PRINCETON, NJ / ACCESSWIRE / June 28, 2023 / The invention of birth control in the 1960s revolutionized women's health and their lives. In 2022, the contraceptive market was valued at $8.3 billion and it is projected to grow at a compound annual growth rate (CAGR) of around 5.16% from 2023 to 2030. With the overturning of Roe v Wade, birth control has now become more important than ever.
The decision and conversations around stricter birth control rules have resulted in a higher demand for birth control. Nurx, a telemedicine company, shared that after the reversal they "saw a massive demand for emergency contraception. We saw a 300% increase in prescriptions being asked for and by our patients."
However, Big Pharma is not keeping up with the demand for birth control, and has largely abandoned the continued innovation of birth control; because of this, many women are left feeling like they're not receiving the best care. According to the Gates Foundation, only 2% of drug companies' annual revenue from contraceptives goes back into research and development. In other words, Big Pharma is lacking any significant innovation when it comes to contraception and has shown a disinterest in bringing new products to the market.
At the same time, more and more women are expressing dissatisfaction with existing birth control options. For example, a recent study showed that of the top 100 most viewed TikToks tagged #IUDs, 37.8% had a negative tone and 27.6% had a distrust of healthcare professionals. Women, especially younger women, are less willing to engage with birth control that does not meet their lifestyle needs and healthcare concerns. Long-term birth control is more important than ever with the potential banning of Plan B on the horizon in more strict states.
Because of these factors, smaller companies are stepping up to fill the contraceptive gap. Women are desperate for innovative birth control and more accessible prescriptions. A recent company success story shows as much - since 2020, over 100,000 people have gotten a prescription for Phexxi, a nonhormonal birth control gel.
Another company, Agile Therapeutics, Inc. (NASDAQ:AGRX), has what may be called an innovative birth control product on the market called Twirla® (levonorgestrel and ethinyl estradiol) transdermal system. Twirla is a weekly hormonal birth control patch for women that boasts a relatively low dose of estrogen. Agile Therapeutics spent years working with the FDA to get its product on the market and seems poised to make a big splash in the contraceptive market. For women with a body mass index (BMI) less than 30 kg/m2 who struggle to remember to take a daily pill and want a low dose of estrogen, a weekly patch could be a great option.
The vital importance of diversifying birth control options for women cannot be overstated. Every woman's needs are unique, and what works for one may not work for another. Big Pharma has been reluctant to invest in new contraceptive options, leaving the market stagnant and limiting the choices available to women. Luckily, smaller companies like Agile Therapeutics are stepping up and leading the evolution of birth control. The company is focused on the needs of the modern consumer - for instance, it partnered with award-winning director Maya Albanese for its first commercial focused on Gen-Z consumers.
These smaller companies see the need for more diverse options and are developing new and unique forms of birth control that are effective, affordable and accessible. By focusing on the needs of women and their individual health concerns, these companies are driving innovation in the contraceptive industry and providing options so women can choose what works best for them. Products like Twirla are successfully updating an archaic industry and providing security for women who are rightfully concerned about the political landscape of reproductive rights. As the industry continues to evolve, the role of smaller contraceptive companies will be crucial in ensuring that women have access to a broad range of safe and effective birth control options to meet their family planning needs.
Matt Riley - Head of Investor Relations & Corporate Communications
SOURCE: Agile Therapeutics, Inc.
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