Hims & Hers Withdraws Wegovy Imitation Drug Amid FDA Regulatory Concerns
Ro CEO Zach Reitano joins ‘Mornings with Maria’ to discuss the launch of the Wegovy oral pill, the future of telehealth and more.
In a significant move, telehealth company Hims & Hers has decided to halt the launch of its copycat Wegovy weight loss drug. This decision comes in response to stern warnings from the Food and Drug Administration (FDA), which threatened to take “decisive” action against companies distributing “illegal copycat drugs.”
On Saturday, Hims & Hers stated, “Since launching the compounded semaglutide pill on our platform, we’ve had constructive conversations with stakeholders across the industry. As a result, we have decided to stop offering access to this treatment.”
The FDA specifically mentioned Hims & Hers in its announcement, emphasizing that these actions are intended to protect consumers from drugs whose quality, safety, or efficacy cannot be verified. The agency stated, “We take seriously any potential violations of the Federal Food, Drug, and Cosmetic Act.”
This decision from Hims & Hers also follows a warning from Novo Nordisk, the manufacturer of Wegovy, which threatened legal action against the company for selling a cheaper, unapproved version of its weight loss pill.
NEW WEGOVY PILL OFFERS NEEDLE-FREE WEIGHT LOSS BUT MAY NOT WORK FOR EVERYONE
Hims & Hers Health, Inc., is featured outside the New York Stock Exchange, Jan. 21, 2021. (Reuters/Carlo Allegri / Reuters)
Initially, Hims & Hers announced plans to sell its compounded version of Novo’s Wegovy at an introductory price of $49 a month, significantly lower than the original price and the most affordable option for a GLP-1 weight loss drug available in the U.S.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HIMS | HIMS & HERS HEALTH INC | 23.02 | -0.46 | -1.96% |
Compounded drugs are created by pharmacies that mix ingredients to produce specialized medications at varying dosages. This practice has gained traction in the U.S. as consumers seek more affordable medication options.
Following the announcement from Hims, shares of Novo initially dropped but later rebounded, while Hims’ shares fell after the FDA’s warning on Friday.
PFIZER CEO ADDRESSES GROWING COMPETITION IN WEIGHT-LOSS DRUGS
Pharmaceutical company Novo Nordisk headquarters in Bagsvaerd, Copenhagen, Denmark. (Reuters/Tom Little/File Photo)
Hims has not clarified whether it will continue to sell its compounded GLP-1 injection on its platform.
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Previously, Hims and Novo had a partnership that allowed Hims to sell Wegovy, but this collaboration ended after Novo accused Hims of marketing knockoff versions of its drug. Hims’ CEO Andrew Dudum has claimed that Novo is attempting to control the clinical decisions made by Hims’ healthcare providers.
Reuters contributed to this report.
Ro CEO Zach Reitano joins ‘Mornings with Maria’ to discuss the launch of the Wegovy oral pill, the future of telehealth and more.
In a significant move, telehealth company Hims & Hers has decided to halt the launch of its copycat Wegovy weight loss drug. This decision comes in response to stern warnings from the Food and Drug Administration (FDA), which threatened to take “decisive” action against companies distributing “illegal copycat drugs.”
On Saturday, Hims & Hers stated, “Since launching the compounded semaglutide pill on our platform, we’ve had constructive conversations with stakeholders across the industry. As a result, we have decided to stop offering access to this treatment.”
The FDA specifically mentioned Hims & Hers in its announcement, emphasizing that these actions are intended to protect consumers from drugs whose quality, safety, or efficacy cannot be verified. The agency stated, “We take seriously any potential violations of the Federal Food, Drug, and Cosmetic Act.”
This decision from Hims & Hers also follows a warning from Novo Nordisk, the manufacturer of Wegovy, which threatened legal action against the company for selling a cheaper, unapproved version of its weight loss pill.
NEW WEGOVY PILL OFFERS NEEDLE-FREE WEIGHT LOSS BUT MAY NOT WORK FOR EVERYONE
Hims & Hers Health, Inc., is featured outside the New York Stock Exchange, Jan. 21, 2021. (Reuters/Carlo Allegri / Reuters)
Initially, Hims & Hers announced plans to sell its compounded version of Novo’s Wegovy at an introductory price of $49 a month, significantly lower than the original price and the most affordable option for a GLP-1 weight loss drug available in the U.S.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HIMS | HIMS & HERS HEALTH INC | 23.02 | -0.46 | -1.96% |
Compounded drugs are created by pharmacies that mix ingredients to produce specialized medications at varying dosages. This practice has gained traction in the U.S. as consumers seek more affordable medication options.
Following the announcement from Hims, shares of Novo initially dropped but later rebounded, while Hims’ shares fell after the FDA’s warning on Friday.
PFIZER CEO ADDRESSES GROWING COMPETITION IN WEIGHT-LOSS DRUGS
Pharmaceutical company Novo Nordisk headquarters in Bagsvaerd, Copenhagen, Denmark. (Reuters/Tom Little/File Photo)
Hims has not clarified whether it will continue to sell its compounded GLP-1 injection on its platform.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
Previously, Hims and Novo had a partnership that allowed Hims to sell Wegovy, but this collaboration ended after Novo accused Hims of marketing knockoff versions of its drug. Hims’ CEO Andrew Dudum has claimed that Novo is attempting to control the clinical decisions made by Hims’ healthcare providers.
Reuters contributed to this report.
