Hims & Hers, a telehealth platform aimed at millennials, has announced the addition of Kåre Schultz to its board of directors. Schultz, who has an extensive background with Novo Nordisk, has served the Danish pharmaceutical company for over 25 years in various key positions, including president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm for 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.” He is excited to be part of the company’s mission to transform the healthcare landscape.
Following the announcement, Hims & Hers stock rose by 3% on Monday morning and has seen an impressive 125% increase since the beginning of the year.
This development comes shortly after Hims & Hers began offering a compounded version of semaglutide, the active ingredient found in popular diabetes and weight loss medications Ozempic and Wegovy, both produced by Novo Nordisk. Hims & Hers sells a month’s supply of this weight loss medication for $199, significantly lower than Ozempic’s list price of nearly $1,000 and Wegovy’s $1,349 price.
Amid a limited supply of these high-demand drugs, various telehealth companies are utilizing a provision in the Food, Drug, and Cosmetic Act that allows for the sale of compounded versions of medications considered in shortage. Compounding involves tailoring an approved drug to meet the specific needs of an individual patient.
Normally, the Food, Drug, and Cosmetic Act prohibits the compounding of drugs that merely replicate commercially available medications. However, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available.
Schultz remarked to Bloomberg that Hims & Hers plans to maintain its offerings of compounded semaglutide in the future. He also conveyed confidence that, even after the shortages are resolved, there will still be scenarios requiring individualized prescriptions.