“The Change” We Need in Midlife Women’s Health

The Elephant In The Room

Women’s healthcare has long been overlooked. Until 1993, women were left out of clinical trials, and such neglect has led to wide disparities in care and preventable health issues. Although the women’s health sector is slowly receiving more financial and clinical support, this support has disproportionately focused on the fertility and reproductive health of younger generations, while ignoring one of the largest segments of the U.S. population—women in midlife.

Women’s lives extend far beyond their childbearing years. Their healthcare needs do too. 

We need to talk about menopause.

Shrouded by secrecy and stigma, menopause is largely undiscussed, and healthcare solutions for women in midlife are grossly underfunded. While more women in midlife are now seeking health resources than ever before, many are still left in the dark. A national survey found that 92% of women did not feel fully prepared for menopause, and nearly 60% of parents felt more prepared for childbirth than menopause. 

And we’re not just talking about the occasional hot flash and low libido. Every woman experiences menopause differently, and the symptoms can be severe—think debilitating joint pain, headaches, weight gain and insomnia. The incidence of anxiety and depression is also high among middle-aged women, especially when accompanied by moderate to severe menopause symptoms. While there is no one-size-fits-all cure for alleviating menopause symptoms, millions of women are suffering in silence—unaware of, or otherwise unable to access, proper health care. 

Over the last few years, I set out to identify the most pressing health concerns for women in midlife. Through dozens of interviews with founders, investors and industry thought leaders, I’ve come to appreciate the massive latent demand and attractive investment opportunity for menopause-focused health products and services. 

I’m not alone. The public is finally ready to talk about menopause. During the 2023 Super Bowl, Astellas Pharma ran a state awareness campaign for vasomotor symptoms (“VMS”), elevating the menopause conversation to the global stage. Days later, the New York Times published a cover story on menopause and the benefits of menopausal hormone therapy (“MHT”).

We’ve also seen a flurry of activity across the midlife women’s health startup landscape—from Maven Clinic’s expansion into menopause benefits to Gennev’s acquisition by United Women’s Healthcare and Midi Health’s $14M Seed round.

It’s an improvement. But it’s not enough.

While some investors and strategic acquirers are starting to take this sector seriously, most are still sitting on the sidelines, undecided on where to place their bets. 

As the market (finally) meets the massive opportunity for midlife women’s health, I wanted to share the context of why midlife women’s health is so important, as well as strategic frameworks to apply to founding and investing. So, here’s a deep dive on what matters—to consumers, to investors, to founders and to women everywhere.

✨Why you should trust me: I’m a strategic advisor, consultant and investor in transformative healthcare companies with nearly a decade of experience in the industry. During my time with Rock Health, Goldman Sachs and now as the Founder and CEO of Solstice Advisors, I have cultivated deep relationships across the healthcare ecosystem—from founders of stealth-stage startups to leading venture capital firms and global enterprise tech companies seeking to innovate in digital health. 

While the healthcare sector is notoriously slow to adopt new solutions, I’ve seen firsthand the transformative impact technology and capital can have on advancing healthcare innovation and accessibility for underserved segments of the U.S. population. To make progress, it’s crucial for industry stakeholders to collaborate. That’s why I’m building Solstice Advisors, an integrated consultancy that connects and supports diverse players across the healthcare industry. Through this work, I’m able to take a holistic, system-wide lens to advise and elevate the work of my clients.

Midlife women’s health is just the beginning.

