Hims & Hers Archives - Athletech News The Homepage of the Fitness & Wellness Industry Thu, 12 Dec 2024 21:06:54 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://athletechnews.com/wp-content/uploads/2021/08/ATHLETECH-FAVICON-KNOCKOUT-LRG-48x48.png Hims & Hers Archives - Athletech News 32 32 177284290 Weight is Weighing on the Majority of Americans, Survey Finds https://athletechnews.com/weight-is-weighing-on-the-majority-of-americans-survey-finds/ Thu, 12 Dec 2024 21:06:53 +0000 https://athletechnews.com/?p=117535 A new report from Hims & Hers reveals the hidden impact of obesity on everything from household economics to self-worth, as weight loss medications continue to capture consumer attention and wallet share As 2025 approaches and many Americans set intentions and resolutions for the new year, their weight is undeniably on their minds, according to…

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A new report from Hims & Hers reveals the hidden impact of obesity on everything from household economics to self-worth, as weight loss medications continue to capture consumer attention and wallet share

As 2025 approaches and many Americans set intentions and resolutions for the new year, their weight is undeniably on their minds, according to Hims & Hers. 

While this may not seem like a stunning revelation—especially since a new year often prompts consumers to head to the gym and/or fill their grocery carts with healthier options, at least for a few weeks—a new report from the health and wellness platform highlights just how significant the issue of weight is for Americans.

The report, The Shape of America, is based on an online survey of 5,000 respondents aged 18 and older and demonstrates how the desire for weight loss has permeated all aspects of life, from household economics to self-worth.

Underscoring that weight is indeed a top concern for Americans, Hims & Hers reveals that 75% of Americans think about their weight every day, with 14% admitting it is a constant concern. 

Other findings from the report reveal that 85% of Americans believe at least one major area of their life would improve if they lost weight, while 83% acknowledge they are not at their desired weight. Over half (59%) agree or somewhat agree that their entire life would improve with weight loss, and 54% say their mood fluctuates based on the number on the scale.

On average, Americans would like to lose 42 pounds, and 77% are open to trying a weight loss method they haven’t yet explored. The desire to lose weight also has an economic impact: 81% of Americans say they would save money on household expenses if they lost weight.

The report also explores the connection between mental health and excess weight, revealing that 85% of individuals with obesity say their weight has negatively impacted their daily lives, making them more likely to skip work or withdraw from activities and goals.

Hims & Hers’ findings contrast with the body positivity movement (a point it acknowledges) and show that Gen Z survey participants report experiencing more body stigma, shame and trauma than older generations. Over half (54%) of Gen Z respondents admit to feeling, or having felt, inferior to others because of their weight.

The statistics from the Gen Z cohort could help explain why young consumers are seemingly more invested in health, fitness and wellness than older generations.  

Weight Loss Medication Market Continues to Surge

The results of the report stand out against the backdrop of rising weight loss medications—industry-disrupting drugs that are helping Americans to slim down, despite their often high costs.

It’s an area that Hims & Hers is now invested in, having ventured into the weight loss medication arena this year with compounded GLP-1 injections and weight loss pills. Last month, the platform issued a white paper demonstrating that its program has been successful, with 87% of its customers working toward, nearing or have already met their weight loss goal

Hims & Hers-branded GLP-1 drugs
credit: Hims & Hers

It’s undoubtedly been a money-maker for Hims & Hers, as well. The company revealed in May that its weight loss offering is tracking to surpass $100 million in revenue by the end of 2025 and is growing faster than any specialty in its history. For the third quarter of 2024, Hims & Hers reported revenue of $401.6 million, a remarkable 77% increase year-over-year, and revealed that its subscriber base grew to 2 million, marking a 44% rise.

Impressive numbers, considering that access to branded GLP-1 medications (such as Ozempic) remains a struggle for many Americans due to shortages, particularly in states where obesity rates are higher. That’s a secondary area Hims & Hers is trying to correct, having introduced a GLP-1 Supply Tracker for individuals to share their experience and provide a clear picture to the Food and Drug Administration of the demand for the popular medications. 

“Our customers have demonstrated a clear gap in supply and demand, so we’re making it easy for everyone to share their experience and be a part of advocating for better access to the medications they need,” Hims & Hers CEO and co-founder Andrew Dudum said. “Part of our responsibility to the millions of customers who trust us with their healthcare is to understand the scale of the challenges they face and use our platform to combat them.”

More recently, Hims & Hers launched high-protein meal replacement bars and shakes for customers either on GLP-1 medications or looking to manage their weight. 

Experts agree that relying solely on weight loss medication without correcting lifestyle habits may limit success long-term, opening the door for fitness and wellness companies to meet new needs. In the meantime, leading brands such as Life Time, Xponential’s Lindora, Equinox, Noom and Echelon are gearing up, as JP Morgan projects that around 9% of the U.S. population (30 million) will eventually become a GLP-1 user in just six short years.

