Hims & Hers, a telehealth company known for providing prescription medications and wellness services, announced on Monday the launch of its new injectable weight-loss drugs. These drugs are priced significantly lower than their competitors, Wegovy and Ozempic, with a starting cost of $199 per month. In comparison, Wegovy is priced around $1,350 per month and Ozempic costs approximately $935 without insurance. Both of these drugs are produced by Novo Nordisk.

The new drugs from Hims & Hers contain the same active ingredients as their higher-priced counterparts. Andrew Dudum, co-founder and CEO of Hims & Hers, emphasized that the company has leveraged its size and scale to secure access to a high-quality supply of compounded GLP-1 injections. “We’re passing that access and value along to our customers, who deserve the highest standard of clinical safety and efficacy to meet their goals, and we’re doing it in a safe, affordable way that others can’t deliver,” Dudum stated.

GLP-1 agonists, the class of drugs to which these medications belong, are primarily used for improving blood sugar control in people with Type 2 diabetes. However, they have also gained popularity for their weight-loss effects. Semaglutide, the active ingredient in Wegovy and Ozempic, as well as tirzepatide, found in Eli Lilly’s Mounjaro and Zepbound, are well-known GLP-1 drugs. Their efficacy in weight loss has contributed to a surge in demand.

In 2023, one in 60 adults in the United States were prescribed a GLP-1 medication, according to the American Pharmacists Association. Projections by JPMorgan suggest that by 2030, the number of GLP-1 users in the U.S. could reach 30 million, representing about 9% of the overall population. The market for these drugs is expected to exceed $100 billion by 2030, driven equally by their use in treating diabetes and obesity.

Hims & Hers’ entry into the GLP-1 market represents a significant move in making these effective treatments more accessible and affordable. The company, which already provides telehealth services and medications for conditions such as hair loss, erectile dysfunction, and skin problems, is expanding its offerings to address the growing demand for weight-loss solutions.

With this new initiative, Hims & Hers aims to not only expand its market share but also address the affordability and accessibility of effective weight-loss medications.