Olga Kaya/iStock via Getty Images
Shares of Hims & Hers Health (NYSE:HIMS) reached a session low on Friday after a bipartisan group of U.S. lawmakers urged the Food and Drug Administration (FDA) to act against copycat versions of weight loss drugs, citing safety concerns.
In a letter sent to the FDA on Friday, more than 80 lawmakers call on the regulator to crack down on fake and knockoff versions of weight loss drugs such as Eli Lilly’s (NYSE:LLY) Zepbound and Novo Nordisk’s (NVO) Wegovy.
Hims & Hers Health (NYSE:HIMS) continues to market compounded versions of Wegovy at a sharp discount to the branded product, even after a years-long shortage of the popular weight loss drug ended early this year.
“We are concerned about recent reports revealing a surge in illegal and counterfeit anti-obesity medications,” the lawmakers, led by Representatives Richard Hudson (R-NC) and Herb Conaway (D-NJ), wrote in the letter to FDA Commissioner Marty Makary.
“Undoubtedly, illegal counterfeit medications pose an increased risk to patient safety with sometimes fatal consequences.”
Accoding to Bloomberg News, they also urged the FDA to work with U.S. Customs and Border Patrol to stop the market entry of unsafe weight-loss drugs from China. Noting the “urgency” of the issue, they sought an update from the agency by July 30.