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Justin Schreiber, co-founder and CEO of LifeMD, and Dan Chard, CEO of Medifast, check in with Yahoo Finance to talk about their respective companies’ moves and why they think it was an “overreaction” to the news.
“It’s very important to note that there is no difference in value for patients who choose to go directly to Lilly with the LillyDirect program,” Schreiber says. “Our providers, or any provider in the country, can submit scripts to this program, so I think it can help our patients access medications when they can’t find them at a community pharmacy. “
For more information and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Eli Lilly (LLY) is launching a digital healthcare experience, which will allow patients to directly order medications from the manufacturer — including obesity treatment drugs — causing telehealth companies to see a downtrend in share prices. Some of these companies include Hims & Hers (HIMS), LifeMD (LFMD), and Medifast (MED).
Justin Schreiber, co-founder and CEO of LifeMD, and Dan Chard, CEO of Medifast, sign up for Yahoo Finance to talk about their respective companies’ moves and why they think it’s an “overreaction” to the news.
“It’s very important to note that there is no difference in value for patients who choose to go directly to Lilly with the LillyDirect program,” Schreiber says. “Our providers, or any provider in the country, can submit scripts to this program, so I think it can help our patients access medications when they can’t find them at a community pharmacy. “
For more information and the latest market actions, click here to watch this full episode of Yahoo Finance Live.
Editor’s note: This article was written by Nicholas Jacobino.
JOSH LIPTON: Eli Lilly is launching a new virtual healthcare experience. This new one will allow patients to place orders directly with the drug manufacturer, adding their weight-loss drug telehealth corporations that have a foot in the weight-loss drug area and are feeling the pressure today. The actions of corporations like Hims
Join us now Dan Chard, CEO of Medifast, as well as LifeMD and CEO Justin Schreiber. Guys, any of you are welcome to the program. And thank you so much for joining us. And Justin, maybe it will start with you. We talked about current occasions with Eli Lilly. We’ve seen, Justin, how investors react to this news, react to the headline. What did you think? Do you think this answer is correct?
JUSTIN SCHREIBER: Good question. Look, my philosophy is that a rising tide here lifts all boats. I think that anything that Eli Lilly or Novo Nordisk can do to improve access and help patients, like ours, access these drugs that are extremely efficacious and doing so many amazing things for their health is a great thing for our business. So yeah, I think the move in the stock today is an overreaction.
I think it’s really important to note that there are no– there’s no difference in price for patients that choose to go directly to Lilly with the LillyDirect program. Our providers, or any providers in the country, can actually send scripts to this program. So I think it could help our patients access drugs when they can’t find them at a neighborhood pharmacy.
And look, we’re very, very confident in ourselves on the platform that we’ve created. We’ve created one of the number one leading virtual care platforms in the United States. We have thousands of active patients. We have a very large medical organization spread across 50 states, made up primarily of full-time providers. We provide amazing medical care. Our GLP-1 business is one of the fastest-growing segments of our number one virtual care business. And anything those pharmaceutical corporations can do to access those drugs will help our business.