It sounds to me like this is basically a 16-year supply of "the pill" inserted into the woman's body, and then released in doses via wireless signal to an implanted microchip. I don't know how the chip would know where a woman would be in her cycle, but I'm sure the fine engineers at MIT do.
This could really escalate the population implosion, particularly in the West.
I believe the theory is that the woman herself would turn the contraceptive on and off, based on whether or not she wanted to have a child. However, it’s already been demonstrated that stopping a contraceptive - whether it’s pill, injection, or implant - doesn’t guarantee that the woman’s reproductive system will recover.