The telehealth platform Hims & Hers has announced the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors. Schultz, who has over 25 years of experience in the pharmaceutical industry, previously held positions such as president and chief operating officer at Novo Nordisk, a company recognized for its diabetes and obesity treatments. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz praised Hims & Hers for its innovative approach to healthcare. “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 stated, expressing excitement about joining the company.
Following the announcement, Hims & Hers stock rose by 3% during morning trading, marking a 125% increase since the start of the year. This comes shortly after the company began offering a compounded version of semaglutide, the active ingredient in the widely used diabetes and weight loss medications Ozempic and Wegovy, produced by Novo Nordisk.
The compounded weight loss drug is available for $199 a month, significantly lower than the list prices of Ozempic and Wegovy, which approach $1,000 and $1,349, respectively. The high demand and limited supply of these brand-name medications have prompted telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act, permitting the sale of compounded versions when specific drugs are in shortage.
Compounding involves customizing an approved medication by a licensed pharmacist or physician to address individual patient needs. Although the Act generally restricts the compounding of drugs that replicate commercially available options, the FDA does not classify drugs in shortage as commercially available.
On Monday, Schultz confirmed to Bloomberg that Hims & Hers has a “long future” in providing compounded semaglutide. He expressed confidence that pharmacists would continue to make compounded versions even after the current shortages end, as there will always be instances where patients require personalized prescriptions.