# The Underground Peptide Market Is Getting Ready to Go Mainstream

An episode of [Big Take](https://invisiblenetwork.ai/podcast/1578096201), 2 Jul 2026, 19 min.

Audio: https://podtrac.com/pts/redirect.mp3/tracking.swap.fm/track/UVBrz8bN8aM2Xe47PEPu/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/825d4e29-b616-46f4-afd7-ae2b0013005c/567a2cd1-0c1e-48fc-b1ad-b47b0163fb10/audio.mp3?utm_source=Podcast&in_playlist=8b1dd624-a026-43e9-8b57-ae2b00130066

In just a few years, peptides have grown from fringe drugs popular with fitness buffs and ‘looksmaxxers’ to a billion-dollar black market. Now, with the prospect of regulation on the horizon, healthcare players and investors are racing to cash in. On today’s Big Take podcast, Bloomberg reporters Amanda Mull and Madison Muller join host Sarah Holder to break down the peptide boom, the safety concerns surrounding it and how a friendly Trump administration could bring it into the mainstream. Read more: Peptides Fuel a Multibillion-Dollar Startup Race Hosted by Sarah Holder; Produced by Laura Newcombe, Victor Swezey; Reported by Amanda Mull, Madison Muller; Edited by Julia Weaver, Aaron Edwards. Fact-checking by Julia Press; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

## Transcript

[0:03] Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Essentially, if you have
[0:10] Speaker 1: a health concern or problem, whether that's a physical problem
[0:14] Speaker 1: or a cosmetic or aesthetic one, there is probably a
[0:17] Speaker 1: peptide for that.
[0:18] Speaker 2: That's Madison Mueller, who covers the pharmaceutical industry for Bloomberg. Recently,
[0:24] Speaker 2: she's been hearing a lot about a specific kind of drug, peptides.
[0:29] Speaker 2: I've been hearing a lot about them too. They seem
[0:32] Speaker 2: to be everywhere now, to the injectible peptides crades sweeping
[0:36] Speaker 2: social media.
[0:37] Speaker 3: If you're in your thirties and you're not incorporating peptides
[0:40] Speaker 3: into your skincare routine, why not.
[0:43] Speaker 2: At the most basic level, peptides are chains of amino
[0:46] Speaker 2: acids that bind to receptors in the body to turn
[0:49] Speaker 2: processes on and off. Peptides are used in lots of
[0:53] Speaker 2: different drugs, and they promise all kinds of transformative benefits.
[0:57] Speaker 3: They will make you theoretically tan, beautiful, snatched, pain free.
[1:02] Speaker 4: Well rested.
[1:04] Speaker 2: That's Amanda Mall, a senior reporter for Bloomberg BusinessWeek. She
[1:08] Speaker 2: says some of the most popular peptide based drugs are
[1:11] Speaker 2: ones you probably recognize, like GLP ones for weight loss
[1:16] Speaker 2: and insulin.
[1:17] Speaker 3: Some of the substances that we're talking about are like
[1:20] Speaker 3: extremely well researched, extremely widely used, safe, effective, and they
[1:24] Speaker 3: come from pharmaceutical companies that have large, well inspected facilities
[1:30] Speaker 3: for producing peptide drugs in large quantities.
[1:33] Speaker 2: But there are a lot of other peptide based injectibles
[1:36] Speaker 2: that are largely unregulated.
[1:38] Speaker 3: There's a lot of substances that have not been trialed
[1:42] Speaker 3: extensively in humans or hardly at all in humans. For
[1:45] Speaker 3: some of them, they do not come generally from large
[1:48] Speaker 3: pharmaceutical companies in the US. They are imported sort of
[1:53] Speaker 3: as research materials. The sale of them is generally illegal
[1:57] Speaker 3: for human.
[1:58] Speaker 4: Use, says.
[2:00] Speaker 2: Right now, the underground peptide trade is booming.
[2:04] Speaker 3: You could buy some in a minute or two if
[2:07] Speaker 3: you got out your credit card right now.
[2:10] Speaker 2: Already, investors estimate that this peptide black market is worth
[2:14] Speaker 2: one to three billion dollars. But it might not be
[2:17] Speaker 2: a black market for long because the US Secretary of
[2:21] Speaker 2: Health and Human Services is himself a peptide enthusiast.