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Hims & Hers Add Bars & Shakes for GLP-1 Users https://athletechnews.com/hims-hers-add-bars-shakes-for-glp-1-users/ Fri, 22 Nov 2024 16:50:22 +0000 https://athletechnews.com/?p=116019 The new products highlight a growing trend in the weight loss medication space: food products tailored for GLP-1 users, a market that has seen activity from companies like Nestlé, Daily Harvest, and Smoothie King Hims & Hers Health, Inc. is expanding its offerings to include daily meal replacement bars and shakes for its customers, beginning…

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The new products highlight a growing trend in the weight loss medication space: food products tailored for GLP-1 users, a market that has seen activity from companies like Nestlé, Daily Harvest, and Smoothie King

Hims & Hers Health, Inc. is expanding its offerings to include daily meal replacement bars and shakes for its customers, beginning at $110 per month.

The health and wellness platform says the new protein-packed nutrition products suit those on a weight loss plan, including those on GLP-1 medications. A bar-and-shake subscription includes nutritional guidance, weekly meal plans, and recipes.

Earlier this year, Hims & Hers expanded into the GLP-1 space by offering compounded GLP-1s and oral medication kits. The platform recently released a white paper highlighting the program’s success, including a standout statistic: 87% of customers are actively working toward, nearing, or have already achieved their weight loss goals.

“For an individual’s weight loss goals, the most effective plans are ones that are holistic and sustainable in nature,” Hers chief medical officer Dr. Jessica Shepherd said. “Keeping up with nutrition is critical to a sustained weight loss journey, but can be difficult to stay on top of. Our priority is to support each of our individual customers by making it easier for them to get the comprehensive care they need.”

Hims & Hers snack bars offer 15 grams of protein and 19 vitamins and minerals in one serving and come in cinnamon, peanut butter, and fudge graham flavors. The shakes offer 27-30 grams of protein and 24 vitamins and minerals and come in double chocolate and vanilla flavors.

“Our meal replacements are designed to further strengthen the plans available to our customers for reaching and maintaining their weight loss goals,” said Dr. Craig Primack, SVP, of weight management at Hims & Hers. “Making affordable nutritional support easily available is one powerful way we can help people achieve a healthier lifestyle.”

Weight Loss Meds Influencing Food Products

an image of Nestle's new Vital Pursuit line
Credit: Nestlé

The need for proper nutrition for weight loss medication users has given rise to new nutritional products. Food giant Nestlé has launched Vital Pursuits, a line of 14 frozen meals that hit shelves earlier this fall and provides dietary support for GLP-1 users and those working on weight management. Daily Harvest also offers a GLP-1 Support bundle that is high in fiber and has no added sugars. It’s a trend that has also extended to brick-and-mortar locations — Smoothie King, a smoothie franchise, has just unveiled a special menu to support GLP-1 users.

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Hims & Hers Reports High Success Rate in GLP-1 Program https://athletechnews.com/hims-hers-reports-high-success-rate-in-glp-1-program/ Tue, 05 Nov 2024 15:05:32 +0000 https://athletechnews.com/?p=114555 A new white paper from Hims & Hers reveals that 87% of customers are working toward, nearing, or have already met their weight loss goal Hims & Hers Health, Inc. has released a white paper, “Hims & Hers Weight Loss: A Look at Early Customer Experiences and Outcomes,” providing insight into the success of compounded…

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A new white paper from Hims & Hers reveals that 87% of customers are working toward, nearing, or have already met their weight loss goal

Hims & Hers Health, Inc. has released a white paper, “Hims & Hers Weight Loss: A Look at Early Customer Experiences and Outcomes,” providing insight into the success of compounded medication users within the Hims & Hers weight loss program. 

Early findings show that customers are managing side effects well and feeling healthier overall. 79% of compounded GLP-1 customers reveal their experience has met or surpassed their expectations. A high number (90%) report they are satisfied with their personalized dosing plan, and 87% of customers are working toward, nearing, or have already met their weight loss goal. 

“The data and insights we have been able to glean through our research show that our customers are having meaningful health outcomes when it comes to weight loss,” said Dr. Jessica Yu, senior director of patient experience at Hims & Hers. “The data shows our customers are experiencing good weight loss on compounded medications, having manageable side-effects through personalized dosing, suggesting the treatment is sustainable and they are making positive strides towards a healthier future.”  

Other findings demonstrate that, on average, those using oral medication kits lost 7.5 pounds within their first month – approximately 3.6% of their initial body weight. Those using compounded GLP-1s lost an average of 9.3 pounds (approximately 4.1% of their initial body weight) in their first month.

