The telehealth platform Hims & Hers, which is popular among millennials, has welcomed Kåre Schultz to its board of directors, as announced on Monday. Schultz has a rich history in the pharmaceutical industry, spending over 25 years at Novo Nordisk, a leader in diabetes and obesity treatment, where he held prominent roles such as president and chief operating officer. He is also the current CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his excitement about joining Hims & Hers, stating, “This is the first company I have seen that is leveraging today’s modern tools to truly break down barriers and change the status quo of how people access the health solutions they need to live their fullest lives.” His endorsement reflects the company’s innovative approach to healthcare, which aims to disrupt traditional models.
Following the announcement, Hims & Hers experienced a 3% increase in stock price during morning trading, marking a notable 125% rise since the start of the year. This news comes shortly after the company launched a compounded version of semaglutide, the active ingredient in popular weight-loss medications like Ozempic and Wegovy, offered at a competitive price of $199 compared to the much higher retail prices of the brand-name drugs.
The rise in demand for these compounded medications is linked to ongoing shortages of the original products, prompting various telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act that allows compounding of medications in shortage. The law typically restricts compounding to individualized needs but permits it when supply issues arise.
Schultz mentioned to Bloomberg that he sees a “long future” for the company within this segment, indicating confidence in sustainability beyond the current shortages. He emphasized that there will continue to be scenarios necessitating personalized prescriptions even after supply issues are resolved.
This development highlights the potential of telehealth services to make significant impacts in the healthcare landscape, especially by providing accessible and affordable options for consumers. By bridging the gap in medication availability, Hims & Hers exemplifies the positive changes that innovative healthcare solutions can create, fostering a hopeful outlook for patients seeking affordable treatment alternatives.
Summary: Hims & Hers has appointed Kåre Schultz, a seasoned executive from Novo Nordisk, to its board, signifying its innovative approach to breaking down healthcare barriers. The company’s recent launch of a compounded version of a popular weight-loss drug at a lower price reflects its commitment to affordability amid industry shortages, suggesting a promising future in telehealth.