[2:26] Speaker 3: I mean, I'm a big fan of peptides. I've used
[2:28] Speaker 3: them myself and use them with really good effect.
[2:32] Speaker 4: That's Robert F.
[2:33] Speaker 2: Kennedy Junior on Joe Rogan's podcast in the summer of
[2:36] Speaker 2: twenty twenty three. Kennedy has been pushing the FDA to
[2:39] Speaker 2: take a closer look at the drugs, in part because
[2:42] Speaker 2: he says he wants to divert demand away from what
[2:45] Speaker 2: he's called a dangerous black market that could potentially pave
[2:49] Speaker 2: the way for state regulated compounding pharmacies to make some
[2:53] Speaker 2: peptides legally.
[2:55] Speaker 3: If all of these things get put into legal compounding
[2:58] Speaker 3: in the US, expands a lot of people's risk tolerance
[3:02] Speaker 3: and willingness to try them because they're coming from like
[3:04] Speaker 3: a certified facility, They're you know, traceable there. You know,
[3:08] Speaker 3: it just brings it out of the shadows a little bit.
[3:15] Speaker 2: I'm Sarah Holder, and this is the big take from
[3:17] Speaker 2: Bloomberg News today on the show Inside the billion Dollar
[3:22] Speaker 2: Peptide Praise, How the drugs moved into the mainstream, and
[3:26] Speaker 2: what regulation would mean for telehealth companies, big pharma, and
[3:30] Speaker 2: the alternative wellness industry. What's the origin story for these
[3:40] Speaker 2: drugs that use peptides.
[3:42] Speaker 1: Well, peptides have actually been around for a long time.
[3:45] Speaker 1: They sort of became popular on like the fringes of
[3:47] Speaker 1: the fitness and the bodybuilding community, and over time they've
[3:51] Speaker 1: sort of seeped into more of the mainstream culture.
[3:54] Speaker 3: If you are like looking for an inflection point, it
[3:56] Speaker 3: is probably like twenty twenty one twenty twenty two, when
[4:00] Speaker 3: people beyond the sort of like type two diabetes patient
[4:04] Speaker 3: community started to become aware that ozempic and then munjaro
[4:09] Speaker 3: were really great for weight loss. That started to become,
[4:13] Speaker 3: you know, something that people wrote about in like culture
[4:16] Speaker 3: magazines and on blogs and like on Reddit. So people
[4:19] Speaker 3: started to look for options to receive these these drugs.
[4:24] Speaker 1: People were seeking out GLP one drugs from compound pharmacies
[4:27] Speaker 1: or medical spas, and once they got comfortable sort of
[4:30] Speaker 1: taking a medication that was not necessarily a branded, you know,
[4:34] Speaker 1: pharmaceutical product some of these medspots, but these doctors started
[4:38] Speaker 1: recommending other things. So let's try BPC one five seven,
[4:42] Speaker 1: or let's try ghkcu. All of these sort of sound
[4:45] Speaker 1: like alphabet soup of various letters and numbers and things,
[4:49] Speaker 1: but people got comfortable with the idea one of injecting
[4:52] Speaker 1: themselves with something because of the GLP ones and then
[4:54] Speaker 1: also taking something that didn't come from a brand name
[4:58] Speaker 1: pharmaceutical company.
[5:00] Speaker 4: We're also seeing right now, I mean.
[5:01] Speaker 1: A lot of people who are big personalities, podcasters, biohackers
[5:06] Speaker 1: sort of talking about various experimentation that they're doing with
[5:10] Speaker 1: their own health. I mean, we have people like Brian
[5:12] Speaker 1: Johnson that have a lot of followers, have gotten a
[5:14] Speaker 1: lot of attention. Joe Rogan's talked about peptides on his podcast,
[5:17] Speaker 1: and so that's again sort of thrust them into the
[5:20] Speaker 1: mainstream culture more and people just being more willing to
[5:24] Speaker 1: sort of get healthcare from outside of the traditional healthcare system,
[5:28] Speaker 1: outside of what doctors are prescribing them, and sort of
[5:31] Speaker 1: taking it into their own hands, sometimes in an extreme way.
