Hims & Hers, a telehealth platform appealing primarily to millennials, announced on Monday the addition of Kåre Schultz to its board of directors. Schultz is a seasoned veteran of the pharmaceutical industry, with over 25 years of experience at Novo Nordisk, a company renowned for its diabetes and obesity treatments. At present, he is the CEO of Teva Pharmaceutical.
In his statement, Schultz expressed enthusiasm for Hims & Hers, stating that the company is poised to transform the healthcare landscape. He praised its innovative approach, noting, “Hims & Hers is on a trajectory to upend the healthcare industry… leveraging today’s modern tools to truly break down barriers.”
Following the announcement, Hims & Hers experienced a 3% uptick in stock price, bringing its overall growth to a remarkable 125% since the start of the year.
This development comes on the heels of Hims & Hers launching a compounded version of semaglutide, the active ingredient in the popular diabetes and weight loss medications Ozempic and Wegovy, both manufactured by Novo Nordisk. With a price tag of $199 for a month’s supply, Hims & Hers has made this treatment significantly more affordable compared to Ozempic’s nearly $1,000 and Wegovy’s $1,349 list prices.
The surge in demand for these high-cost brand-name drugs has allowed several telehealth companies to capitalize on provisions of the Food, Drug, and Cosmetic Act, which permits the sale of compounded medications when there is a shortage. Although compounding is typically restricted to prevent duplication of available medications, drugs in shortage are exempt from this rule according to the U.S. Food and Drug Administration.
When questioned about the future of compounded semaglutide production post-shortages, Schultz indicated confidence in the sustained need for personalized prescriptions, suggesting this avenue will remain viable.
This strategic board addition and innovative service offering position Hims & Hers at the forefront of telehealth advancements, signaling potential for improved healthcare accessibility for those in need. As the healthcare landscape continues to evolve, Hims & Hers demonstrates a commitment to developing solutions that resonate with modern consumer needs, making healthcare more affordable and personalized.
In summary, Hims & Hers is not only enhancing its leadership team with experienced professionals like Schultz but also broadening its service offerings, potentially reshaping how individuals access essential health treatments. This proactive approach bodes well for the company’s future and for consumers looking for affordable care options.