“The importance of these findings is significant as we believe early customer satisfaction and treatment adherence is likely to enhance long-term outcomes and even more important as we continue to search for ways to manage the obesity crisis in our nation,” Dr. Yu continued.

Dr. Patrick Carroll, chief medical officer of Hims & Hers, noted that the company is laser-focused on increasing access to personalized care in the highest impact areas of health and fitness.

“With over 40% of our nation’s adults considered obese, our country demands that we use our expertise, size, and industry leadership to answer the very real obesity crisis in the United States and be a part of the solution for the millions of Americans who have obesity and are looking for help,” Carroll said.

A KFF Health Tracking Poll found that roughly one in eight adults had taken a GLP-1 agonist earlier this year. With a growing supply and rising consumer demand, BMO Capital Markets anticipates that annual sales of weight-loss drugs could soar to $150 billion by 2033, surpassing earlier projections. 

“Hims & Hers Weight Loss: A Look at Early Customer Experiences and Outcomes,” can be found here

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The Business of GLP-1s: Inside the New Weight Loss Drug Ecosystem https://athletechnews.com/business-of-glp-1-weight-loss-drug-ecosystem/ Tue, 29 Oct 2024 14:04:52 +0000 https://athletechnews.com/?p=113777 As weight loss drugs surge, here’s how telehealth companies and brick-and-mortar fitness giants are responding to the Ozempic era Weight loss medication has upended the diet industry and shows no signs of slowing down, with medication shortages only compounding the demand for GLP-1 drugs, which can help patients lose 15% or more of their body…

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As weight loss drugs surge, here’s how telehealth companies and brick-and-mortar fitness giants are responding to the Ozempic era

Weight loss medication has upended the diet industry and shows no signs of slowing down, with medication shortages only compounding the demand for GLP-1 drugs, which can help patients lose 15% or more of their body weight.

Regardless of the various opinions on medications like Ozempic and Wegovy, the blockbuster drugs can have far-ranging impacts beyond slimming down Americans — Goldman Sachs estimates that they could raise U.S. GDP levels and, at last count, analysts forecast that weight loss medications will likely generate as much as $100 billion in revenue by 2030.

With so much financial promise and a prediction that 9% of the U.S. population will eventually become a GLP-1 user in just six years, nearly every industry is looking to integrate weight loss medication or support its users in one aspect or another. Even food and beverage giant Nestlé is releasing a frozen food line for people on GLP-1 drugs.

As weight loss drugs continue to have a sizable impact at every turn, here is how telehealth companies and brick-and-mortar fitness giants are responding to the Ozempic era.

Diet Industry Heavyweights Embrace Weight Loss Drugs

WeightWatchers was undoubtedly ahead of the game, acquiring telehealth provider Sequence last year to become one of the first to offer weight loss drugs to consumers — a far departure from its original goal as a diet and weight loss OG.

“WeightWatchers is at a pivotal point where we can build new capabilities that expand our market, reinforced by our foundational strengths,” former WeightWatchers CEO Sima Sistani remarked regarding the Sequence deal. “Our goal is to provide sustainable, science-backed solutions to all weight health pathways, whether medications are part of an individual’s journey or not.”

The Vitamin Shoppe, a titan in the brick-and-mortar supplement space, is also getting into the GLP-1 game, launching a telehealth service connecting eligible consumers with licensed healthcare providers to offer nutritional supplements and anti-obesity drugs such as Ozempic and Mounjaro, as well as compounded versions of semaglutide and tirzepatide, the active ingredient in Zepbound.

The Vitamin Shoppe CEO Lee Wright says the company’s Whole Health Rx service is a “meaningful evolution” in its mission to support the needs of its customers – a similar signal to that of WeightWatchers. While it will initially focus on weight management, Whole Health Rx plans to expand into other verticals. 

“As a pioneer in the wellness space since 1977, The Vitamin Shoppe is uniquely positioned to offer a truly holistic approach to weight loss that unites proven pharmaceutical interventions with our unmatched expertise in nutrition support and whole-body health,” Wright added.

female cashier checks out a male customer at a Vitamin Shoppe location
credit: The Vitamin Shoppe

New Telehealth Players Emerge

Hims & Hers Health may not have rushed into the GLP-1 space, but it’s done so mindfully — and at a discounted rate. The telehealth platform, witnessing the ongoing shortages of name-brand anti-obesity drugs, will now provide compounded GLP-1s for eligible consumers. The company has partnered with a U.S. drug manufacturer to provide generic medications with the same active ingredients as the Ozempic and Wegovy, shipping them from affiliated pharmacies at a more cost-conscious price point. In time, the health and wellness platform says it will make branded options available after a consistent supply is established.

