Hims & Hers, a prominent online provider of weight-loss medications, has announced the withdrawal of a less expensive imitation of Novo Nordisk’s popular weight-loss drug, Wegovy. This decision follows scrutiny from federal regulators, who raised concerns about the legality of the product. The announcement was made on Saturday, just days after Hims introduced the knockoff on Thursday.
The company faced immediate backlash upon the launch of its product, which was priced significantly lower than Novo Nordisk’s offering. On Friday, Mike Stuart, the chief legal officer for the Department of Health and Human Services, indicated via a post on X that the company had been referred to the Justice Department for potential violations of federal regulations governing medication sales.
Hims & Hers stated that its choice to discontinue the pill was made after “constructive conversations with stakeholders across the industry.” The company aimed to take advantage of the soaring demand for Wegovy, which became available in pill form earlier this year. Since its launch in early January 2023, around 170,000 individuals have purchased the Wegovy pill, which costs $149 for the first month and $199 for subsequent months.
The introduction of the tablet version is expected to increase demand for obesity medications, which were primarily available as injections until now. Novo Nordisk’s product is prominently featured on TrumpRx, a new government website designed to assist patients in accessing the lowest prices for certain medications. Intriguingly, just hours before President Trump unveiled the TrumpRx site on Thursday night, Hims & Hers announced its imitation pill at a competitive price of $49 for the first month and $99 thereafter.
This price undercut raised eyebrows, drawing significant attention to the company’s strategy. Hims & Hers has positioned itself in a rapidly evolving market where the demand for effective weight-loss solutions continues to grow. The decision to withdraw the product reflects the complex landscape of healthcare regulations and the responsibilities that come with offering pharmaceutical alternatives.
The implications of this situation extend beyond just Hims & Hers. As the market for weight-loss drugs expands, both consumers and regulatory bodies will be closely monitoring the actions of companies aiming to capitalize on this lucrative sector. The fallout from this incident highlights the need for clear guidelines and compliance in the sale of medical products, particularly as the appetite for weight-loss solutions continues to rise in many regions.