✨TLDR:

• Menopause is a normal part of life for people with female biology, yet most women are unprepared for “the change.” 
• Uncontrolled menopause symptoms can exacerbate chronic health conditions like osteoporosis and cardiovascular disease. Left unattended, menopause symptoms can cause a substantial decline in a woman's quality of life, heightened usage of medical resources and reduced productivity at work.
• Medication and lifestyle adjustments have been clinically proven to ease menopause symptoms and mitigate the risk of chronic health conditions. Misinformation and confusion about treatment options have steered women away from menopausal hormone therapy (“MHT”), a clinically-proven and cost-effective treatment for most women.
• Menopause is not all about hormones. Women in midlife are best served by a comprehensive, whole-women care approach that addresses the physical, emotional and social changes women experience as they age.
• B2C menopause symptom management solutions and anti-aging consumer products are merely the tip of the iceberg for midlife women’s health.
• The enterprise market has the most attractive growth potential for midlife women’s health companies. Self-insured employers have a lot at stake. Uncontrolled menopause symptoms cost U.S. companies billions of dollars every year. 
• It’s a difficult time to raise capital. Unit economics matter, and cash reigns king. 
• The dollars invested in midlife women’s health companies today will fuel precedent-setting research and lay the groundwork for value-based contracting. 

What Is Menopause?

Despite popular misconception, menopause is neither a disease nor a disorder. Rather, it marks the end of a woman’s reproductive years and occurs once a woman has gone 12 consecutive months without a period. Most women reach menopause between the ages of 45-55. After reaching menopause, a woman is postmenopausal for the rest of her life. 

What happens during menopause? As menopause nears, physical and emotional changes occur as a woman’s body adjusts to different levels of estrogen and progesterone. These hormones impact a woman’s fertility and play an important role in modulating her bone density, brain function, sleep and collagen production. As hormone levels decline during menopause, 80% of women experience disruptive vasomotor symptoms (“menopause symptoms”), including the hallmark hot flashes and night sweats.

Who Cares?

Everyone should. Women in the U.S. are living longer than ever, and many will spend up to one-third of their lives in postmenopause.

Beyond discomfort, there are severe health and economic consequences to ignoring menopause symptoms. Why? The onset of menopause coincides with a significantly-increased risk of chronic health conditions. Eighty percent of women will have at least one chronic disease by age 55, but most middle-aged women don’t regularly visit a primary care physician or ob-gyn. Without proper clinical care, early indications of serious health conditions can go unaddressed.

Osteoporosis and cardiovascular disease are two of the major chronic health conditions that coincide with the onset of menopause.

✨Osteoporosis: Women rapidly lose bone mass during menopause, leaving them susceptible to osteoporosis. Eighty percent of individuals affected by osteoporosis are women, and it’s estimated nearly 50% of women will have an osteoporotic hip fracture in their lifetime. Only ~35% of hip fracture patients can expect to make a full recovery. This injury has serious trickle down effects. A hip fracture often coincides with the loss of independent living and increased financial burden.

✨Cardiovascular disease: It’s common knowledge cardiovascular disease is the leading cause of death for women in the U.S. There may be differing opinions about the correlation between menopause and cardiovascular disease, but the scientific community agrees the risk of heart disease increases dramatically around that time in a woman’s life. Warning signs of heart disease can easily be mistaken as menopause symptoms.

Who Carries the Financial Burden?

Government payers and commercial health plans shoulder most of the cost burden. Each year, older adult falls and cardiovascular disease cost the U.S. health system an estimated $50 billion and $229 billion, respectively. 

For self-insured employers, real dollars are at stake. Left unaddressed, menopause symptoms can lead to a significant reduction in a woman’s quality of life, increased utilization of medical resources and productivity losses in the workplace. Also, the lack of menopause-focused support in the workplace likely contributes to gender imbalance in leadership positions. Many women take time off work due to menopause symptoms, restricting career advancement at the time it matters the most. 

Elektra’s Menopause in the Workplace Report found that a shocking 20% of middle-aged women in the U.S. have either left or considered leaving their jobs due to uncontrolled menopause symptoms.

A study using women’s health insurance claims from 60 self-insured Fortune 500 companies estimated the annual cost of untreated menopause symptoms to be in the billions. Women suffering from uncontrolled menopause symptoms had 121% higher utilization of healthcare resources than women with controlled symptoms. Some of the healthcare costs arose from improper diagnosis and medical treatment of problems, such as chest pains, without addressing the root cause of the symptoms. Incremental to direct healthcare costs, women with uncontrolled menopause symptoms were nearly 60% more likely to have work productivity losses. For many women, menopause symptoms can be controlled with proper prescription of hormone therapies costing $40 or less per month.