“The core of our business is to offer a truly personalized experience that customers can trust and rely on,” Hims & Hers CEO and co-founder Andrew Dudum said. “We’ve leveraged our size and scale to secure access to one of the highest-quality supplies of compounded GLP-1 injections available today. 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.”

Hims & Hers-branded GLP-1 drugs
credit: Hims & Hers

Telehealth company Ro, which counts obesity expert Dr. Rachel Goldman as an advisor, is also transforming the way consumers access GLP-1s.

“GLP-1s are allowing individuals who have the disease of obesity to be on a level playing field,” Dr. Goldman said. “They have this extra tool that is helping them get to a place where they’re more in that category of individuals who, if they’re mindful about what they’re eating and exercising a little more, they will likely lose weight. It’s literally giving people hope who felt like they lost hope. Some people saw an option like bariatric surgery as a last resort but GLP-1s are now giving people an additional option. We are also seeing that people after bariatric surgery have weight (gain) recurrence because obesity is a chronic disease.” 

headshot of Dr. Rachel Goldman
credit: Dr. Rachel Goldman

Fitness Brands Cater to GLP-1 Users

Weight loss drugs have also inspired fitness operators to capitalize on consumers looking to lose.

Last year, luxury athletic country club operator Life Time entered the weight loss medication arena with Miora, a medical wellness and longevity clinic featuring GLP-1s as well as infrared saunas, red light therapy, peptides, hormone replacement therapy, IV therapy and cryotherapy chambers.

While Miora is poised to roll out nationally, the clinic is already seeing high demand, 

and Life Time is bolstering Miora’s staff of doctors and physician assistants to handle the traffic.

Life Time founder and CEO Bahram Akradi has been outspoken on weight loss medication, noting that the athletic country club brand has the ideal customer base within its clubs – those who seriously invested in their health – and stated that the popular drugs will remain a “megatrend.”

“It’s going to stay, and it’s not a negative for exercise because you absolutely need to combine the proper weight training and nutrition with these drugs,” Akradi said. “The exercise business is going to get a win out of it. Life Time is uniquely positioned because, in every market, we have facilities where we can launch Miora Clinics for longevity, for addressing weight loss, peptides, all of that,” he said. “We look at this as nothing but an upside.”

Equinox, now heavily invested in metabolic health and longevity with Function Health, hasn’t abandoned the weight loss medication space or Equinox members who opt to take the in-demand drugs. The luxury fitness and wellness brand is committed to helping its members with a personal training program designed for clients on medication like Ozempic and Wegovy or those interested in using GLP-1s.

The brand added a GLP-1 protocol to its internal education program at the Equinox Fitness Training Institute to ensure coaches learn how to create workout plans that address possible muscle loss — a side effect that can occur for those taking weight loss medication.

Digital healthcare company Noom partnered with digital health and fitness platform FitOn to launch “Muscle Defense,” a program designed to combat muscle mass loss with on-demand fitness programming geared towards weight loss medication users.

“We designed Noom GLP-1 Companion with Muscle Defense to be the adjunct diet and exercise program that addresses key dangers associated with taking GLP-1s such as loss of muscle mass,” Noom CEO Geoff Cook explained. “We believe prescribing the drug without such a program carries dangers, given the amount of muscle mass people often lose while taking a GLP-1 and the fact that most people will stop taking the GLP-1 and regain the weight absent of behavior change, which can potentially lead to future conditions like sarcopenic obesity.”

“It’s critical we not leave people worse off than before they started the medication. Healthy habits have never mattered more,” Cook added.

This article originally ran in the The Business of Prevention, Recovery & Longevity Report 2024. Download the report now to read more insights into how fitness and wellness brands are making strides in key markets.

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JP Morgan Targets Weight Loss Drugs With $500M Fund https://athletechnews.com/jp-morgan-targets-weight-loss-drugs-with-500m-fund/ Fri, 14 Jun 2024 20:52:49 +0000 https://athletechnews.com/?p=106603 The current “duopoly” in the GLP-1 game figures to be short-lived as more investors enter the space, experts say JP Morgan Private Capital, a venture capital and growth equity investment team under JP Morgan Asset Management, has raised over $500 million for a life sciences fund targeting private biotech companies and the booming weight-loss drug…

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The current “duopoly” in the GLP-1 game figures to be short-lived as more investors enter the space, experts say

JP Morgan Private Capital, a venture capital and growth equity investment team under JP Morgan Asset Management, has raised over $500 million for a life sciences fund targeting private biotech companies and the booming weight-loss drug space.

The new fund is led by chief investment officer Stephen Squinto, PhD, and managing partner Gaurav Gupta, MD, who were hired by JP Morgan Asset Management in 2022.

“The top three choices are obesity, obesity and obesity,” Squinto told Bloomberg, referring to the closing of the fund. He noted that weight-loss drugs are all the rage and that the field is “wide open.”

