Telehealth platform Hims & Hers has announced the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors. Schultz, who spent over 25 years at Novo Nordisk, including roles as president and chief operating officer, currently serves as CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm for 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. I’m thrilled to be a part of this journey.”
Following the announcement, Hims & Hers stock rose by 3% during morning trading, reflecting a 125% increase since the beginning of the year.
The news comes shortly after Hims & Hers began offering a compounded version of semaglutide, the active ingredient in the popular diabetes and weight loss medications Ozempic and Wegovy, both manufactured by Novo Nordisk. The company is selling a month’s supply of this weight loss medication for $199, significantly lower than Ozempic’s nearly $1,000 and Wegovy’s $1,349 price points.
The shortage of these expensive brand-name drugs has prompted several telehealth companies to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded drugs that are in shortage. Compounding involves customizing an approved drug by a licensed pharmacist or physician to meet the specific needs of a patient.
Normally, the act prohibits the compounding of drugs that are simply reproductions of commercially available medications. However, medications that are in shortage are not regarded by the U.S. Food and Drug Administration (FDA) as commercially available.
In an interview with Bloomberg, Schultz indicated that the company sees a “long future” in selling compounded semaglutide. He expressed confidence that even after shortages end, there would still be a demand for individualized prescriptions from patients.