According to a report from ReCode, one of the most recent companies, Hims, has been selling a generic version of Viagra and will soon be worth $1 billion. Probably, that is exaggerating things a bit.
Apart from selling Generic Viagra online, the e-commerce company, forhims.com, has also been offering hair loss medications, anti-aging and acne kits, vitamins, and oral care products. The website charges a $10 for a monthly membership, providing access to its e-commerce platform and its networks of doctors.
Hims’ aim is to meet the medicinal needs of people discreetly. It wants to make the process of buying embarrassing medical or health care products simple, hassle-free and stigma-free for younger men. They also launched a similar website in November called Hers (forhers.com) for women.
Hims seems to be doing fine as far as it goes as per the business proposition. However, people who invest should ask themselves – whether this company will reach the height?
It offers largely commoditized medical and healthcare products that might be incredibly cheaper elsewhere. It is already facing cutthroat competition, so it will have to look after its marketing strategies to stay ahead and survive.
The website makes it very easy to get a prescription for their medications or products. Generally, men have to fill out a questionnaire.
Apart from prescription drugs, including Generic Viagra, Hims has branched into OTC products, including multivitamins, supplements, and skin care. However, that is also a very competitive business. And Hims does not appear to have a great advantage beyond its budding brand.
Hims has a very similar competitive called Roman (getroman.com) that also has plenty of advertisement cash to burn. Another competitor called Lemonaid Health is also into the Erectile Dysfunction Drug market, which offers online doctor consultations as well as prescriptions. Keeps is yet another direct competitor to Hims in hair loss, while Nurx sells newer birth-control products. Others may also follow the market if there is big money to be made, although there are no big barriers to enter the market.
Convenience and customer satisfaction often go a very long way. It is a bit difficult to find both, especially when it comes to health care.
