Hims & Hers, a telehealth platform targeting millennials, announced on Monday the appointment of Kåre Schultz, a veteran of Novo Nordisk, to its board of directors.
Schultz has more than 25 years of experience at Novo Nordisk, known for its diabetes and obesity medications, where he held various positions including president and chief operating officer. He currently serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm about Hims & Hers, stating, “This company is leveraging modern tools to break down barriers and change how people access the health solutions they need to live their fullest lives. I’m thrilled to be a part of this journey.”
Following the announcement, Hims & Hers shares gained 3% in early trading, marking a 125% increase since the start of the year.
This news arrives shortly after Hims & Hers began offering a compounded form of semaglutide, the key ingredient in the popular weight loss and diabetes drugs Ozempic and Wegovy, both made by Novo Nordisk. The company is offering a month’s supply of the medication for $199, significantly lower than Ozempic’s nearly $1,000 price and Wegovy’s $1,349.
The high demand and limited availability of these brand-name drugs have led several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act, which permits the sale of compounded drugs during shortages.
Compounding involves customizing an approved drug by a licensed pharmacist or physician to suit the needs of individual patients. While the Act generally prohibits compounding of medications that are simply replicas of commercially available drugs, the FDA does not classify drugs that are in shortage as commercially available.
Schultz told Bloomberg on Monday that Hims & Hers sees a “long future” in the sale of compounded semaglutide. When questioned about whether pharmacies would still be able to produce compounded semaglutide after shortages are resolved, Schultz remained confident, citing ongoing patient needs for personalized prescriptions.