Opinion
“IVF has the potential to change healthcare forever, but greed stands in the way”
By Lorin Gu, founding partner at Recharge Capital

Finding common ground and embracing technology has the potential to fundamentally redefine fertility treatment, says Lorin Gu.
Reproductive technology is one of the fastest growing healthcare sectors in the country. From 2015-2020, the US in vitro fertilisation (IVF) market grew from 231k cycles a year to 326k cycles a year, representing a CAGR of 7.13 per cent.
In addition to growing demand, IVF technology is also improving, with the rate of successful pregnancies increasing from ~30 per cent to ~45 per cent over the same period.
While reproductive technology has experienced significant growth in recent years, a 45 per cent success rate at an average price of US$20-25k per cycle means that IVF remains an inaccessible option for most people who wish to conceive.
To tackle part of this problem, many start-ups have created AI solutions to further increase the success rate of IVF while decreasing the number of cycles required for fertilisation.
The offerings from these companies mainly revolve around utilising AI to provide accurate embryo selection, implantation prediction, and end to end clinical workflow software.

In short, these companies allow embryologists to make non-biased, high quality decisions, while saving them from spending precious time in the lab on laborious data entry and manual processes. The appealing new innovations of these companies have drawn in nearly US$100m in funding from top investors.
There is clear excitement and conviction around reproductive technology, and it will be very exciting to see these solutions reach their full potential once they receive FDA approval.
However, while we should be optimistic about these developments, there is an important caveat that could potentially derail the growth of fertility technology.
Although all reproductive practices claim that they want to increase their success rates, there is an intrinsic conflict of interest between fertility clinics’ profit seeking business model and technologies that promote higher success.
Over the past five to ten years, there has been drastic consolidation in the IVF space, primarily driven by the entrance of private equity groups and expansion of large clinic chains.
Looking at data from the ~450 US clinics that report to the CDC, over half are held by only eight chains. When these stakeholders are added into the mix, the end goal almost always turns to profit rather than service. There are three main factors driving this relationship.
First, we can start with whether or not clinics really need to increase their success rate in order to attract more patients. In general, the fertility treatment industry is significantly supply constrained with outsized demand.
In the US there are about 450 clinics and 1,700 reproductive endocrinologists to fulfil the demand of 10.85 million females that are infertile in reproductive age. This would equate to roughly 22,000 cycles per clinic, while in reality the average cycle per clinic is only around 700.
While there are more nuances that factor into the demand, such as cost, social acceptance, and other medical conditions, the stark disparity in these numbers makes it fairly obvious that clinics are not compelled to increase their success rate due to the supply constraints of the industry.
Second, we can look at the typical customer acquisition cost for an IVF clinic. The average CAC per cycle ranges between US$1,000-US$3,500, or 5 per cent to 17.5 per cent of revenue per an average cost of a US$20k cycle.
These numbers are significant compressors of profitability, and clinics want to keep the customer acquisition cost low. As a result, retaining an existing patient that has failed their first cycle treatment could be extremely cost efficient.
Finally, we can look at the cost associated with software integration. The average cost to integrate software at a clinic ranges between US$180k-US$370k, compared to an average annual revenue of US$9m. Conservatively, this adds up to around 2 per cent to 4 per cent of revenue.
The question then becomes whether or not this is an additional add on to existing software or this software takes over the complete clinic flow. The latter is clearly more attractive, while the former could be problematic at a profit standpoint.
Given these factors, it is easy to see the potential conflict of interest between profit seeking operating model and technologies providing higher success.
While there are many reasons to be bullish on the tech companies revolutionising workflow in fertility clinics, prices in the industry will only be reduced if technology is allowed to come in to help. In order to resolve this conflict of interest, clinics and startups must work together to find a solution that benefits all parties.
While it may cost clinics some profits in the short term, finding common ground and embracing this technology has the potential to fundamentally redefine fertility treatment across the globe.
Lorin Gu is a founding partner at the New York-based venture capital firm Recharge Capital. Prior to founding Recharge, he previously worked at Cyrus Capital, a US$4b+ hedge fund in New York, and the Blackstone Group. Lorin is also the founder of Recharge Foundation, founding chair at Peterson Institute of International Economics’ Global Future Council, and an executive board member at the Museum of Art and Design, and the New York Foundation for the Arts.
Opinion
Should men be talking about periods? Absolutely. Here is what every man should know

By Ruby Raut, founder, WUKA
Every time we post a dad talking to his daughter about periods, the internet seems to split in two.
One side says: “This is brilliant. I wish my dad had spoken to me like this.”
The other says: “Why on earth are men talking about periods?”