“This has the opportunity to be a pivotal moment in the pharmaceutical industry,” he said.

Weight Loss Drug ‘Duopoly’

The anti-obesity drug space has two pharmaceutical giants going head-to-head: Novo Nordisk and Eli Lilly & Co., both of which are grappling with supply shortages due to consumer demand. 

The shortages have led telehealth company Ro (which offers Ozempic, Wegovy and also compounded versions) to launch an open-access GLP-1 Supply Tracker for consumers to crowdsource data and either find GLP-1s or report that they’ve found a supply.

Goldman Sachs analyst Salveen Richter described a “duopoly situation” regarding the two weight-loss drug manufacturers this week on Yahoo Finance Catalysts and shared that Zealand, Amgen and Regeneron could become competitors.

It’s a sentiment that Gupta shares, “It’s very unlikely that the future of obesity treatment will be dominated by a stable duopoly,” said. “There will be significant winners.”

Five investments have been made so far, according to Bloomberg, only one of which has been made public: Enlaza Therapeutics, a biotech startup that raised $100 million in a Series A for its biologic cancer drugs and clinical trials. 

Rise of Generic GLP-1s

While Novo Nordisk and Eli Lilly struggle to increase manufacturing capabilities to meet demand, companies like Hims & Hers are presenting compounded GLP-1s as a more accessible and low-cost option. In May, the telehealth company announced it would enter the weight loss medication space and partnered with a U.S. drug manufacturer to provide generic medications with the same active ingredients as Ozempic and Wegovy.

Competing with Hims & Hers will be Whole Health Rx, a telehealth service recently launched by The Vitamin Shoppe that will offer nutritional supplements, name-brand GLP-1 drugs and compounded versions of semaglutide and tirzepatide, the active ingredient in Zepbound.

Last month, Men’s health company Mangoceuticals, Inc (aka MangoRx) announced it will make oral semaglutide (Slim) and tirzepatide (Trim) available on its telemedicine platform in Q3 for $299 and $399/month, respectively. 

“Our goal is to provide patients with a convenient and effective way to manage their weight and improve their overall health,” MangoRx CEO and co-founder Jacob Cohen said. “We believe that these oral formulations have the potential to significantly impact the lives of millions of people worldwide.”

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Hims & Hers, Nestle Enter the GLP-1 Race https://athletechnews.com/hims-hers-nestle-enter-the-glp-1-race-weight-loss-drugs/ Thu, 23 May 2024 16:07:00 +0000 https://athletechnews.com/?p=105905 Telehealth platform Hims & Hers is releasing a low-cost option for weight-loss drug seekers. Nestle, meanwhile, is launching a frozen food line meant to help GLP-1 users preserve muscle Hims & Hers Health is finally tossing its hat into the GLP-1 weight loss medication ring — at a discounted rate. The fast-growing telehealth platform will…

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Telehealth platform Hims & Hers is releasing a low-cost option for weight-loss drug seekers. Nestle, meanwhile, is launching a frozen food line meant to help GLP-1 users preserve muscle

Hims & Hers Health is finally tossing its hat into the GLP-1 weight loss medication ring — at a discounted rate. The fast-growing telehealth platform will now provide access to compounded GLP-1s for eligible consumers, news that caused the company’s shares to surge.

Nestle is also looking to capitalize on the medically assisted weight loss craze: the food giant is releasing a frozen food line designed to help GLP-1-takers preserve their lean muscle mass with protein-packed meals.

Anti-obesity drugs such as Ozempic and Wegovy have become household names over the last year and have routinely experienced shortages due to surging demand — much to the dismay of consumers eager to get their hands on the high-priced medications. 

Hims & Hers has teamed up with a U.S. drug manufacturer to provide generic medications with the same active ingredients as the Ozempic and Wegovy, circumventing drug shortages and ensuring a lower-than-average price point. The GLP-1 injections are fulfilled and shipped from Hims & Hers-affiliated pharmacies. 

In a blog posted on the Hims & Hers website, the company acknowledged it initially prioritized access to “non-GLP-1 treatments” but notes that it’s become clear that GLP-1 drugs will remain in shortage and that this is placing an “immense strain” on Americans struggling with obesity.

The weight loss medication costs start at $79 per month for oral medication kits and $199 a month for compounded GLP-1 injections, and they include unlimited medical consultations with a licensed provider. 

“The core of our business is to offer a truly personalized experience that customers can trust and rely on,” Hims & Hers CEO and co-founder Andrew Dudum said. “We’ve leveraged our size and scale to secure access to one of the highest-quality supplies of compounded GLP-1 injections available today. 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.”

The health and wellness platform says it will make branded options available once a consistent supply is available through the pharmacies’ wholesaler, bringing new options beyond its oral medication kits and compounded weight loss injectable medications. 