What Are The Treatment Options?

While clinically-backed treatment options can alleviate or eliminate menopause symptoms for many women, there is a surprising lack of clarity around these options, leaving women unsure about the best course of action. One of the challenges is that menopause symptoms differ from woman to another. While genetics can play a role in how a woman experiences menopause, the occurrence and severity of menopause symptoms can also be a function of her lifestyle choices, stress levels and other factors. New research even suggests racial and ethnic disparities can play a role in how women experience menopause.

For most women, menopausal hormone therapy (“MHT”) is the single most effective treatment for hot flashes. MHT is an estrogen and progesterone prescription that comes in a variety of formulations, including pills and patches. 

According to the recent New York Times Article about menopause, MHT is proven to decrease the risk of diabetes, protect against osteoporosis and treat menopausal genitourinary symptoms, including urinary-tract infections and painful sex. As is the case for other medications prescribed to relieve serious discomfort, MHT has risks and the therapy is not recommended for everyone. 

Why Have Women Been So Critically Underserved?

Lingering social stigmas, confusion about treatment options and a lack of specialized menopause clinicians are largely to blame. 

✨Lingering social stigmas: Falsehoods about menopause have been perpetuated for centuries. Menopause became a mainstream concept in the 18th century, and attitudes took a negative shift toward female aging and sexuality during the Age of Enlightenment. Freud famously denigrated menopause as a neurosis, and a 1966 best-selling book Feminine Forever referred to menopausal women as “castrates.” To this day, menopause is thought of as a women’s health issue to be dealt with in private and alone. While menopause is no longer clouded by such mystery, cultural discomfort surrounding female aging and menopause continue to exacerbate the frustrating lack of quality information and guidance on the topic. 

✨Treatment misinformation: For decades, menopausal hormone therapy (“MHT”) was the gold standard prescription treatment option for menopause symptoms and the prevention of osteoporosis. However, a 2002 landmark study by the National Institute of Health raised concerns about MHT’s potential link to breast cancer. The results of the study were widely publicized, causing panic and issuance of new MHT prescribing protocols. As a result, the number of women taking MHT plummeted by 94%, and their menopause symptoms returned.

• Research conducted since 2002 has refuted many of the original study’s findings. In fact, current guidance from the North American Menopause Society (“NAMS”) states the benefits of MHT outweigh the risks for most women. 

✨Inadequate clinical infrastructure: Menopause is complex. Primary care physicians and most ob-gyns are not properly equipped to treat symptoms. A Johns Hopkins study revealed fewer than 20% of ob-gyn residency programs provide formal training in menopause management, and a majority of ob-gyn residents are ‘barely comfortable’ treating menopause-specific symptoms. 

• While NAMS offers continuing education courses on menopause, the organization has only certified ~1,100 doctors to date, a staggeringly-low figure compared to the estimated 6,000 women in the U.S. who enter into menopause each day. The lack of specialized menopause clinicians presents a significant access to care barrier that will be difficult to remedy in the coming years without alternative solutions.

Why Is This About To Change?

The tides are turning and the midlife women’s health sector stands at a pivotal inflection point. Cultural shifts and an uptick in venture funding are enabling a renaissance in midlife women’s health, paving the way for a new generation of healthcare products and services to support this underserved population. 

✨Gen X marks the spot: Historically overlooked by corporate America, Gen X women (born between 1965-1980) are now being recognized as super consumers—the “healthiest, wealthiest and most active generation in history.” With an estimated $19 trillion in net worth, the 40 million U.S. women 50+ represent 20% of the U.S. population and spend 250%+ more than the general population. With 90% of women being the primary healthcare decision-makers in their household, women in midlife are ready to purchase high-quality healthcare products and services. 

