Hims & Hers, a telehealth platform aimed at millennials, announced on Monday the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors.
Schultz boasts over 25 years of experience with the Danish pharmaceutical company, renowned for its diabetes and obesity treatments, 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 joining Hims & Hers, stating, “This is the first company in my career that is leveraging modern tools to truly break down barriers and change the status quo of how people access the health solutions they need. I’m thrilled to be a part of this journey.”
Following the announcement, Hims & Hers saw a 3% rise in its stock during Monday morning trading, with shares up 125% year-to-date.
This news arrives just months after Hims & Hers began offering a compounded version of semaglutide, the active ingredient in well-known diabetes and weight loss medications Ozempic and Wegovy, both developed by Novo Nordisk. The telehealth company is selling a month’s supply of this weight loss medication for $199, significantly lower than Ozempic’s nearly $1,000 price and Wegovy’s $1,349 cost.
The limited availability of these high-demand medications has prompted several telehealth providers to utilize a section of the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of drugs that are in shortage. Compounding allows pharmacists to customize approved medications to meet individual patient needs.
While the Food, Drug, and Cosmetic Act generally forbids compounding medicines that merely replicate commercially available drugs, the FDA does not classify drugs in shortage as commercially available.
Schultz indicated to Bloomberg that the company envisions a long-term future in marketing compounded semaglutide. When asked if pharmacies would continue to make compounded semaglutide after shortages have been resolved, he expressed confidence, noting that there would still be instances where patients require personalized prescriptions.