[5:35] Speaker 2: Amanda and Madison talked to several people who've recently started
[5:39] Speaker 2: using peptides. It's not all biohackers and looks maaxers. It's
[5:43] Speaker 2: people like Christy Turner, a therapist from Indiana.
[5:47] Speaker 5: I feel like, I honestly think glp ones have just
[5:49] Speaker 5: been a gateway drug to peptides.
[5:51] Speaker 2: Christy started using zep bound a GLP one in May
[5:55] Speaker 2: of twenty twenty four. She credits the drug with helping
[5:58] Speaker 2: her lose two hundred pounds into two years.
[6:01] Speaker 5: I've had a pretty charmed Disney experience on zepbound really.
[6:05] Speaker 2: Then about a year ago, Christie started using ghkcu, which
[6:09] Speaker 2: helps with the skin sagging that often accompanies massive weight loss,
[6:13] Speaker 2: and more recently, she's also started taking glue tocione, which
[6:17] Speaker 2: is supposed to boost her immune system. US regulators don't
[6:21] Speaker 2: permit GHKCU to be compounded in its injectable form, but
[6:26] Speaker 2: Christy's doctor, a functional medicine practitioner and osteopath with her
[6:30] Speaker 2: own independent practice, sources the drugs from compounding pharmacies that
[6:34] Speaker 2: are willing to make them. Compounding pharmacies are state regulated
[6:38] Speaker 2: facilities that are licensed to make customized versions of drugs.
[6:43] Speaker 2: Christy sees her doctor remotely and trusts her advice.
[6:46] Speaker 5: She always does a good job of educating ne on
[6:50] Speaker 5: what it is, not just saying you should take it,
[6:52] Speaker 5: but she says, hey, if this is a concern, here's
[6:54] Speaker 5: information on it. Let me know what you think. I
[6:57] Speaker 5: looked at her stuff, and then I did a lot
[6:59] Speaker 5: of research on my own, and I really just didn't
[7:02] Speaker 5: feel like the risks were significant for me to take.
[7:05] Speaker 5: I mean, I just really didn't feel like I had risk.
[7:08] Speaker 5: Really at it.
[7:10] Speaker 3: Her story to me is sort of a case study
[7:12] Speaker 3: in how people's risk tolerance.
[7:14] Speaker 4: Expands Bloomberg's Amanda Mull again.
[7:16] Speaker 3: And how like somebody who wants to do things the
[7:19] Speaker 3: very traditional, very by the book way can sort of
[7:25] Speaker 3: have their mind opened to doing things that are sort
[7:28] Speaker 3: of beyond that original risk tolerance because of the sort
[7:31] Speaker 3: of networks of trust and relationships that they have to
[7:35] Speaker 3: these drugs.
[7:36] Speaker 2: The reason there's this huge underground market for peptides is that,
[7:40] Speaker 2: aside from high profile drugs like glp ones, most have
[7:44] Speaker 2: not been approved for clinical use in the US. Some
[7:47] Speaker 2: of the peptides we're seeing today were first developed by
[7:50] Speaker 2: pharma companies but weren't projected to be safe or effective
[7:53] Speaker 2: or profitable enough to be put through the FDA approval process.
[7:58] Speaker 2: For a lot of them, that means they haven't gone
[8:00] Speaker 2: through robust long term safety testing, and in the world
[8:04] Speaker 2: of drugs, unlike say supplements or cosmetics, unapproved essentially means illegal.
[8:12] Speaker 3: In twenty twenty three, the Biden administration FDA decided to
[8:16] Speaker 3: put many of these peptides on a list that explicitly
[8:21] Speaker 3: banned compounding pharmacies from putting them in drugs for consumers.
[8:26] Speaker 3: Even with a valid prescription. But before that, it was
[8:29] Speaker 3: just sort of like they were illegal because they weren't
[8:31] Speaker 3: explicitly made legal in some way. And so as they
[8:35] Speaker 3: became more common online, the Biden administration said, we know
[8:39] Speaker 3: that this is becoming more popular, we will enforce against this.