✨Society is taking notice: Women’s voices are finally being heard. Broadened awareness of gender and power issues, buoyed by the Me Too movement and COVID-19 pandemic, has elevated disparities in women’s health to the international arena. Cultural attitudes toward menopause are also beginning to shift. TV shows like Sex and the City, House of Cards and Nine Perfect Strangers depict menopause in a more empathetic light. Even celebrity “menopreneurs” are speaking out, unwilling to let menopause derail their careers, health and quality of life.

✨Momentum from across the pond: The UK is emerging as a global leader in supporting the healthcare needs of middle-aged women in the workplace. Last year, the UK’s Menopause Taskforce published a report citing menopause-related workplace discrimination and offering recommendations to protect middle-aged female workers. In 2022, the UK announced a landmark ruling to make HRT a low-cost over-the-counter therapy, increasing access to millions of women suffering from menopause symptoms. While there is still much to be done, the UK is paving the way for the U.S. to make similar advances.

✨The numbers don’t lie: Increased venture investment and M&A activity validate the attractiveness of the midlife women’s health market opportunity. According to Rock Health’s report on women+ health, funding into the menopause sector doubled from 2019 to 2021. As of October 2022, Rock Health was tracking nearly 100 U.S. women+ health digital health startups that had raised at least $2 million. Within that cohort, roughly 10% of companies specifically addressed the needs of women in midlife. While still a small slice of the overall pie, this represents a considerable advancement since I started studying the industry in 2019.

What Are Women Looking For?

We can do better to support the health of women in midlife. So, what do women want? 

✨Specialized menopause clinicians: Women in midlife are looking for support and answers to their health questions, which are best addressed by a specialized menopause clinician. Women taking prescription medication value access to ongoing clinical support to titrate or adjust medications and reevaluate treatment plans over time. Specialized menopause clinicians are also the best source to advise on lifestyle modifications and over-the-counter consumer products that may ease the intensity of menopause symptoms.

✨One-stop shop: Women want a single, comprehensive platform to meet all of their health needs. They value access to a wide range of services, including preventative care, primary care and specialty care. A comprehensive, omnichannel approach can save women time and minimize the need for multiple appointments at different medical facilities. Additionally, it allows for more coordinated and streamlined healthcare services, which often lead to better health outcomes and lower costs.

✨Employer support: Women in midlife are underserved in the workplace. Many women may take time off from work or even consider leaving their jobs altogether due to the impact of uncontrolled menopause symptoms. While menopause-focused health benefits are nascent, they are in high demand. When women were asked about the most valuable type of menopause benefits, medical care, therapy and support groups ranked highest. This reflects a growing awareness of the need for comprehensive, holistic support that addresses the physical, emotional and social aspects of menopause. By providing such benefits, employers can not only improve the health and well-being of their female employees but also promote greater job satisfaction, retention and productivity. This is particularly important given the significant contributions that midlife women make to the workforce and the economy as a whole.

How Can I Invest?

In recent years, companies have started to innovate for the digitally-savvy generation of women entering midlife.  

✨Access and care: Companies in the “Access & Care” category are taking tech-enabled approaches to improve accessibility to specialized menopause clinicians and prescription therapies. Midlife women’s health is uniquely well suited to telehealth, as there is a massive shortage of specialized menopause clinicians in the U.S., and much of the work of a specialized menopause clinician can be done online (e.g. talking to patients, ordering at-home tests, prescribing medications). This category also includes diagnostics startups like Evvy, a vaginal microbiome testing platform that helps women understand their vaginal symptoms and risks for chronic health conditions.

✨Lifestyle interventions: Midlife women’s health is not all about hormones. Menopause is a multifaceted experience that requires a holistic approach to support women’s physical, mental and emotional health. Companies in the “Lifestyle Support" category recognize this and offer a range of non-hormonal interventions. Regular exercise, for example, has been shown to help women manage stress, maintain a healthy weight and even reduce the risk of chronic health conditions such as diabetes and cardiovascular disease. Community and education also play vital roles in helping women navigate the challenges of midlife. By connecting with others and learning new skills, women can improve their quality of life and maintain their overall health and wellbeing. Notably, startups in this category have been some of the most successful at tapping enterprise dollars.

