Hims & Hers, a telehealth platform popular among millennials, announced the addition of Kåre Schultz to its board of directors on Monday. Schultz is a seasoned expert, having spent over 25 years at Novo Nordisk, where he held various positions, including president and chief operating officer. Currently, he serves as the CEO of Teva Pharmaceutical.
Schultz expressed enthusiasm about joining 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.” His confidence in the company is reflected in the stock market, where shares surged 3% during Monday morning trading and have increased by 125% since the start of the year.
This development follows Hims & Hers’ recent launch of a compounded version of semaglutide, the active ingredient in the popular diabetes and weight loss medications Ozempic and Wegovy, both produced by Novo Nordisk. Hims & Hers offers its compounded semaglutide at $199 per month, significantly lower than the original prices of Ozempic and Wegovy, which can reach nearly $1,000 and $1,349, respectively.
The recent drug shortages have created opportunities for telehealth platforms like Hims & Hers to offer compounded medications. The Food, Drug, and Cosmetic Act allows for the sale of compounded drugs that are in shortage, enabling licensed pharmacists or physicians to tailor medications to meet individual patient needs. While there are regulations around compounding, Schultz believes that the need for personalized prescriptions will persist even after the shortages are resolved.
This strategic move demonstrates Hims & Hers’ commitment to transforming healthcare access and affordability, a crucial aim in today’s healthcare environment. The company’s innovative approach and leadership changes could position it favorably in the market, bringing hope for improved healthcare solutions to many individuals seeking affordable treatment options.
In summary, the integration of Kåre Schultz onto the board and the launch of a more affordable weight loss medication signal Hims & Hers’ mission to enhance healthcare accessibility and innovation. With such initiatives, the platform is set on a promising path to reshape how individuals engage with health solutions.