A 2017 study of 177 publicly-listed biotech companies found women hold just 1 in 10 board seats. And 2012 research from Rock Health showed women make up 4 percent of healthcare company CEOs.
CSweetener, a Mill Valley, California-based nonprofit company, wants to change that.
The organization, which launched in September 2016, was founded by Lisa Suennen and Lisa Serwin, the latter of whom will be speaking on a diversity in healthcare panel at MedCity INVEST in May.
In a recent phone interview, Suennen explained the impetus behind the business. As part of her Aspen Institute Health Innovators Fellowship, she was tasked with creating something that advanced the field of healthcare.
While brainstorming and catching up on emails, Suennen noticed that she typically gets between 10 and 20 requests for advice from women each week. Wouldn’t it be nice, she thought, if there were a Match.com for healthcare that would pair women with established male and female mentors?
So that’s what she and Serwin developed with CSweetener.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
As part of the matchmaking process, female mentees sign up and must be approved to join. Candidates have to be C-suite or in an equivalent role (such as vice president). Once accepted, they pay a $250 fee and are matched with a mentor based on their personality and availability. With their membership, mentees gain 12 sessions per year, which can be with the same mentor or different mentors.
Mentors have to be experienced healthcare executives who are talented at giving advice. They don’t pay a fee, but must commit at least one hour per month to speaking with mentees.
Pairings can contact each other through the phone and video capabilities in the app so they don’t have to exchange personal information if they don’t want to. They can also meet in person if desired.
After the initial sessions, mentors and mentees can decide if they’re the right fit for each other before moving forward with additional meetings.
Suennen said CSweetener currently has a couple hundred mentees and a couple hundred mentors. Some companies have even started to sponsor mentees and pay the $250 fee.
“It’s beginning to pick up and spread,” Suennen said. “People have been loving it and really enjoying the connections.”
Chicago-based ExplORer Surgical cofounder and CEO Jennifer Fried is one such mentee. Through CSweetener, she met Ned Scheetz, managing partner of Aphelion Capital and now ExplORer Surgical’s lead investor. He has also joined the startup’s board of directors.
“It’s been hugely helpful,” Fried said in a phone conversation.
The primary benefit of the program, Fried added, is access to experts in the field.
“They have an interesting set of senior folks who have signed up for this,” she said. “When it’s structured like this, it doesn’t feel as high stakes as ‘I’m coming in to pitch you my company.'”
For Suennen, part of what sets CSweetener apart is that it’s focused on women executives rather than young women who are new to the field. It’s also crucial that the organization pairs mentees with both female and male mentors.
“Our general view of the world is that women talking to women is an echo chamber,” Suennen said. It’s challenging to make progress if all stakeholders (regardless of gender) aren’t involved.
The ultimate goal of CSweetener isn’t to create a monster company. Instead, it’s fairly straightforward.
“I think my goal is pretty simple: just to help women succeed faster and better,” Suennen said.
Photo: PeopleImages, Getty Images