The telehealth company, which was founded in 2017 and became a unicorn two years later, recently announced that it’s increasing its outlook for 2024, expecting $1.2-1.23 billion in revenue and $120-135 million in Adjusted EBITDA.

Big-Name Brands Embrace Medical Weight Loss

The Vitamin Shoppe is also pushing into the weight loss drug space with its debut of Whole Health Rx, a telehealth service that will offer access to Ozempic, Mounjaro and compounded versions — similar to that of telehealth provider Ro. 

The booming anti-obesity drug market — which has the potential to grow to $100 billion by 2030 — is also impacting the food and beverage industry, from prebiotic superfood brands to high-fiber powders

Nestle recently announced a new line of “GLP-1 companion foods” dubbed Vital Pursuit. The frozen food products (which include bowls with whole grains or protein pasta, sandwich melts and pizzas) are portion-controlled and packed with protein, fiber and essential nutrients.

Vital Pursuit foods (credit: Nestle USA)

“As the use of medications to support weight loss continues to rise, we see an opportunity to serve those consumers,” Nestle North America CEO Steve Presley said. “Vital Pursuit provides accessible, great-tasting food options that support the needs of consumers in this emerging category.”

Nestlé’s GLP-1-supporting food line will be available later this year.

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Hims Enters Weight Loss Market, but CEO Not Sold on Ozempic https://athletechnews.com/hims-enters-weight-loss-market-but-ceo-not-sold-on-ozempic/ Fri, 18 Aug 2023 17:25:51 +0000 https://athletechnews.com/?p=97895 The new platform will roll out just in time for New Year’s resolutions but will lean on generic medications instead of highly popular GLP-1s Hims & Hers is joining the weight loss sector by the end of the year, but instead of rushing to prescribe Ozempic and Wegovy, the telehealth company will take a conservative…

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The new platform will roll out just in time for New Year’s resolutions but will lean on generic medications instead of highly popular GLP-1s

Hims & Hers is joining the weight loss sector by the end of the year, but instead of rushing to prescribe Ozempic and Wegovy, the telehealth company will take a conservative approach, relying instead on a range of generic medications, nutritional benefits and behavioral health from a mobile app.

In an interview with Fox Business, Hims & Hers co-founder and CEO Andrew Dudum revealed that the new weight loss platform will roll out just in time for consumers to kickstart their health and wellness journeys in January 2024.

As for defining “generic medications,” Dudum told Fox Business that there’s a wide range of medications that have been around for nearly two decades, in contrast to the new weight loss medications that have hit the market.

“If you go to those really fancy clinics out in Beverly Hills or New York, you’ll be able to find doctors who know how to use them and know how to find the underlying issues that you as an individual might be facing, and that might be why it’s causing weight gain. So our aim is to use these medicines that have been around for a long time and help you get access to them at affordable prices and hopefully get great outcomes,” he explained.

As for taking it slow, as opposed to other companies that have embraced GLP-1s, Dudum says Hims & Hers is trying to be “respectful” of the consumer.

“The  GLP-1s that everybody is really excited about — they should be excited about them,” he said. “These have 15-20% weight loss for an individual, but the reality is they are very new. The studies have been around for nine months or 12 months… We hold trust and safety in the highest regard, and we want to make sure whatever we offer on the platform is going to be reliable, it’s going to be affordable, it’s going to be safe.”

Dudum added that the reported side effects of GLP-1s are concerning to some consumers and he pointed to supply chain issues as well. Still, the Hims & Hers CEO doesn’t appear to be fully ruling out the popular weight loss medications — and likely for good reason. Some analysts suggest that the weight loss drug market may be worth $100 billion by 2030, fueled in large part by drugs like Ozempic and Wegovy.

“We need to figure out those things and once we (do), Hims & Hers will have a big range of those products,” Dudum said of GLP-1s.

In addition to the weight management plans, the telehealth company reported an impressive Q2, with revenue of $207.9 million, up 83% from the prior-year period. Hims & Hers grew its subscriber base to 1.3 million, up 74% year-over-year in the quarter.

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Define Ventures Raises $460 Million To Invest in Digital Health Startups https://athletechnews.com/define-ventures-raises-460m-for-digital-health-startups/ Thu, 20 Apr 2023 22:14:56 +0000 https://athletechnews.com/?p=94536 The Silicon Valley firm has an impressive track record, having previously invested in top digital health companies including Hims & Hers, Unite Us and Folx Health Define Ventures, a VC firm whose portfolio includes companies like Hims & Hers, has raised an additional $460 million to fuel its investments in early-stage digital health startups, the…

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The Silicon Valley firm has an impressive track record, having previously invested in top digital health companies including Hims & Hers, Unite Us and Folx Health

Define Ventures, a VC firm whose portfolio includes companies like Hims & Hers, has raised an additional $460 million to fuel its investments in early-stage digital health startups, the firm announced. 