And I always find that second reaction fascinating.
- Because men might not menstruate, but they live in a world with people who do.
- Your daughter might get her first period while you are the only parent at home.
- Your teenage niece might bleed through her clothes while you are driving her somewhere.
- Your girlfriend might wake up at 3am with cramps.
- Your wife might suddenly realise she has run out of period products.
- A colleague might bleed through her trousers during a meeting.
- A girl you coach might quietly tell you she cannot play because she has started her period.
At some point in your life, there is a very good chance a woman or girl will have a period around you.
And at that moment, you have two options. You can be calm, informed and useful. Or you can stand there looking as if nobody ever taught you what a period actually involves.
So perhaps we need a Haynes manual for men and periods. Not a biology degree or a lecture.Just the information every man should probably know.
First: yes, men should know what a period actually is
Let us start with the basics. A period is not simply “a bit of blood once a month”.
Menstruation is part of the menstrual cycle. The lining of the uterus builds up and, if there is no pregnancy, that lining is shed.
That is the bleeding part. But for many women and girls, the experience can also involve cramps, back pain, headaches, bloating, tiredness, diarrhoea, tender breasts, mood changes and generally feeling pretty rotten.
Some barely notice their period. Others are completely floored by it. This is important because one of the least helpful things you can say to somebody struggling with their period is:
“Is it really that bad?”
You do not need to experience period pain to believe someone when they tell you they are in pain.
Second: if a girl tells you she has started her period, do not panic
This one is particularly important for dads.
Imagine your daughter gets her first period while Mum is out. What does she need from you? Probably not a horrified expression or you shouting across the house, “YOUR PERIOD HAS STARTED!”
She needs you to behave as though this is an entirely normal bodily function.
Because it is. Ask her what she needs. Find her a period product. If there is blood on her clothes, help her sort it out without making a huge fuss. If she does not know how to use a pad or period underwear, help her find clear instructions.
And please do not make jokes about her “becoming a woman”.
For a young girl, a first period can already feel confusing, embarrassing and frightening. Your job is not to make it into a ceremony but to make her feel safe. Sometimes the most useful sentence a dad can say is simply:
“Okay. No problem. What do you need?”
Third: learn what period products actually are
Pads.Tampons.Period underwear.Menstrual cups.Period swimwear. You do not have to develop strong opinions about all of them. You just need to know they exist.
If someone asks you to buy pads, do not behave as though you have been sent into a nuclear reactor without protective clothing.
Go to the period aisle. Text them a photo if you are unsure. Ask which absorbency they want. Buy the product. Come home.
And if you are the father of a daughter, having a few period products in the bathroom before she starts menstruating is a very sensible idea.
You keep toilet roll in your house before somebody needs it. Period products should not feel radically different.
Fourth: never announce a period stain
This should be basic human etiquette.
If you notice that a woman or girl has bled through her clothes, tell her quietly and discreetly.
Do not point, laugh, or whisper about it to someone else. And definitely never announce it to the room.
If you have a jumper or jacket she can tie around her waist, offer it. If there is somewhere she can clean up or change, help her get there. Then move on with your life.
Period leaks happen. The embarrassment surrounding them is often far worse than the actual blood.
Fifth: stop using periods as an explanation for every emotion
“Are you on your period?”
Four words capable of making almost any disagreement significantly worse.
Sometimes a woman is angry because she is angry and sometimes she disagrees with you because she disagrees with you. Sometimes you genuinely are being annoying.
Hormonal changes can affect mood for some people, but using menstruation to dismiss a woman’s feelings is patronising and incredibly unhelpful.
If your partner says she feels emotional before her period, listen to her. That does not permit you to diagnose every future disagreement as PMS.
Sixth: period pain is not something every woman should simply put up with
There is an extraordinary tendency to tell girls from a young age that painful periods are just part of being female. For some, mild cramps are manageable.
For others, period pain can be severe enough to disrupt school, work, sleep, exercise and everyday life. So if your daughter is doubled over in pain every month, repeatedly missing school, fainting, vomiting or unable to function normally, do not tell her to toughen up.
Take her seriously and help her seek medical advice.
Being a supportive dad does not require you to know what is causing her symptoms. It requires you to believe her when she says something is wrong.
Seventh: men talking about periods does not take anything away from women
This is perhaps the strangest objection to our Dads and Periods campaign. The idea that periods somehow belong in a conversation that only women are allowed to have.
Women should absolutely lead conversations about their own bodies and experiences. But understanding periods should not be restricted to people who menstruate.
We teach children about digestion even though they are not gastroenterologists and about first aid even though most people are not doctors.
We teach boys about pregnancy even though they will never be pregnant. Knowledge is not ownership. A father understanding periods does not make periods less female. It makes him a better prepared father.
A boy understanding periods does not mean he suddenly understands exactly what menstruation feels like. It means he is less likely to laugh when a girl gets a stain on her skirt.
A male coach understanding periods does not make him an expert on women’s bodies.
It means a teenage player might feel able to tell him why she needs five minutes off the pitch instead of inventing an excuse.
A male partner understanding periods does not mean he has to track every detail of his girlfriend’s cycle. It might simply mean that when she says, “My cramps are awful today,” his response is not, “Again?”
So should men talk about periods?
Yes.
But perhaps “talk” is not even the most important word.
Men should know about periods. Men should be comfortable hearing about periods. Men should know what to do when someone starts one unexpectedly. Men should know how to buy period products. Men should know not to make somebody feel ashamed about bleeding.
And fathers, in particular, should be able to talk about periods with their daughters without embarrassment.
Because there is a bigger point here. Girls learn very quickly which subjects make adults uncomfortable.
If Dad goes silent every time periods are mentioned, she notices. If he leaves every period conversation to Mum, she notices. If he wrinkles his nose at period products, she notices. And she may quietly absorb the message that this part of her body is something men find disgusting or embarrassing.
That is exactly the message we should be trying to dismantle.
At WUKA, we started our Dads and Periods campaign because we want fathers to feel capable of having these conversations.
Not perfectly. Not scientifically. Not with a PowerPoint presentation about the uterus over Sunday lunch. Just normally. Periods happen.
Roughly half the population will experience them at some point in their lives. The other half should probably know what they are.
And if the choice is between a dad who knows what a period is, knows where the period products are kept and can calmly help his daughter when she needs him, or a dad hovering helplessly outside the bathroom shouting, “SHALL I CALL YOUR MUM?”
I know which one I would rather have.
Learn more about WUKA at wuka.co.uk
News
We built Ema like a nurse: Here’s why that matters

