USA – MASSACHUSETTS Trends and Developments Contributed by: Patti Melick, Toby Bannon, Katherine Rubino and Kelsey Loomis, Wiggin and Dana LLP
Conclusion As 2026 kicks off, optimism is growing as many see clear signs of recovery and a brighter future taking shape. Women’s Health Initiatives The life sciences industry has experienced an increased focus and attention on women’s health ini- tiatives in 2025. It is widely recognised and acknowl- edged that certain diseases and conditions: • are unique to women (eg, fertility care, menopause and women’s oncology); • disproportionately impact women (eg, migraines, fibromyalgia, autoimmune diseases, and lung can- cer); and • present differently in women (eg, cardiovascular disease, diabetes, and Alzheimer’s Disease). Women make up approximately 49.6% of the world population and approximately 50.5% of the US pop- ulation, yet women’s health represented only 2% of the USD41.2 billion in venture funding that went to health innovators in 2023. (Women’s health invest- ment trends | Deloitte Insights). Accordingly, increased focus and resources directed to women’s health is no longer just a critical moral obligation but also a busi- ness imperative and opportunity. Fortunately, there is a growing trend acknowledging the need to address women’s health issues, which is reflected in research activity, private funding, M&A activity, and partnering deals. Momentum to solve systemic issues in research and funding of women’s health received a boost in the USA with the announcement of the Women’s Health Initiative (WHI) 2023, during the Biden administration. The WHI and subsequent Executive Order on Advanc- ing Women’s Health Research were established to encourage the scientific, private sector, and phil- anthropic communities to prioritise women’s health research through direct action and increased fund- ing. However, federal funding cuts in 2025 created immediate, far-reaching disruption to the WHI and consequently slowed women’s health research, inno- vation, and related initiatives. On a positive note, in 2025, the establishment of the Milken Institute aimed to accelerate private sector investment in women’s
health innovation and research in hopes to continue to bridge the gap in women’s health advancements. Additionally, there has been an emergence of new dedicated funds and resources focused exclusively on women’s health as well as increased activity from women’s health pharma companies (and divisions within big pharma) that have stepped up to fill the void left by the decreased public funding. Funds such as Amboy Street Ventures and Portfolia are focused on funding innovations focused on women’s health. In August 2025, the Gates Foundation announced an investment of USD2.5 billion to improve women’s health to support over 40 innovations across five criti- cal areas that have historically received few resources. ( New Funding to Catalyze Women’s Health Research, Development, and Innovation ) The life sciences industry also experienced a posi- tive increase in women’s health M&A activity in 2025 , as highlighted by the USD18.3 billion acquisition of Hologic, a global leader in women’s health diagnos- tics and treatment by funds managed by TPG and Blackstone. The 2026 WHAM Report announced that the women’s health sector is expected to grow from USD45.5 bil- lion in 2025 to USD58 billion by 2029. Women’s health venture capital has tripled since 2019, despite only representing approximately 2-3% of healthcare ven- ture capital. Niche companies accelerating innovation include Bloomer Tech, Oura, Setpoint, Sage Thera- peutics, Gameto, and Amber Therapeutics. Many of these companies are focused on medical conditions disproportionately or solely impacting women, includ- ing heart disease, autoimmune diseases, postpartum depression, and infertility. In Massachusetts, women’s health initiatives continue to receive meaningful and increasing attention. For example, in 2025, there was one of the largest single- year investments made by the Commonwealth spe- cifically focused on women’s health innovation with a total of USD5 million being made available to grant recipients. Additionally, in 2024 the Commonwealth passed a maternal health bill (H.4999 “An Act promot- ing access to midwifery care and out-of-hospital birth options (the ”Momnibus” bill)) that expands access to
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