Hims & Hers, a telehealth platform targeting millennials, announced Monday that Kåre Schultz, a former executive at Novo Nordisk, has joined its board of directors.
With over 25 years of experience at Novo Nordisk, known for its diabetes and obesity treatments, Schultz has held multiple high-level positions, including president and chief operating officer. He currently serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm about joining Hims & Hers, stating, “This company is leveraging modern tools to break down barriers and transform how people access necessary health solutions. I’m thrilled to be part of this journey.”
Following the announcement, Hims & Hers’ stock rose by 3% in morning trading, marking a 125% increase since the start of the year.
This development comes shortly after Hims & Hers began offering a compounded version of semaglutide, the active ingredient in the well-known diabetes and weight loss medications Ozempic and Wegovy, which are both manufactured by Novo Nordisk. Hims & Hers is providing a month’s supply of this weight loss treatment for $199, significantly lower than Ozempic’s nearly $1,000 list price and Wegovy’s $1,349 price.
The scarcity of these high-demand drugs has prompted several telehealth companies to utilize a provision of the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of medications that are in short supply. Compounding involves customizing an approved medication by a licensed pharmacist or physician to fit the specific needs of a patient.
While the Food, Drug, and Cosmetic Act typically prevents the compounding of drugs that are mere duplicates of commercially available products, the U.S. Food and Drug Administration (FDA) does not classify medications that are in shortage as commercially available.
In a conversation with Bloomberg, Schultz asserted that Hims & Hers has “a long future” in providing compounded semaglutide. He added that he remains unconcerned about pharmacies being able to continue compounding semaglutide after shortages are resolved, citing ongoing needs for individualized prescriptions.