Hims & Hers, a telehealth platform targeting millennials, announced on Monday the addition of Kåre Schultz, a veteran executive from Novo Nordisk, to its board of directors.
Schultz, who spent over 25 years at Novo Nordisk, known for its diabetes and obesity treatments, held various positions including president and chief operating officer. He currently serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm about joining Hims & Hers, stating, “This company is leveraging modern tools to 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 saw its stock rise by 3% during morning trading, with shares up 125% since the year’s start.
This development comes shortly after Hims & Hers began offering compounded semaglutide, the active ingredient in Novo Nordisk’s popular diabetes and weight loss medications, Ozempic and Wegovy. Hims & Hers is providing a month’s supply of the weight loss medication for $199, significantly less than the retail prices of Ozempic and Wegovy, which approach $1,000 and $1,349 respectively.
The recent shortages of these high-demand drugs have led several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act, which permits the sale of compounded medications in shortage. Compounding involves customizing an approved drug by a licensed pharmacist or physician to meet individual patient needs.
Typically, the Food, Drug, and Cosmetic Act restricts the compounding of drugs that replicate commercially available medications. However, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available.
In a statement to Bloomberg, Schultz affirmed that Hims & Hers has a “long future” in selling compounded semaglutide. When questioned about the continued ability of pharmacies to compound semaglutide post-shortage, he conveyed confidence that there would still be a need for individualized prescriptions.