By Claire Pettengill, science intern and Jade Anstine, clinical AI intern, Ema EQ
Every year, Gallup asks Americans which professions they trust most. Every year, nurses win. Not doctors. Not scientists. Nurses. And if you spend any time thinking about why, the answer is not hard to find.
Medicine runs on the nurse noticing first. In other words, the diagnosis follows the nurse sounding the alarm. They ask questions that feel human, not procedural. They explain what is happening in language you can understand.
And, critically, they know when something is beyond their scope and get you to the right person without making you feel like a burden for needing more.
That is the model we built Ema on.
When we set out to build an AI companion for women’s health, we could have just built something that answers questions efficiently. Pattern matching. Fast retrieval. Clinically accurate outputs.
Those things matter, and Ema does all of them. But accuracy alone does not build trust, and trust is the entire game in healthcare.
A woman asking about her postpartum recovery, her fertility, or her breastfeeding supply is not looking for a search engine. She is looking for someone who will take her seriously.
Women’s concerns don’t just need to be ‘validated’; they also need to be believed. Dismiss a woman’s pain as anxiety once, and you’ve taught her to doubt her own body.
The nursing model of care is built on exactly that premise. It is care that is shaped by her story. It asks about context and symptoms.
It treats the person as a whole, and it recognises that the right answer is sometimes a referral, not a response.
We trained Ema to escalate. That may sound like a small thing, but in AI, it is a deliberate design choice.
Most AI systems are optimised to answer and maintain engagement. Ema is optimised to help, and sometimes helping means saying “you need to speak to a clinician” and making that path easy.
This matters especially in women’s health, where the clinical trust gap is well-documented.
In a 2022 nationally representative survey of over 5,000 women, nearly 1 in 3 reported that their doctor had dismissed their concerns, and 15 per cent said a provider simply didn’t believe them.
Women are more likely to have their symptoms dismissed, their concerns minimised, and their pain undertreated. Among women under 35, nearly half reported at least one of these experiences.
They have had to learn how to advocate within systems designed for efficiency, built on men’s health.
With Ema, every conversation is an opportunity to make a woman feel heard, informed, and directed to the right level of care, neither over-triaged nor undertreated.
The goal is not to replace clinicians. It is to create a trustworthy first point of support that listens carefully, explains clearly, recognises limits, and helps women move toward appropriate care.
The nurses who top those Gallup rankings every year earn that trust through consistency. They show up, listen, follow through, and know their limits.
Ema is simply that trust, built into technology. That is the standard we hold Ema to: a trustworthy presence that knows when to answer and when to hand off.
Medicine spent a long time teaching women not to expect to be believed. Ema is built by the people who never stopped listening.
Bios
Claire Pettengill is a psychiatric nurse and DNP-PMHNP candidate at Columbia University School of Nursing, specialising in women’s mental health across the lifespan and algorithmic justice – ensuring the AI tools shaping women’s care are built to actually listen. She joined Ema EQ as a science intern focusing on clinical safety standards for evaluating AI in women’s health.
Jade Anstine is a senior nursing student at Gustavus Adolphus College looking to bridge the gap between frontline medicine and digital health innovation. He joined Ema EQ as a Clinical AI Intern to assess the Ema AI model across different clinical populations, specifically pediatrics and LGBTQ+.
News
The technology exists: Why are women still waiting?