✨Consumer products: Companies in the “Consumer Products” category offer over-the-counter solutions for women in midlife, from anti-aging hair products to supplements and wearable medical devices that help with hot flashes and pelvic floor dysfunction. Some consumer product startups are starting to see the value of tech-enablement. For example, Joylux, an intimate health wearable company, pairs its vFit Device with a mobile app to let users monitor menopause symptom progression over time. 

What Are The Strategic Considerations for Founders, Investors and Enterprise Partners? 

So, you want to build, invest or partner with a midlife women’s health company. Great! Now, what considerations should be top of mind? 

✨Business model: It’s imperative that founders define their target customer and establish an initial go-to-market strategy before making substantial investments in product R&D. Specifically, founders need to identify who will be paying for their healthcare product or service—individuals, employers or health plans. In healthcare, it’s often not the consumer footing the bill.

• To date, most midlife women’s health companies have adopted a business-to-consumer (“B2C”) cash-pay go-to-market. B2C is a good beachhead strategy, as it allows companies to access the largest audience of women on the primary channel they’re searching for health information: the internet. Compared to traditional care pathways, the B2C model has advantages for both patients and clinicians. Patients are put at the center of care with the ability to address their health concerns from the comfort of their home. Clinicians can reach a wider patient population, previously constrained by geographical limitations. 
• B2C companies should be thinking about a business-to-business-to-consumer (“B2B2C”) strategy. More information on enterprise go-to-market later on.

✨Clinical staffing: For healthcare services companies, it’s critical to operate a cost-efficient clinical staffing model. Specialized clinicians are expensive, and ob-gyns trained in menopause management are now in particularly high demand. To optimize clinician resources, startups should consider implementing an asynchronous-first, stepped care model. A stepped-care mechanism triages patients to the most effective, yet least resource-intensive care modality first, only “stepping up” to more resource-intensive modalities as patient complexity and distress rises. 

• It’s important to note that there are inherent limitations to a virtual-only care model. To bridge the gap to in-person care, such as mammograms and pelvic exams, companies can consider referral partnerships to brick-and-mortar hospital systems or independent ob-gyn clinics.

✨Funding and unit economics: As economic headwinds intensify, 2023 is shaping up to be a brutal year for digital health venture capital. Investors now care about unit economics, and founders should too. Healthcare services companies are particularly challenged when it comes to generating high margins. These companies often have high fixed costs for staffing and equipment, making their solutions difficult to scale. The steep cost of maintaining regulatory compliance and navigating the complex reimbursement landscape can also lead to pricing pressures and lower profitability.

• Not all is lost, and digital health services companies are still getting funded. As the sector matures, investors are prioritizing profitability over growth and focusing on startups with solid business fundamentals, clinical validation and a demonstrable ROI. Companies can take a variety of approaches to improve unit economics—enhancing operations with technology, negotiating with payers to secure better reimbursement rates and improving billing and collections processes.
• At the end of the day, cash reigns king. Investors want to invest in companies with a disciplined approach to cash management and a clear path to profitability. 

✨Buy / build / partner: The provision of healthcare services for women in midlife will eventually become commoditized, so companies building in this space will need to add additional products and services to diversify their revenue streams. When evaluating platform expansion opportunities, companies should utilize a buy / build / partner framework. From a resource allocation perspective, a telehealth company may not be well-suited to build a proprietary line of supplements or train a team of pelvic floor physical therapists. Instead, the company might be better off partnering with an existing consumer product brand like Womaness or collaborating with a physical therapy platform like Origin. 

• The buy / build / partner framework is also relevant for clinical staffing decisions. We’re starting to see startups partner with large health systems to gain access to enterprise resources and specialized menopause clinicians. In collaboration with Mayo Clinic and SRI International, Lisa Health recently launched Midday, a science-backed mobile app that delivers personalized menopause insights and therapeutics using AI and sensor technology. As part of the Mayo Clinic partnership, Midday’s users have virtual access to Mayo Clinic menopause clinicians.

