Hims & Hers, the telehealth platform aimed at millennials, announced on Monday that Kåre Schultz, a veteran executive from Novo Nordisk, has joined its board of directors.
Schultz has dedicated over 25 years to the Danish pharmaceutical company, renowned for its diabetes and obesity treatments, where he held various positions, including president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
In a statement, Schultz expressed enthusiasm about Hims & Hers, saying, “The company is on a trajectory to upend the healthcare industry. This is the first organization I’ve encountered that is utilizing modern tools to effectively break down barriers and transform how individuals access the health solutions vital for their well-being. I’m excited to be part of this journey.”
Following the announcement, Hims & Hers saw its stock rise by 3% during morning trading, placing its shares up 125% since the start of the year.
This news comes shortly after Hims & Hers began offering a compounded form of semaglutide, the active ingredient in popular diabetes and weight-loss medications Ozempic and Wegovy, both manufactured by Novo Nordisk. Hims & Hers is pricing a month’s supply of this weight loss medication at $199, significantly lower than Ozempic’s nearly $1,000 and Wegovy’s $1,349 list prices.
Due to the limited availability of these sought-after and pricey brand-name drugs, several telehealth platforms have taken advantage of a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded medications in shortage. Compounding involves customizing an approved drug by licensed pharmacists or physicians to cater to the specific needs of individual patients.
Generally, the act restricts the compounding of drugs that are simply replicas of commercially available medications. However, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available.
Schultz informed Bloomberg on Monday that he sees a “long future” in selling compounded semaglutide. When questioned about the future of compounded semaglutide after shortages conclude, Schultz replied that he remains optimistic, citing the persistent need for customized prescriptions for patients.