The telehealth platform Hims & Hers, which caters primarily to millennials, announced on Monday the appointment of Kåre Schultz, a seasoned executive from Novo Nordisk, to its board of directors. Schultz boasts over 25 years of experience at Novo Nordisk, a company renowned for its diabetes and obesity treatments, where he held various significant roles, including president and chief operating officer. Currently, he serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm for joining Hims & Hers, stating, “Hims & Hers is on a trajectory to upend the healthcare industry. In my long career in the pharmaceutical sector, 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 this announcement, Hims & Hers saw a 3% increase in its stock price during morning trading, bringing the total gain to 125% since the start of the year. This development coincides with Hims & Hers’ recent introduction of a compounded version of semaglutide, the active ingredient found in well-known diabetes and weight loss medications such as Ozempic and Wegovy, both manufactured by Novo Nordisk. The company is offering a month’s supply of this weight loss medication for $199, significantly lower than the nearly $1,000 price tag for Ozempic and the $1,349 for Wegovy.
The demand for these costly brand-name drugs, combined with limited availability, has enabled several telehealth platforms, including Hims & Hers, to exploit a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of medications that are in shortage. Compounding allows licensed pharmacists or physicians to customize approved drugs to meet individual patient needs.
Typically, the act prevents the compounding of medications that are merely replicas of commercially available drugs. However, within the U.S. Food and Drug Administration (FDA) guidelines, drugs considered in shortage do not fall under this commercial classification. Schultz indicated to Bloomberg that the company sees a “long future” in offering compounded semaglutide, suggesting that individualized prescriptions will continue to justify its availability even after shortages are resolved.
This initiative not only highlights Hims & Hers’ commitment to providing more accessible healthcare solutions but also underscores a trend in the telehealth industry toward customizing treatment options for patients. As healthcare continues to evolve, the potential for technological advancements and patient-centered care could lead to improved health outcomes and greater accessibility for many individuals seeking treatment.
In summary, Hims & Hers is positioning itself to make significant strides in the healthcare landscape, with expert insight from Kåre Schultz that promises to drive innovation and address vital health needs more effectively.