[8:42] Speaker 3: That cuts some of the compounding pharmacies that had been
[8:44] Speaker 3: dabbling in this. It got some of them out of
[8:46] Speaker 3: the business.
[8:47] Speaker 2: And this almost sounds like a naive question, but how
[8:50] Speaker 2: are people getting them anyway? Then?
[8:51] Speaker 1: It is so easy to order anything that you want
[8:54] Speaker 1: online these days, so that's part of it. Is people
[8:56] Speaker 1: are ordering what is considered research use only chemicals sort
[9:01] Speaker 1: of online a lot of times from China or other
[9:03] Speaker 1: overseas suppliers.
[9:04] Speaker 2: It's not technically illegal to possess these chemicals, and you
[9:08] Speaker 2: can sell them as long as you're not marketing them
[9:10] Speaker 2: as medicine. So black market peptide vendors will often market
[9:14] Speaker 2: their products as research chemicals, not for human consumption.
[9:18] Speaker 4: It shouldn't be a loophole, but it is.
[9:20] Speaker 1: It's people or some businesses think that by labeling something
[9:24] Speaker 1: as research use only, it sort of shields them from
[9:28] Speaker 1: liability of like actually selling something or importing something into
[9:32] Speaker 1: the US that people are not supposed to be taking.
[9:35] Speaker 3: So what is being imported and sold to consumers in
[9:39] Speaker 3: the case of these black market peptides is active pharmaceutical ingredients.
[9:43] Speaker 3: You get the powdered version of the active ingredients that
[9:48] Speaker 3: is then imported with peptide drugs, the powdered active ingredient.
[9:52] Speaker 3: The only really difference between that and like a like
[9:56] Speaker 3: a finished usable drug is reconstitution with like a type
[10:00] Speaker 3: of sterile water that then makes it injectable. So you've
[10:04] Speaker 3: got this powder coming in that is pretty easy to
[10:07] Speaker 3: teach people how to use once you can get it
[10:10] Speaker 3: into their hands.
[10:11] Speaker 2: And buyers often don't know what's in these research use
[10:14] Speaker 2: only chemicals, so their rise has also led to a
[10:17] Speaker 2: growing demand for companies that test these peptides.
[10:20] Speaker 3: As more and more people have heard about them and
[10:23] Speaker 3: the only way to get a lot of them is
[10:24] Speaker 3: through this sort of trade with American resellers of Chinese
[10:29] Speaker 3: peptide ingredients. More and more people have said, like, wait,
[10:33] Speaker 3: can you show me something that proves that this powder
[10:36] Speaker 3: is what you say it is and it's not ventanyl
[10:38] Speaker 3: or something like that.
[10:41] Speaker 2: The underground peptide trade may soon move out of the
[10:44] Speaker 2: shadows what that means for these chains of amino acids
[10:48] Speaker 2: and the future of our healthcare system after the break.
[11:06] Speaker 2: When US Health and Human Services Secretary Robert F. Kennedy
[11:09] Speaker 2: Junior was asked about peptides on the Joe Rogan Show
[11:12] Speaker 2: in June of twenty twenty three, he said he was
[11:15] Speaker 2: a fan.
[11:15] Speaker 3: He's peptide positive.
[11:17] Speaker 4: I would say that's Amanda Mulligan.
[11:19] Speaker 3: He said that he has taken peptides, that he had
[11:22] Speaker 3: a good experience with them, that he thinks they're very interesting.
[11:25] Speaker 1: Yeah, and a lot of the people in rfk's circle
[11:28] Speaker 1: are also peptide positive. A lot of these figures within
[11:32] Speaker 1: the MAHA movement that Make America Healthy Again movement have
[11:36] Speaker 1: some sort of relationship to or have talked about taking
[11:38] Speaker 1: peptides themselves. So there's a lot of chatter right now
[11:41] Speaker 1: sort of from these circles as well that have become
[11:44] Speaker 1: increasingly influential in this administration.
[11:47] Speaker 2: Madison Muller says all these peptide positive vibes could soon
[11:51] Speaker 2: lead to a seismic change for the industry.
