In Episode 42 of Hims House, Jonathan Stern and Patrick Lester (Bayside) sit down with Shaun Noorian, founder & CEO of Empower Pharmacy, the world’s largest compounding pharmacy. We dig into why rumors about 503Bs “ramping up GLP-1s” may be misleading, how Empower is challenging Eli Lilly on tirzepatide patents, and the broader fight over compounding. We also how Trump’s new administration - RFK Jr. at HHS, and Marty Makary at FDA - could reshape the industry. We close with the MFN pricing backdrop under the new administration. All along the way, Noorian makes the case that compounding is not a loophole but a critical, highly regulated part of healthcare, and looks ahead to its future in hormone therapy, peptides, longevity medicine, and sleep health.

00:00 – Intro

00:52 – Empower’s mission: personalized medicine at scale

03:07 – GLP-1 rumors: are 503Bs ramping? What’s actually legal

09:21 – 503A vs. 503B compliance

19:14 – The Eli Lilly v. Empower lawsuit

27:04 – MFN pricing, EO chatter & compounding

33:11 – Hims’ impact on the industry: awareness, lobbying & demand

37:15 – HRT, peptides, longevity

39:59 – Sermorelin explained

41:32 – Bad actors vs. legitimate compounders

43:08 – Odds: percent chance of FDA action against compounders

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