Tech is blurring the lines between healthcare and personal care, creating new opportunities for CPG companies to expand their digital service offerings. Here’s how tech companies are targeting the health and wellness overlap.
D2C telehealth platform Hims & Hers got its start providing online diagnoses and prescription products for erectile dysfunction and has expanded into prescription and over-the-counter (OTC) products for new categories like skincare, women’s health, and mental health. The company went public in January 2021 and has tallied up over 4M telehealth consultations since was founded 5 years ago.
Hims & Hers’ success can be attributed to it being a forerunner on several trends impacting the health and wellness space, including:
- Addressing the stigmatized sexual wellness category
- Applying the telehealth business model to mental health conditions
- Prioritizing the creation of an approachable healthcare experience for consumers
At the same time, there has been a trend within consumer packaged goods (CPG) that has also played in Hims & Hers’ favor. More beauty, personal care, and wellness products are being marketed using approaches associated with healthcare, such as clinical trials and telehealth consultations, to add legitimacy to their non-prescription offerings.
But as the lines between healthcare and personal care become increasingly blurred for some product categories, more and more startups are emerging to go after the opportunity.
Companies sitting at this intersection are looking to bring consumers more convenient and affordable products and services, with the goal of offering similar care to what they would receive in a doctor’s office but without the discomfort of a clinical experience. There’s also an increasing focus on women’s health within this space, with a growing number of platforms solely targeting women.
Below, we look at how companies are unbundling Hims & Hers, from AI-powered skin analysis to at-home testing kits.