This is a guest post by Tracey Welson-Rossman, founder of Journal My Health, Kate Hermans, chair of Clue by BioWink, and Moe Rinkunas, director of insights membership at Rock Health.
Philadelphia helped invent women’s medicine. But when it comes to women’s health innovation, we’re not leading the market we should own.
In 1850, Philadelphia opened the Woman’s Medical College of Pennsylvania, the world’s first medical school for women. More than 170 years later, while Philadelphia remains a healthcare powerhouse, we’ve ceded women’s health innovation leadership to Boston and New York. Those cities built dedicated women’s health venture funds and innovation programs, attracting billions in capital.
Women’s health can’t be treated as a niche. It needs to be recognized as a distinct economic opportunity.
The result? We’re missing out on one of healthcare’s fastest-growing investment categories in a sector we pioneered.
If local leaders want life sciences to remain a growth engine, women’s health can’t be treated as a niche. It needs to be recognized as a distinct economic opportunity.
As CEO of the Science Center Tiffany Wilson recently wrote, Philadelphia’s healthcare innovation challenge isn’t a shortage of idealism. It’s closing the “adoption gap” between innovation and implementation. What we’ve lacked is intentional coordination around specific categories where those assets create competitive advantage.
Women’s health is that opportunity. The sector delivered $2.6 billion in venture capital in 2024 alone, up nearly 60% year-over-year. In Boston, this focused leadership has meant hundreds of high-wage jobs, tens of millions in new venture capital, an enhanced reputation attracting top talent and strategic acquisitions.
Boston didn’t become a life sciences capital by accident. Kendall Square isn’t just “biotech.” It’s known for oncology, rare disease and precision medicine — the result of years of targeted investment and coordination.
Philadelphia can do the same, starting where our historical legacy and current expertise align.
Women’s health is bigger than most people realize
When most people hear “women’s health,” they think exclusively of reproductive care.
A groundbreaking analysis of 272 women’s health transactions from 2000 to 2024 reveals the category is far larger: over $100 billion in exit value to date, with diagnostics, oncology and chronic disease companies driving consistent returns.
Nearly half of all women’s health startup exits occurred in just the past five years, with 27 companies achieving billion-dollar valuations, none in our region.
Beyond reproductive health, conditions that disproportionately affect women, like autoimmune disease and Alzheimer’s (where two-thirds of patients are women) or impact women differently than men like cardiovascular disease and hormonal health — represent massive underserved markets where Philadelphia could lead.
Philadelphia excels at exactly the kind of innovation that drives women’s health value creation.
We’re not starting from scratch. We’re sitting on underutilized assets that are competitive advantages.
Prove value and untapped potential
The women’s health diagnostics category has proven its value. Companies like Cytyc (acquired for $6.2 billion) and Genomic Health (acquired for $2.8 billion) demonstrate billion-dollar exit potential. Philadelphia has world-class capabilities in precision medicine and genomics through institutions like Penn Medicine and Jefferson.
The opportunity is channeling these strengths toward building women’s health companies here.
Our pharmaceutical infrastructure also remains world-class. GSK, Johnson and Johnson and Eli Lilly’s expanding presence have created deep expertise in drug development and potential strategic acquirers and partners.
Our universities produce exceptional talent. Our health systems run thousands of clinical trials annually, providing validation pathways that women’s health companies need and gateways to US markets. And unlike Boston or New York, Philadelphia’s lower operating costs could allow women’s health startups to stretch capital further — an advantage in a sector already known for strong capital efficiency.
The pieces exist. What’s missing is intentional coordination of our ecosystem.
What it would take to compete
Establishing Philadelphia as a women’s health innovation hub will require collaboration across our ecosystem. Here’s how different stakeholders could contribute.
Health systems and universities could explore dedicated women’s health innovation tracks within existing programs. Organizations like Penn Center for Innovation and Jefferson’s innovation programs are well-positioned to create women’s health-specific cohorts, providing companies with clinical validation pathways and partnership opportunities.
Investors could develop explicit women’s health investment strategies instead of treating the category as opportunistic. Local investors like Robin Hood Ventures and Ben Franklin Technology Partners would strengthen our ecosystem’s ability to nurture women’s health companies from early stages through exit.
Economic development organizations could actively position Philadelphia as a destination for women’s health companies. The local Chambers of Commerce, Select Greater Philadelphia, Life Sciences PA and others could highlight our unique advantages — lower costs, clinical partnerships, and proximity to pharmaceutical acquirers — in their recruitment efforts.
Entrepreneurs building in women’s health might find that Philadelphia offers distinct advantages: lower operating costs, faster access to clinical partners, a collaborative ecosystem and strategic acquirers within a 30-minute radius. Resources like the Science Center’s Capital Readiness Program provide infrastructure to support growth.
Policymakers could explore how to support women’s health innovation through strategic initiatives.
Philadelphia created women’s health history in 1850. Investing in it now builds stronger communities and economies.
We pioneered women’s medicine once. There’s no reason we can’t do it again.