By Jane Lewis, chief operating officer, chief financial officer and women’s health lead, ABHI
For years, the conversation around women’s health has rightly focused on recognition.
Recognition that women wait longer for diagnosis. Recognition that symptoms are too often dismissed or normalised. Recognition that healthcare systems have historically been designed around male biology, leaving gaps in research, evidence and care.
That recognition matters. But awareness alone will not improve outcomes.
The challenge facing women’s health today is no longer simply identifying the problem. It is acting on the solutions already available.
At ABHI’s Women’s Health Summit earlier this year, leaders from across healthcare, government, academia and industry came together to discuss the future of women’s health.
One message emerged repeatedly throughout the day: we do not have an innovation problem.
Across medical devices, diagnostics, digital health and genomics, there are already technologies capable of transforming outcomes for women.
From self-sampling approaches for cervical screening and non-invasive diagnostics to AI-enabled tools and advanced imaging, innovation is happening. The question is whether healthcare systems can adopt it quickly enough.
Too often, promising technologies become trapped in pilot programmes, fragmented procurement processes or lengthy implementation pathways. Evidence generation, commissioning and adoption are frequently treated as separate challenges rather than part of a single journey.
The consequence is that innovations capable of improving quality of life and reducing pressure on health services take years to reach the women who could benefit from them.
This matters because women’s health extends far beyond reproductive health.
Historically, many discussions have centred on fertility, pregnancy and gynaecological conditions. These remain critically important, but they represent only part of the picture.
Women experience cardiovascular disease differently to men. They are disproportionately affected by autoimmune conditions. They face distinct health challenges throughout their lives, from adolescence to healthy ageing.

Jane Lewis
Yet healthcare systems often continue to approach these issues in isolation.
A woman does not experience her health in separate compartments. Pregnancy, cardiovascular risk, menopause, mental health and musculoskeletal conditions are interconnected.
Healthcare systems need to reflect that reality through more integrated, life-course approaches to care.
There has never been a better opportunity to do so.
Across the NHS, the shift towards prevention, community-based care and digital transformation aligns closely with the needs of women’s health.
Women’s Health Hubs are already demonstrating the benefits of bringing services together around the needs of women rather than organisational boundaries. Digital technologies are helping to identify risk earlier and support more personalised care.
Innovation can help deliver all three of the NHS’s major transformation ambitions: moving from treatment to prevention, from hospital to community, and from analogue to digital care.
But innovation alone is not enough.
Closing the women’s health gap also requires us to address longstanding gaps in research and evidence.
Women remain underrepresented in many areas of clinical research, and sex-disaggregated analysis is not always applied consistently. The result is that clinical pathways and treatment decisions are often based on evidence that does not fully reflect female physiology.
Better data, stronger research participation and greater focus on female-specific and female-predominant conditions will be essential.
There is also a compelling economic case for action.
Women’s health is often framed as an equality issue, and equality remains central. But poor health affects workforce participation, productivity and economic growth.
Improving outcomes for women benefits not only patients, but employers, healthcare systems and wider society.
Yet despite this, women’s health innovation continues to attract only a fraction of the investment directed towards other areas of healthcare.
That is beginning to change.
Across the UK and internationally, momentum is building. Governments, investors, researchers and innovators increasingly recognise that women’s health is both a societal necessity and an economic opportunity.
The conversation has moved on significantly in recent years. Topics that were once overlooked are now firmly on the policy agenda.
The next challenge is ensuring that awareness translates into action.
The technologies exist. The evidence is growing. The policy direction is increasingly clear.
ABHI is increasingly taking this agenda beyond national boundaries. Through our engagement with international industry associations, policymakers and healthcare leaders, we are working to ensure that women’s health is recognised as both a health and economic priority.
We are helping to shape discussions on innovation, regulation, investment and adoption, while sharing lessons from the UK with partners around the world.
Whether addressing the gender health gap, improving access to diagnostics or accelerating the uptake of new technologies, international collaboration will be essential.
The challenge now is not recognising the need for change, but delivering it.
Women have waited long enough for acknowledgement of the problem. They should not have to wait any longer for the benefits of the solutions that already exist.
ABHI is the UK’s leading industry association for HealthTech. Its members, ranging from multinationals to small and medium-sized enterprises (SMEs), develop and supply technologies spanning everything from syringes and wound dressings to surgical robots, diagnostics, and digitally enabled healthcare solutions. ABHI’s 400 member companies represent approximately 80% of the UK HealthTech sector by value.
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