Amazon is collaborating with Maven Clinic, the female-focused health start-up that featured on the CNBC Disruptor 50 Lists in 2022 and 2023. Having a market valuation of over $1 billion, the firm will supply fertility and family-planning services to over a million of its staff from 50 countries all over the world, apart from the U.S. and Canada. With the demand for businesses to offer fertility advantages for both heterosexual and same-sex couples on the rise, data reveals that many workers think about fertility and family planning benefits when deciding whether to stay in their current roles or take up a new one.
Amazon, the US's second-biggest employer, is now offering fertility and family planning services to its employees in partnership with Maven Clinic. Over 1 million qualified Amazon staff in more than 50 countries (not including the US and Canada) will be eligible for the free services Maven provides, such as reproductive endocrinologists and OB-GYNs, plus nutritionists and mental health care providers. By May 2023, Maven had assisted in the treatment of over 15 million patients, which will, with the addition of Amazon, be raised by an estimated 7%.Maven has strived to make reproductive healthcare more accessible, bringing to attention the fact that only half of the counties in the US have OB-GYN services. This female-focused health start-up, a two-time CNBC Disruptor 50 awardee and the first to be valued at over $1 billion, has raised more than $291 million from entities like CVS Health Ventures and Intermountain Health's VC arm, in addition to several renowned women such as Oprah Winfrey, Mindy Kaling, Natalie Portman, and Reese Witherspoon. Amazon will join other entities with Maven partnerships, including Microsoft, AT&T, Snap, SoFi, and L'Oreal.The continuous issues surrounding reproductive healthcare in the US reflects why numerous organizations have had a strong interest in teaming up with Maven. Among industrialized countries, the US has the highest maternal mortality rate. Following the Supreme Court's overturning of Roe v. Wade in June 2022, Maven noticed a substantial 67% month-over-month rise in companies looking for both healthcare opportunities for their pregnant personnel and travel benefits which can cover abortion procedures. Moreover, a Maven survey uncovered that 71% of companies were pondering or had already added reproductive health benefits in reaction to the ruling.
Maven is just one of the femtech companies grabbing headlines lately. Kindbody, a CNBC Disruptor of 2023, is providing fertility and family planning coverage for companies such as Walmart. Progyny, created by Gina Bartasi (also the founder of Kindbody), is a femtech firm that went public in 2019. Experts predict the femtech industry will have a value of $1.186 trillion by 2027. As shared by Maven Clinic CEO and founder Kate Ryder on CNBC's "Squawk Box" on Tuesday, "[The partnership] keeps growing our market and shows that when women and families are taken care of, healthcare systems across the globe will be improved, along with the companies themselves."Heterosexual and same-sex couples alike are in need of fertility coverage. Reports indicate one in eight couples in America experience difficulty conceiving, and 79% of LGBTQ+ employees would consider switching jobs for employers with better family planning benefits. Moreover, providing such services strengthens employee loyalty. According to the 2019-2020 Family-Building Workplace Index from FertilityIQ, around two-thirds of employees who obtained fertility coverage grew more devoted to the company. Additionally, Amazon director of global benefits Lian Neeman reported on CNBC's "Squawk Box," “There are several possibilities during this voyage, so having a resource provided by the company to support during this journey is an urgent necessity in any country.”
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