With the new funding, Define Ventures will continue its investment strategy, which the firm says “centers on partnering with startups that are serving multiple ecosystem partners, such as consumers, payers, providers, employers and life-sciences companies.”

The Silicon Valley firm has an impressive track record, having previously invested in top digital health companies such as Hims & Hers, Unite Us, Folx Health and Cohere Health.

The $460 million will be spread across two new finds. Fund III will go towards supporting new early-stage investments, while the Opportunities Fund will be used to support Define Ventures’ existing partner companies. 

Define Ventures now has $800 million in assets under management. The firm says its one of the largest early-stage VC firms focused on investing in digital health.

“The healthcare system is evolving rapidly as multiple healthcare, technology and consumer trends converge, and even with the progress over the last few years, it remains a $4 trillion market opportunity that desperately needs greater digital transformation,” said Lynne Chou O’Keefe, Define Ventures’ founder and managing partner. “At Define Ventures, we are at the center of that convergence and combine the best of Silicon Valley thinking and deep healthcare operating experience to better understand how enterprise and consumer models will intersect to become the future of healthcare.”

For Define Ventures, the new funding comes as digital health startups are finding it increasingly difficult to raise cash. According to a recent market report from seed investor Rock Health, 2022 saw $15.3 billion invested in digital health companies in the U.S., down from $29.3 billion in 2021.

Only $3.4 billion was invested in Q1 of 2023, putting this year on track to see the lowest amount of funding for digital health companies since 2019. 

The IPO market has also been ice cold. In 2022, only two digital health companies went public, compared to 20 in 2021, according to data from Digital Health Business & Technology. So far in 2023, there’s yet to be a digital health IPO. 

Amid the current economic conditions, some experts have said they expect to see M&A activity increase on the digital health front, as companies look for alternative ways to raise cash and sustain their operations. 

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Allermi Secures $3.5M for Nasal Spray; CEO Touts Benefits of Customized Allergy Relief https://athletechnews.com/allermi-secures-3-5m-for-nasal-spray-ceo-touts-benefits-of-customized-allergy-relief/ Wed, 19 Apr 2023 19:29:45 +0000 https://athletechnews.com/?p=94488 Allermi CEO and co-founder Shani Bocian believes one-size-fits-all medications don’t offer the level of personalized relief that chronic allergy sufferers require Allermi, a direct-to-consumer telehealth service that offers a personalized approach to allergy relief, closed a $3.5 million seed funding round to support its mission of providing a customized nasal spray solution.  Dr. Robert Bocian,…

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Allermi CEO and co-founder Shani Bocian believes one-size-fits-all medications don’t offer the level of personalized relief that chronic allergy sufferers require

Allermi, a direct-to-consumer telehealth service that offers a personalized approach to allergy relief, closed a $3.5 million seed funding round to support its mission of providing a customized nasal spray solution. 

Dr. Robert Bocian, an allergist for over 30 years and an associate professor of allergy-immunology at Stanford, co-founded the allergy-focused telehealth service. He is also the creator of Bocian’s Potions, a tailored approach to allergies available through the telehealth service. The ‘potion’ combines and adjusts the doses of multiple medications into a single nasal spray bottle designed to address specific allergy symptoms. 

The California-based telehealth platform, launched last summer with a $1.25 million pre-seed round led by Lucas Venture Group and has since expanded, available now in 27 states.  

According to Allermi, the recent seed funding will help the company continue its national expansion and build and scale its business, product operations and marketing channels to meet growing demand — which is just as high as the pollen count these days.

If your allergies seem to be worse than ever, it’s not all in your head (or nose), according to Allermi CEO and co-founder Shani Bocian, the daughter of Dr. Bocian.

“We are seeing a tremendous increase in rhinitis symptoms, due to increased pollen count, increased air pollution, lingering post-COVID viral rhinitis, a higher inflammatory state in the general population and increased sensitization to allergic triggers,” Bocian tells Athletech News. “Rhinitis is now a leading chronic disease, with more sufferers than ever before in history.”

According to the Asthma and Allergy Foundation of America, over 100 million people in the United States suffer from allergies each year, ranking the condition as the sixth leading cause of chronic illness in the country. 

Allermi points out that while there are abundant over-the-counter allergy treatments, with consumers spending billions of dollars a year to find a remedy, nearly 70% of allergy sufferers are dissatisfied with available allergy medications. In contrast, Allermi says its telehealth platform provides a customized solution, with over 90% of patients reporting superior relief.

As Bocian explains, one-size-fits-all allergy medications don’t offer the level of personalized relief that chronic allergy sufferers require. 

