Vitamin Shoppe entered the telemedicine services space by offering a GLP-1 program delivered in partnership with WellSync.
The Vitamin Shoppe CEO Lee Wright joins Yahoo Finance to discuss the rollout of the new GLP-1 program.
Asked if he was confident there would be enough supply to meet demand, Mr Wright said: “We have a great partner in WellSync, which is our telemedicine partner. We are confident that we can meet that demand through our network.”
For more expert insights and the latest market trends, click here to watch the entire episode.
This post was written by Nicholas Jacobino
video transcript
Vitamin Shoppe is committed to serving consumers looking for weight loss solutions.
The omnichannel specialty retailer has entered into its first-ever Help Telehealth partnership in each G LP One program rollout.
Join us with more vitamin shops.
Look here on the right in the studio.
Thank you for visiting us.
Thank you for inviting me.
That’s why everyone becomes obsessed with GLP at least once.
Obviously, we’ve talked about it a lot.
Um, so did you guys say you wanted a piece of the action or how did this come about?
That’s a natural question.
It’s clear there’s a huge demand out there.
But since 1977, The Vitamin Shoppe has always been a wellness destination.
So we’re very excited to really work on the delivery of telemedicine and the natural evolution of that into the first need.
The condition we are happy with is that of the weight loss drug G LP.
But eventually, we plan to go further and offer other need conditions such as low testosterone, hormone replacement therapy, smoking cessation, and allergies.
Are you confident that you will have sufficient supplies of those GLPs?
Well, we are incredibly lucky.
We have great partners in Well, Sync, and Sar telehealth partners.
We have a strong network of pharmacies, whether it’s mail order or a complex pharmacy.
We are confident that we can meet that demand through our various networks.
So how does this work for customers?
And do you expect your existing Vitamin Shoppe customers to come in knowing you have the service, or do you expect to gain new customers?
It’s a combination of both.
We’re really excited because we actually did a survey to see how many of our customers would like to use The Vitamin Shoppe’s telemedicine services.
Additionally, over 40% of customers and respondents said they would like to use Vitamin Shoppe’s telehealth services, and over 80% of existing Vitamin Shoppe customers said they were very likely to use telehealth services. .
So we think the combination of both provides why The Vitamin Shoppe is a trusted resource.
It’s not just about getting Republican pills for weight loss.
Combining our expertise and education with the nutritional supplements that can occur when you are in a calorie deficit, we come up with a holistic solution to your weight loss journey.
Let’s say you’re on Republican drugs and Mr. Lee is a customer at the Vitamin Shoppe.
I’m interested.
How much does it really cost?
Therefore, there are various options.
We offer branded medicines such as Ozempic Women Junior Rebel, Composite Hemigluteal, and Zetti.
Um, but the introductory fee can be as low as 219 per month and then 269 per month after the first month.
But the good news is that you can cancel at any time.
Well, we don’t lock you up for long periods of time, and that’s really fair and that’s all-encompassing.
Therefore, you can access all educational resources without paying any additional fees.
We focus on the actual medicine itself and education, and the resources and expertise of health enthusiasts both in-store and online are free and can also help people with nutritional supplements.
If you are a Republican, you must use one drug.
Now, you are no longer a public company.
You were expropriated a few years ago.
But can you tell us anything about what kind of revenue growth you expect from this or what kind of financial position this partnership will have?
Well, we’re very excited about it.
Again, this is a natural evolution, so we think this will be a significant addition to our sales.
We are expanding the ecosphere that The Vitamin Shoppe offers to both existing and new customers. Because we weren’t really seen as a provider of medicine through our telemedicine partners.
We have been considered natural supplements and nutritional supplements.
So this is a significant expansion of our business.
And Mr. Lee, you have an interesting line to quote for consumers.
So I’m just curious about what the consumer looks like for you.
How is the economy for you?
I think consumers are a little nervous right now.
They feel pressured and want more value.
So we actually launched something called Price Shreds and End Caps with lower prices and smaller serving sizes.
We have also received great feedback from consumers.
I think consumers are feeling like their budgets are tight right now.
interesting.
Lastly, regarding telemedicine, I wanted to ask you a little bit about it, as several large companies are withdrawing from providing home health services such as Walmart and telemedicine.
It’s interesting that you guys are making this move at a time when we’re seeing some other companies pull back.
Are there any lessons you’ve learned from what you’ve seen elsewhere or things you’re doing differently?
So yeah, I think it’s a natural evolution for us. Because we are a health wellness destination for other people, whether it’s a medical spa or other retail stores, and it’s not their natural space.
It’s all about health and wellness.
But for The Vitamin Shoppe, it is a core area of our expertise and we deliver that quality, innovation and expertise to our customers.
Therefore, we believe we can provide comprehensive, long-term solutions to help you get your lifelong weight loss journey and all the help you’re looking for.
Okay, Lee, thank you so much for being here today.
I appreciate it
Thank you for inviting me.