✨Outcomes-driven strategy: Avoid the dreaded “point solution” moniker. Self-insured employers and commercial payers are increasingly looking for healthcare solutions that can solve multiple problems. Accordingly, startups looking to tap the enterprise market should rigorously track KPIs—especially those related to user engagement, interoperability, clinical outcomes and medication adherence. Founders should make it easy for potential enterprise customers to understand how their intervention improves health outcomes while lowering utilization of other, costly health resources.

✨Connected devices: Midlife women’s health startups should consider leveraging consumer wearables to help patients and clinicians monitor the progression of menopause symptoms in real time. Global consumer electronics companies like Samsung recognize the opportunity to power innovation across the women’s health sector with their biometric data capture technology. Samsung’s Galaxy Watch 5 comes equipped with numerous health-tracking features, including an infrared skin temperature sensor that can be used to predict menstruation and fertility. Changes in skin temperature also correlate to changes in progesterone, one of the hormones that declines as a woman nears menopause. There are regulatory considerations at play, but it’s easy to see how device-generated biometric data could power menopause diagnostics and remote patient monitoring applications in the not-so-distant future.

✨Lifestyle affirmation: Branding and imagery play a crucial role in how individuals perceive and connect with healthcare products and services. This is especially true for women in midlife who want to see themselves reflected in the brands they engage with. Women don’t want to be reminded they are getting older. Instead, they want to feel empowered, confident and strong. For many women, entering menopause is a time of personal growth and transformation. They often feel more in tune with their bodies, more self-assured and more focused on their goals and aspirations.

• Given this reality, it's essential for startups to look beyond the traditional "menopause" label and develop life-affirming products and services. These might include wellness products, beauty and skincare solutions or lifestyle and career resources that help women feel their best and stay motivated as they navigate this new stage of life. By using empowering messaging and imagery that reflects the vibrancy and vitality of women in midlife, startups can better engage and connect with this customer base. 

✨Community: Many women in midlife are searching for social connection. The desire for community is driven by a range of factors, including the significant changes that occur during this life stage. Many women in midlife are navigating career changes, caring for aging parents and experiencing the physical and emotional changes associated with menopause. The need for social support is particularly important during this time, as it can help alleviate feelings of isolation and provide a source of strength and resilience. This is why community resources such as peer support groups, online forums and educational classes can be particularly valuable for women during this period of life. 

Where Are the Growth Opportunities? 

While B2C can be a good launch tactic for midlife women’s health companies, it is not a sustainable long-term strategy. Consumerization of healthcare notwithstanding, most people are unmotivated to pay out-of-pocket for healthcare services. With the emergence of new midlife women's health competitors and evolving regulation on social media data tracking, customer acquisition costs (“CAC”) are exploding and startups need to find cost-efficient distribution channels to fuel continued growth.

Considering the massive cost savings potential associated with improving healthcare resources for middle-aged women, midlife women’s health appears to be a great category for value-based contracting. Accordingly, innovative startups like Midi Health, Visana Health, Lisa Health and Gennev are turning their attention to the enterprise market.

✨Self-insured employers are top of mind.

According to Lisa Health’s Menopause in the Workplace white paper, women experiencing menopause are likely to be at the peak of their skills, knowledge and experience. Accordingly, it’s in employers’ best interest to provide the healthcare resources and support needed to recruit and retain them. 

Unfortunately, U.S. companies are dragging their feet on menopause benefits. While more than two-thirds of U.S. companies are planning to enhance their benefit plans this year, the #1 priority is behavioral health. Millennial women are also top of mind, with 37% of U.S. companies planning to provide at least one specialized benefit to support reproductive health. The needs of middle-aged women are being routinely ignored with only 4% of U.S. companies planning to offer a menopause-related benefit in 2023. For this paradigm to change, we need to see a dramatic shift in health benefit administration strategy.

