1.7 percent increase in per capita GDP, equivalent to a $1 trillion boost to the global economy. This growth would be driven by the economic contributions of women.
The 42-page report was a collaborative effort between the WEF, Swiss firm Ferring Pharmaceuticals, and McKinsey Health Institute. It emphasizes that investing in women’s health is not only a matter of improving their quality of life but also a strategic investment for societies and economies worldwide.
According to the report, every US dollar invested in women’s health would yield a return of three dollars in projected economic growth. A significant portion of this growth would come from sick women reentering the workforce, contributing to increased productivity and economic activity.
The gender health gap results in the loss of approximately 75 million years of life due to poor health annually, equivalent to a week of healthy life per woman each year. To put this into perspective, addressing the inequalities surrounding conditions such as endometriosis and menopause, which exclusively affect women and have long been under-studied, could potentially contribute $130 billion to the global GDP by 2040.
The report also sheds light on the disparities in treatment and diagnosis, with men benefitting more than women. For instance, research shows that asthma inhalers are significantly less effective for women compared to men. Additionally, women are diagnosed later than men for 700 different diseases, and it takes them two and a half years longer to receive a cancer diagnosis.
Shyam Bishen, the head of healthcare at WEF, emphasizes the importance of investing in women’s health as a priority for every country. He states, “Beyond improving women’s quality of life, ensuring women have access to innovations in healthcare is one of the best investments that countries can make for their societies and their economies.”
In response to the urgent need to address these issues, the WEF has announced the launch of the Global Alliance for Women’s Health. This initiative aims to bring together stakeholders and allocate $55 million towards improving women’s health globally.
The report’s findings highlight the immense economic potential that lies in closing the gender health gap. By prioritizing women’s health, societies can not only improve the well-being of half their population but also unlock significant economic growth.
Source: The Manila Times
