Hims & Hers, a telehealth platform catering to millennials, announced the addition of Kåre Schultz to its board of directors on Monday. Schultz, who has a long-standing career at Novo Nordisk, has served in various capacities for over 25 years at the Danish pharmaceutical company, which is renowned for its diabetes and obesity treatments. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm for joining Hims & Hers, stating, “This company 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, shares of Hims & Hers increased by 3% during Monday morning trading, bringing the total up 125% since the start of the year.
This news comes just a few months after Hims & Hers began offering a compounded version of semaglutide, the active ingredient found in popular weight loss and diabetes medications like Ozempic and Wegovy, which are manufactured by Novo Nordisk. The telehealth company is pricing a month’s supply of the weight loss medication at $199, significantly lower than Ozempic’s nearly $1,000 list price and Wegovy’s $1,349 price.
The high demand and limited availability of these brand-name drugs have prompted several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of medications currently in shortage. Compounding involves customizing a licensed drug by a pharmacist or physician to meet the specific needs of an individual patient.
While the Food, Drug, and Cosmetic Act typically restricts the compounding of drugs that are mere replicas of commercially available products, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available.
In an interview with Bloomberg, Schultz indicated that Hims & Hers has a promising future in selling compounded semaglutide. He also expressed confidence that even after shortages resolve, pharmacies would continue to be able to provide individualized prescriptions.