[11:54] Speaker 1: So there's basically going to be an advisory committee meeting
[11:58] Speaker 1: at the end of July, in which a group of
[12:00] Speaker 1: independent experts will review the evidence, which there isn't much
[12:05] Speaker 1: evidence to review, and basically make a non binding recommendation
[12:10] Speaker 1: to the FDA and to HHS about whether these should
[12:13] Speaker 1: be legalized, whether they should be sort of categorized differently
[12:17] Speaker 1: to allow compounding pharmacies to make them in a legal
[12:20] Speaker 1: way in the US.
[12:22] Speaker 2: This FDA committee is expected to recommend that seven peptides
[12:26] Speaker 2: be added to the list of substances available for legal
[12:28] Speaker 2: use in compounding pharmacies, with another five to be considered
[12:32] Speaker 2: for inclusion by early twenty twenty seven.
[12:34] Speaker 1: Kind Of at the end of the day, the HHS
[12:36] Speaker 1: Secretary or head of the FDA can decide what they
[12:40] Speaker 1: want to do, sort of regardless of what comes out
[12:42] Speaker 1: of that meeting, but that meeting is supposed to be
[12:45] Speaker 1: an important step toward legalizing these substances.
[12:50] Speaker 2: And who are the potential winners here if peptides do
[12:53] Speaker 2: gain the regulatory approval that the administration is pushing for.
[12:57] Speaker 3: Well, I think that there are a lot of parts
[13:00] Speaker 3: of the healthcare industry that have already started to like
[13:03] Speaker 3: line up behind what they see as and eventuality telehealth
[13:07] Speaker 3: platforms which have benefited enormously from the GLP one boom.
[13:11] Speaker 3: Compounding pharmacies, telehealth platforms, and compounding pharmacies often partner to
[13:17] Speaker 3: you know, sort of like serve large scale patient populations
[13:20] Speaker 3: for particular drugs, entrepreneurs who are starting up, you know,
[13:26] Speaker 3: ways of sourcing these drugs, like fitness influencers. The funny
[13:30] Speaker 3: thing about the sort of research chemicals is that, in
[13:32] Speaker 3: order to like not violate federal law when you're selling
[13:36] Speaker 3: research materials, you're not supposed to acknowledge at all that
[13:40] Speaker 3: they might have any kind of effects in the human body.
[13:43] Speaker 3: You're not supposed to provide dosage advice. And part of
[13:47] Speaker 3: that is you're not supposed to partner with influencers who
[13:50] Speaker 3: talk about how wonderful they are for your skin or
[13:51] Speaker 3: your sleep or your body composition or whatever. But you know,
[13:56] Speaker 3: compounding pharmacies and telehealth platforms do have like much broader
[14:00] Speaker 3: capacity to partner with advertisers, to partner with platforms, to
[14:05] Speaker 3: partner with influencers. So the further this gets brought into
[14:09] Speaker 3: regulatory compliance, the more opportunities there are for a lot
[14:12] Speaker 3: of fronts.
[14:13] Speaker 2: But even if they do gain more widespread acceptance, peptides
[14:17] Speaker 2: won't necessarily be heading for your GP's office.
[14:20] Speaker 1: They still are sort of on the fringes of the
[14:24] Speaker 1: regular traditional drug approval system because they won't be FDA
[14:28] Speaker 1: approved products, even if the FDA says that compounding pharmacies
[14:31] Speaker 1: can make them. It's different from the pharmaceutical grade products
[14:35] Speaker 1: that have been tested extensively in hundreds or thousands of
[14:40] Speaker 1: patients over many, many years in large blinded trials. So
[14:44] Speaker 1: how will companies handle these if they are wanting to
[14:47] Speaker 1: be above board and sort of comply with the FDA
[14:51] Speaker 1: standards for drugs is sort of a lingering question.
[14:54] Speaker 2: From a business perspective. Who are the potential losers here?
[14:58] Speaker 2: Who doesn't stand to gain if these kinds of regulatory
[15:04] Speaker 2: shifts happen.
