Hims & Hers building healthcare demand aggregator via Trojan horse from ED to GLP-1
Internet shifts power from supply/distribution to demand ownership; Hims starts with low-margin ED (Trojan horse), moves to high-margin weight loss memberships ($149/mo vs $39), creating flywheel: more subscribers → better supplier terms (Novo, potentially Lilly) → more services → more subscribers; 74% 5-year CAGR at 2.1x EV/Sales.