Commercial health plans are also standing on the sidelines…for now. Untreated menopause symptoms cost the health system billions of dollars every year, but off-the-record conversations with health plans show widespread hesitation to formalize a strategy on midlife women’s health.

Women in Midlife Deserve Better

Midlife women’s health is not a niche market. Moreover, the dollars invested in midlife women’s health companies today will have an outsized impact on health outcomes and downstream cost savings, fueling precedent-setting research on a historically-underserved and under-researched population. 

Based on my extensive experience in the healthcare industry and more than 250 hours spent interviewing midlife women’s health founders, investors and enterprise executives, here’s what I believe the future holds for the sector. 

✨Solstice Advisors’ predictions for midlife women’s health:

• Startups will move beyond menopause symptom management into prevention and treatment of chronic health conditions (e.g. osteoporosis, cardiovascular disease).
• Midlife women’s health startups will consolidate to offer a wider range of services and products to consumers and enterprise buyers.
• We’ll see increased interest in midlife women’s health from self-insured employers and health plans as startups prove improved health outcomes and cost savings.
• We’ll see a gradual uptick in high-profile announcements from large U.S. companies adding midlife women’s health benefits. 
• Pharma companies will ink partnerships with digitally-enabled midlife women’s health startups.
• Venture funding will accelerate for comprehensive midlife women’s health solutions tapping enterprise channels.
• Demand for clinical expertise in midlife women’s health will skyrocket, creating a competitive job market for specialized menopause clinicians.
• Midlife women’s health will move from specialty care to primary care, requiring a wide-spread upskilling of primary care physicians.
• More companies will emerge to address high-cost, under-researched health conditions like social isolation.

There is a huge opportunity for innovation in midlife women’s health, one that meets an acute need for a massive, underserved population. The economic impact of uncontrolled menopause symptoms is substantial, both at a personal level for women pre-retirement at the peak of their professions, and for employers who lose productivity to unmanaged symptoms. With Gen X at the advent of menopause, there has never been more buying power or market demand for midlife health products and services. And, most importantly, the investors and startups that meet this opportunity will be making a real change for women and for how we talk about midlife women’s health for decades to come.

✨I’m eager to hear from you all—founders, investors and fellow women’s health enthusiasts—don’t hesitate to reach out and share your perspectives. If you’re interested in working together, we should talk. 

✨I’d like to extend my sincere gratitude to the countless founders, investors and industry thought leaders who contributed to this article. Special thanks to Ann Garnier of Lisa Health, Jill Angelo of Gennev, Joe Connolly of Visana Health, Joanna Strober of Midi Health, Carine Carmy of Origin, Alessandra Henderson of Elektra Health, Sally Mueller of Womaness, Amanda Sussex of Salvo Health, Priyanka Jain of Evvy, Ricky Y. Choi, MD, MPH of Samsung, Boaz Gaon of Wisdo Health, Charina Lumley of Crown Society, Daniel Kaplan of Generator Ventures, my former colleagues at Rock Health, Vanessa Larco of NEA and Therese Perales. 

Solstice Advisors is a digital health consulting and advisory firm that partners with venture-backed startups, venture funds and enterprise tech companies seeking to innovate in the digital health sector. The firm provides a range of custom consulting offerings including strategic advisory, investor readiness, fractional CFO services and executive coaching.

Stephanie Silverman, Founder and CEO of Solstice Advisors, is a strategic advisor, consultant and investor in transformative healthcare companies. With nearly a decade of experience investing and advising healthcare companies at firms including Rock Health and Goldman Sachs, Stephanie is a respected thought leader in the digital health industry. She's invested in several leading digital health companies and advised executives of Fortune 20 tech enterprises on digital health strategy. Stephanie holds degrees from Northwestern and Wharton and is a CFA Charterholder. A holistic wellness enthusiast, Stephanie takes an integrated approach to her consulting and advisory work, rooted in the belief success is best achieved when personal and professional goals are in sync.