The news: Hims & Hers and GoodRx each moved into new categories of prescription drug sales.

• Hims & Hers now offers care for perimenopause and menopause under its Hers brand, including online provider visits and prescriptions for pills, patches, or creams.
• GoodRx launched a subscription for men’s hair loss treatment, which includes telehealth visits, prescription treatments (e.g., generic Propecia), and medication home delivery.

Why it matters: GoodRx is entering a crowded field of companies, including Hims & Hers, Ro, Noom, and Amazon.

The direct-to-consumer (D2C) healthcare market is heating up, with players primarily focused on selling generic prescription drugs via telehealth. These entities are rapidly expanding into categories traditionally overlooked by primary care—including sexual health, women's health, hormone replacement therapy (HRT), and weight loss—offering patients the convenience and privacy of telehealth consultations.

GoodRx made its D2C medication sales debut in June when it rolled out a subscription service for erectile dysfunction (ED) treatment. But it’s playing catch-up to players at the top of the category like Hims & Hers, which has sold ED pills and hair loss products for years.

GoodRx called out competitors that “bundle products into multi-step kits with upsells that can be expensive and confusing.” That’s a clear shot at Hims & Hers, which drives revenue and recurring subscriptions by offering bundled treatments (e.g., prescription hair loss pills along with over-the-counter vitamins and thickening shampoos), and combining therapies across health categories.

Our take: We think that GoodRx has staying power in the D2C prescription drug market thanks to its vast and loyal user base. It has a cheaper, more efficient path to converting consumers into subscription members than most other D2C healthcare competitors.

• The GoodRx platform is used by 30 million US consumers annually. 95% of consumers say they’ve had a good or excellent experience using GoodRx.
• Many may view GoodRx as a more trusted brand for confidential health information than unpopular Big Pharma firms or digital health companies that haven’t matched its record of saving people money.

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