[15:05] Speaker 3: I think that like a potential loser here is big
[15:07] Speaker 3: pharma because a lot of these very very popular compounds,
[15:12] Speaker 3: like they don't exist in patent protection anymore. There's not
[15:14] Speaker 3: really any direct way that any particular pharma company can
[15:20] Speaker 3: profit off of these any more than like a you know,
[15:23] Speaker 3: an enterprising compounding pharmacy or telehealth platform. So not only that,
[15:27] Speaker 3: but you have like a patient population who is more
[15:31] Speaker 3: and more comfortable sort of finding someone who will sell
[15:34] Speaker 3: them something directly, whether that is finding a doctor online
[15:39] Speaker 3: who will send them to a compounding pharmacy, or whether
[15:41] Speaker 3: that is finding active pharmaceutical ingredient powder themselves and figuring
[15:45] Speaker 3: it out from there. Based on what people on Reddit say.
[15:47] Speaker 2: I know the answer to this is probably it depends.
[15:50] Speaker 2: But I am wondering what having more peptides available legally
[15:54] Speaker 2: through compounding pharmacies means for patients or potential users.
[16:00] Speaker 3: I think that like the upside of this potentially is
[16:03] Speaker 3: harm reduction. Like, you've got a patient population of millions
[16:07] Speaker 3: of people who are on these medications currently or who
[16:09] Speaker 3: are very interested in getting on them, and if a
[16:14] Speaker 3: lot of them are willing to take peptides from like
[16:18] Speaker 3: wherever online, then is it ultimately safer and more beneficial
[16:23] Speaker 3: to those patients to give them sort of a safe
[16:28] Speaker 3: supply situation. But then you've got like sort of the
[16:31] Speaker 3: downside of putting this sort of imprimature of safety and
[16:35] Speaker 3: efficacy and legitimacy on drugs that like, we don't really
[16:40] Speaker 3: know if they're safe or efficacious or good for you
[16:44] Speaker 3: in the long term. BPC one five seven is one
[16:46] Speaker 3: of the very very popular peptides, and people rave about it.
[16:50] Speaker 3: People say that, you know, they healed tendinitis, they healed
[16:53] Speaker 3: old injuries. But there's also based on the mechanism of
[16:56] Speaker 3: like how this drug works, it potentially like if you
[16:58] Speaker 3: have like a cancerous too or in your body that
[17:00] Speaker 3: you don't know about yet, or that isn't dangerous yet,
[17:02] Speaker 3: haven't grown yet, there's a real danger of like suddenly
[17:07] Speaker 3: you've supercharged not only your your tendon regeneration, but also
[17:10] Speaker 3: the ability of that tumor to grow. So you have
[17:14] Speaker 3: like this whole spectrum of potential outcomes, and because there's
[17:17] Speaker 3: no research, we don't know how likely any of them are.
[17:22] Speaker 1: There's a couple of different things happening right now. I mean,
[17:24] Speaker 1: we're in this moment where we are seeing widespread distrust
[17:28] Speaker 1: of traditional healthcare systems.
[17:31] Speaker 4: You know, Robert F.
[17:31] Speaker 1: Kennedy Junior and HHS, they've been very skeptical of things
[17:36] Speaker 1: like vaccines and sort of up ending long standing vaccine recommendations,
[17:40] Speaker 1: especially after COVID. People became pretty skeptical of government recommendations
[17:45] Speaker 1: for healthcare, public health, just the whole ecosystem in general.
[17:50] Speaker 1: Also a lot of frustration with health insurers and the
[17:54] Speaker 1: cost of medications. The cost of treatment. People also want
[17:58] Speaker 1: to take control of their health and they're interested in
[18:00] Speaker 1: more preventive solutions, and so people are looking outside of
[18:06] Speaker 1: the traditional sort of healthcare paradigm that medications and treatment
[18:11] Speaker 1: were often recommended and sort of it existed within the
[18:13] Speaker 1: doctor's office, and now people are seeking out things really
[18:17] Speaker 1: outside of the doctor's office, mostly if they're going even
[18:20] Speaker 1: to the doctor at all.
[18:26] Speaker 2: This is the Big Take from Bloomberg News. I'm Sarah Holder.
[18:30] Speaker 2: To get more from The Big Take and unlimited access
[18:32] Speaker 2: to all of Bloomberg dot com, subscribe today at Bloomberg
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[18:44] Speaker 4: It helps people find the show. Thanks for listening. We'll
[18:47] Speaker 4: be back tomorrow

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