“Rhinitis symptoms vary from person to person and the severity spectrum is wide, and there is no one medication that addresses all symptoms in one bottle except for Allermi,” Bocian said. “But furthermore, we take an in-depth look at the combination of symptoms, severity, duration and medical history to create a formula that is optimized for that specific rhinitis patient.”

Allermi patients complete an online intake questionnaire, which a physician reviews within 24 hours. Patients receive a personalized allergy treatment plan from Allermi and are prescribed a customized nasal spray if approved for treatment. The spray contains up to four active ingredients combined and is dosed based on symptoms and severity. 

The nasal spray is delivered by mail monthly or on-demand within 3-5 days, and Allermi also offers a care team that patients can contact for ongoing support.

The ease of telehealth is also a benefit, as many consumers commonly find their local allergist booked solid with appointments. In addition to waiting weeks or even months to be seen in person, repeated visits are often needed to manage a complex case of rhinitis, Bocian points out.

There is also a shortage of allergists, with only 3,500 in the country, most of them located in coastal cities,” Bocian said. “Because of this, the vast majority of rhinitis sufferers are not seen by an allergist for their symptoms and are left to self-treat by selecting products at the drugstore.”

Even if a patient can get an appointment, Bocian says they’re limited regarding treatment plans.

“Even if one is able to get in to see an allergist, that allergist can only make recommendations for several fixed-dose nasal sprays,” Bocian said. “This is not only cumbersome, inconvenient and costly to the patient, but is also physiologically less effective given that the nose can only absorb so much liquid at a time. It’s been shown that the multiple-nasal spray approach is very challenging for patients to adhere to, so by combining the right medications at the right dosages all into one bottle, we not only increase adherence and convenience, but allow medication to be more efficiently absorbed.”

Nelstone Ventures led Allermi’s funding round, having previously funded Apostrophe, a skincare telehealth service that was bought by Hims & Hers in a nine-figure deal.

FourSight Capital Partners also joined Allermi’s recent funding round.

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Hims & Hers Head to Amazon https://athletechnews.com/hims-hers-in-amazon/ Fri, 03 Dec 2021 09:24:59 +0000 https://athletechnews.com/?p=89474 The telehealth platform will be offering its wellness products on Amazon, including product bundles Hims & Hers, a telehealth platform that provides customized health and wellness for its customers, has announced it will be offering its products on Amazon. Hims & Hers says that teaming up with the online retail giant will help increase the…

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The telehealth platform will be offering its wellness products on Amazon, including product bundles

Hims & Hers, a telehealth platform that provides customized health and wellness for its customers, has announced it will be offering its products on Amazon. Hims & Hers says that teaming up with the online retail giant will help increase the accessibility of its supplements, sexual health and wellness products, and hair care items.

The digital health startup, founded in 2017 with an initial focus on male consumers, went public this year in a $1.6 billion SPAC deal with Oaktree Acquisition. Hims & Hers said the funding would be used to grow areas like sleep health, fertility, diabetes, and cholesterol. The company recently launched a mental health support offering and COVID-19 testing.

Hims & Hers products on Amazon’s site will include biotin, immunity and sleep gummies, collagen powder supplements, sexual health and wellness products, and hair care products. In addition, Amazon shoppers will have exclusive access to a 2-pack bundle of Hims’ thickening shampoo and conditioner and Hers’ shampoo and conditioner. 

“We aim to meet digitally native consumers where they already are and create completely customer-centric health and wellness experiences for them,” said Andrew Dudum, Chief Executive Officer and Co-Founder of Hims & Hers. “Having seen an increasing demand for our products on Amazon and having significantly expanded the availability of our products through new retail relationships over the last year, we are thrilled to also start selling in Amazon’s store. Doing so not only meets those consumer demands but also introduces our beautifully designed, science-backed, high quality wellness offerings to a whole new audience.”

This summer, the company launched individual online therapy for $99 a session, complimenting its online psychiatry offering and group sessions. CEO Dudum noted the extreme need for mental health care in the US and said that the current options were falling short.

“Consumers want personalization in every aspect of their life, and this includes how and when they access therapy. Quality care is hard to find and even harder to access, particularly when you bring cost and scheduling into the conversation. I’m incredibly proud of the team here at Hims & Hers for developing a platform that takes the fear and guesswork out of therapy without sacrificing the high standards of care we uphold across our entire telehealth offering,” Dudhum said.

Besides its partnership with Amazon, the company recently announced it would be working with Uber to deliver its personal care products. The delivery service is currently available in Philadelphia, Atlanta, Los Angeles, San Francisco, Sacramento, Miami, Houston, Austin, Dallas, San Antonio, Seattle, and Phoenix. Hims & Hers hopes to expand to more cities in the near future.

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