CEO of Ro Zach Reitano joins ‘Mornings with Maria’ to discuss the launch of the Wegovy Pill, the future of telehealth and more.
After threats from the Food and Drug Administration (FDA)FDA) that it would take “decisive” action against companies that “illegal copycat drugs,” telehealth company Hims & Hers announced it would halt the launch of its counterfeit weight loss product Wegovy.
“Since launching the compounded semaglutide pill on our platform, we have had constructive conversations with stakeholders across the industry,” Hims & Hers said on Saturday. “That’s why we decided to stop provide access to this treatment.”
The FDA cited “check Hims & Hers” in its Friday announcement, saying, “These actions are intended to protect consumers from medications for which the FDA cannot verify the quality, safety, or efficacy. We take seriously any potential violations of the Federal Food, Drug, and Cosmetic Act.”
Hims & Hers’ decision also comes as Novo Nordisk threatened legal action over the cheaper version of its weight-loss pill, which has not been approved by the FDA or undergone clinical trials.
NEW WEGOVY PILL OFFERS NEEDLE-FREE WEIGHT LOSS BUT MAY NOT WORK FOR EVERYONE
Hims & Hers Health, Inc. is on display outside the New York Stock Exchange, January 21, 2021. (Reuters/Carlo Allegri/Reuters)
Hims & Hers announced Thursday that it would start selling the curated version of Novo’s Wegovy at an introductory price of $49 per month, which is about $100 less than the original, and the lowest price for a GLP-1 weight loss drug on the American market.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| IT | HIM & HER HEALTH INC | 23.02 | -0.46 |
-1.96% |
With compounded medications, pharmacies mix ingredients for certain specialty medications in different dosages to create a copycat drug. In the US, the lawsuit has increased as Americans want cheaper drugs.
Shares of Novo initially fell after Hims’ announcement on Thursday, but then recovered and Hims’ shares fell after the FDA’s announcement on Friday.
The CEO of PFIZER focuses on the growing competition in the field of weight-loss medicines
Headquarters of pharmaceutical company Novo Nordisk in Bagsvaerd, Copenhagen, Denmark. (Reuters/Tom Little/File Photo)
Hims did not say whether it planned to continue selling its compounded GLP-1 injection on its website.
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Novo and Hims previously had a partnership that allowed Hims to sell Wegovy, but Novo pulled out after accusing Hims of marketing counterfeit Wegovy drugs.
Hims CEO Andrew Dudum accused Novo of trying to control the way doctors at Hims make decisions.
Reuters contributed to this report.
