Hims & Hers Health, a digital pharmacy startup, has announced its expansion into weight loss treatments by introducing access to compounded GLP-1 weight loss injections. The company already offers products for erectile dysfunction and hair loss. Customers can obtain these injections with a prescription from a licensed healthcare provider on the Hims & Hers platform. While branded GLP-1 medications will eventually be available, the company is currently offering compounded versions starting at $199 a month.
The GLP-1 market has experienced supply challenges due to increasing demand and regulatory approvals. These medications work by mimicking a gut hormone to reduce appetite and regulate blood sugar. The FDA has cautioned against using compounded versions if an approved drug is available, such as Wegovy. However, Hims & Hers CEO Andrew Dudum expressed confidence in the company’s ability to provide a consistent supply of compounded GLP-1 medications. He stated that Hims & Hers has partnered with a reputable generic manufacturer with FDA oversight to ensure reliable production. This partnership includes exclusive access to the manufacturer’s facilities, guaranteeing a steady volume of medication for consumers. Dudum emphasized the company’s commitment to quality and accessibility in expanding its product offerings.
In its fourth-quarter earnings report, Hims & Hers projected that its weight loss program would generate over $100 million in revenue by 2025. As part of this expansion, the company also introduced new products for menopause symptoms and mental health conditions such as anxiety and depression.
Novo Nordisk is the primary controller of the GLP-1 market, but other companies like Eli Lilly are also developing their own versions of these medications. This competition could put pressure on prices and profit margins for GLP-1 weight loss injections.
Hims & Hers has been disrupting traditional pharmacy business models by offering online consultations and delivering medication directly to customers’ doors. The company’s growth strategy involves expanding into new product categories while maintaining high levels of customer satisfaction and trust.
Overall, this move by Hims & Hers represents an opportunity for customers seeking affordable and accessible weight loss solutions while also opening up new markets for investors looking for growth opportunities in healthcare technology companies.
