ALBAWABA - Hims & Hers Health, a direct-to-consumer pharmaceutical firm, announced that injectable GLP-1 weight reduction medications are available for just a small portion of the price of name-brand rivals like Wegovy and Ozempic, causing the startup’s stock to shoot up 30 percent after the news.
The company plans to provide the compounded GLP-1 medication for a starting price point of $199, 85 percent less than competitions like Wegovy and Ozempic, while being based on the same active ingredients as the brand names, which are facing shortage of supplies amid sky-rocketing interest.
Glucagon-like peptide 1 agonists, or GLP-1 medications, results in users feeling full and not as hungry, which supports weight loss attempts. However, the name-brand equivalents produced by a few pharmaceutical firms tend to be costly. Novo Nordisk's Wegovy, as an example, costs close to $1,350 per month, or more than $16,000 annually, without insurance, as reported by CBS News citing GoodRx.
“Providing access to compounded GLP-1s means eligible customers can use medications with the same active ingredient as Ozempic® and Wegovy® without navigating the shortages and costs that are currently limiting access to the branded medications,” Hims & Hers said in a statement, adding that it can “help millions of Americans who have obesity and are looking for help safely managing their weight.”
About 70% of adult Americans are obese or overweight, according to the US Food and Drug Administration (FDA), whereas losing 5 to 10% of body weight may lower the risk of weight-related illnesses including diabetes and cardiovascular disease.
