This interview is an extract from our report entitled “Menopause: the $600 billion opportunity in femtech“.
THE femtech industry is experiencing a remarkable surge in growth and innovation, marking a new era in women's health technology, particularly for consumer packaged goods companies. This is due to increased awareness of the specific health needs of women.
![Brittany Barreto](https://i0.wp.com/pswordpress-production.s3.amazonaws.com/2024/01/1677696778615-300x300.jpg?resize=300%2C300&ssl=1)
![Brittany Barreto](https://i0.wp.com/pswordpress-production.s3.amazonaws.com/2024/01/1677696778615-300x300.jpg?resize=300%2C300&ssl=1)
Known as “The Voice of Femtech” President, Founder of FemHealth Insights
Within the femtech sector, the menopause market is increasingly recognized as a crucial area, particularly for those in the consumer goods industry. The FDA's recent approval of the first non-hormonal drug for hot flashes marks a significant shift, highlighting market potential.
At the forefront of this wave of femtech transformation is Brittany Barreto, PhD, “The Voice of Femtech” and President and Founder of FemHealth Insights, which plays a central role in promoting and advancing health women through technological and consumer-focused solutions.
We asked Brittany a series of questions drawing on her expert knowledge of the menopause market.
Here are the areas covered by the interview:
CPG Companies in the Menopause Space:
Q: As a consumer packaged goods company that sells fast-moving consumables, how do you plan to differentiate yourself in the menopause space, which is currently dominated by healthcare, biotechnology and software companies ?
A: The menopause sector is currently dominated by healthcare, biotechnology and software companies. However, there are a number of opportunities for CPG companies to differentiate themselves in this area.
One opportunity is to focus on branding and marketing that appeals to a younger demographic. Menopause is often thought of as a problem that only affects older women, but the reality is that many women experience symptoms in their 40s and 50s.
By targeting younger women, FMCG companies can reach a wider audience and make menopause more accessible. Another opportunity is to focus on natural and holistic solutions. Many women are looking for alternatives to traditional hormone therapy, and consumer packaged goods companies can meet this need with products made from natural ingredients.
Finally, CPG companies can also focus on education and awareness. Many women are unaware of the symptoms of menopause or the resources available to them. By providing education and awareness, FMCG companies can help women better understand their options and make informed decisions about their health.
Unmet needs for menopause care:
Q: From a consumer product perspective, what are the unmet needs in the menopause space that could be met with over-the-counter products?
A: Menopause is a complex illness with more than 34 symptoms. The current approach to treating menopause is to develop single-use solutions for each symptom. This is not ideal, as it can be difficult and expensive to manage multiple symptoms with multiple products. I believe that in the future, these single-use solutions will be consolidated into a more comprehensive menopause care solution. This would be similar to how Unilever offers a range of products for different hair and skin care needs.
The recent approval of the first non-hormonal drug for hot flashes is a sign that we are making progress in developing better treatments for menopause. However, there is still a long way to go. Menopause is a major public health problem affecting millions of women worldwide. There is huge market potential for better menopause treatments, and I believe this market will be fully exploited over the next 10 to 15 years.
Opportunities in over-the-counter products:
Q: From a FMCG perspective, what are the white space opportunities in the menopause products space for over-the-counter products?
A: Some areas I see businesses emerging in are hot flashes, vaginal dryness and atrophy. These problems are mainly solved through hardware solutions, such as wristbands from Embr Labs. There are also supplements, like those offered by Wile. I think Wile has one of the best brand strategies around menopause. They rarely use the word “menopause” in their marketing materials.
Instead, they focus on the idea of “hormonal health over 40.” This makes women feel more empowered and in control, rather than feeling like they are struggling with a health issue. Other solutions include lotions, supplements, and devices like Aquafit's gel-based applicator. Aquafit is an Israeli company that makes a product that women can use in the shower to relieve vaginal atrophy. This condition occurs when the vagina shrinks due to decreased estrogen levels. As a result, women may experience vaginal dryness, which can be very uncomfortable.
Patent filing and customer loyalty in femtech:
Q: How important is patenting as a way to differentiate yourself in the women's technology sector, in relation to branding and customer experience?
A: The biggest differentiator in femtech is clinically validated and scientifically proven products with high customer loyalty. Customer loyalty is the hardest thing to get in women's health, but it's the best thing to have. Women trust other women with their health more than doctors or the Internet. That's why brands like Honey Pot and Bobby Razor have cult followings.
Honey Pot targets the black female consumer, while Bobby Razor makes razors that are as good as men's but don't cost more. Awkward Essentials is another cult company. The rise of femtech is due in part to the rise of women in STEM. Women scientists are 35% more likely to create medical treatments specific to women. If there were more women in STEM, there would be 6,500 more female inventions. It might be easier to file a patent on women's health because there are very few patents in this area.
It's a large open space with lots of potential. Less than 4% of pharmaceutical R&D budgets are spent on women's health, and if we exclude cancer, it's only 1%. This means that big pharmaceutical companies are not developing new solutions for women.
They wait for the startups to do R&D, then they will buy the startups once they have a successful product. It’s cheaper and faster for big pharma than doing the R&D themselves. Customers are more likely to stick with a product that is clinically validated and trusted. It is also becoming increasingly important for femtech companies to have clinical validation. Indeed, insurance companies are starting to require clinical validation before covering a product.
Assessment of potential femtech product formats:
Q: If you had to expand, which of these categories do you think would be the most successful product format for femtech?
6- Food supplements: Developing menopause-specific dietary supplements that address common symptoms such as hot flashes, mood swings and sleep disturbances.
5- Clothes and clothing: Develop clothing lines with fabrics and designs that prioritize comfort and temperature regulation to combat hot flashes and night sweats commonly experienced during menopause.
4- Non-woven products: Menstrual products, incontinence products, breast pads, intimate care products, etc.
3- Functional foods and drinks: Introducing food and beverage products with beneficial ingredients to manage menopausal symptoms, such as soy snacks, herbal teas or fortified drinks.
2- Portable devices Design wearable technology devices that monitor and track physiological changes related to menopause, providing personalized information and recommendations to manage symptoms.
1- Beauty care products: Create creams, lotions or patches formulated with ingredients that relieve menopause-related skin changes, such as dryness and loss of elasticity.
The numbers indicate scores on a scale of 1 to 10 (1 = low, 10 = high probability of success).
Challenges of femtech development:
Q: You don't see any categories with a score higher than 6. Why?
A: I just feel a little tense because what's happening in femtech is we have a healthcare system that's not built for us. There is therefore a lack of billing codes. There is a lack of insurance discounts. Even gynecologists have less than four hours of training on menopause in medical school. So when you create a product, the quickest route to market is consumer products rather than insurance or medicine.
And so the reason I'm conflicted, and I didn't give a 9 or 10 rating, is that women are already being asked to buy too much. This should be a health issue handled by doctors rather than your Target aisle. And that's where I'm kind of conflicted. Could it be a GPC covered by insurance or recommended by your doctor?
I would rate this higher than something that sits on a Walmart shelf. Because like I said, women are already expected to buy too many things, like taxes are always on menstrual pads. And it's like, “Come on, give us a break.” You're going to tax this thing that I have to deal with every month.
Conclusion:
The femtech industry, with leaders like Brittany Barreto, is transforming women's health, particularly in menopause care. Barreto's insights reveal a market ripe for innovation, highlighting the need for comprehensive, clinically validated products that address the unique health needs of women, highlighting the golden opportunity for FMCG companies in this area .