Hims & Hers, a telehealth platform targeting millennials, announced on Monday the appointment of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors.
Schultz, who has more than 25 years of experience in the pharmaceutical industry, previously held positions including president and chief operating officer at Novo Nordisk, a company renowned for its diabetes and obesity treatments. He is currently the CEO of Teva Pharmaceutical.
“Hims & Hers is on a trajectory to upend the healthcare industry,” Schultz stated in a press release. “In my long career in the pharmaceutical industry, 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. I’m thrilled to be a part of this journey.”
Following the announcement, Hims & Hers shares rose by 3% in morning trading, and the company’s stock has increased by 125% since the start of the year.
This news follows Hims & Hers’ recent launch of a compounded version of semaglutide, which is the active ingredient found in the well-known diabetes and weight loss medications Ozempic and Wegovy, manufactured by Novo Nordisk. Hims & Hers is offering a monthly supply of this weight loss medication for $199, significantly lower than the nearly $1,000 cost of Ozempic and $1,349 for Wegovy.
The demand for these popular and expensive brand-name drugs has led several telehealth platforms to utilize a provision of the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of medications that are in short supply. Compounding involves customizing an approved drug by a licensed pharmacist or physician to meet an individual patient’s specific needs.
Generally, the Food, Drug, and Cosmetic Act prohibits the compounding of drugs that are merely copies of commercially available medications. However, the U.S. Food and Drug Administration (FDA) does not consider drugs that are in shortage to be commercially available.
Schultz expressed confidence in the company’s future in selling compounded semaglutide, stating that even after the shortages are resolved, pharmacies will continue to meet the individual needs of patients.