Hims & Hers, a telehealth platform aimed at millennials, has announced the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors. Schultz has over 25 years of experience with the Danish pharmaceutical company, known for its diabetes and obesity medications, where he held various positions, including president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his 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% in morning trading and has seen a 125% increase since the start of the year. This news follows the company’s recent launch of a compounded version of semaglutide, the active ingredient in well-known diabetes and weight loss medications Ozempic and Wegovy, produced by Novo Nordisk.
Hims & Hers is offering a month’s supply of the weight loss medication for $199, significantly lower than the retail prices of Ozempic and Wegovy, which are listed at nearly $1,000 and $1,349, respectively.
The high cost and limited availability of these brand name drugs have led several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act, permitting the sale of compounded drug versions when shortages occur. Compounding involves customizing an approved drug to meet individual patient needs, performed by a licensed pharmacist or physician.
Although the act typically prohibits compounding drugs that are mere copies of commercially available ones, the FDA does not classify drugs in shortage as commercially available. Schultz mentioned to Bloomberg that the company sees a “long future” in offering compounded semaglutide. When questioned about the ability of pharmacies to continue making it after shortages resolve, Schultz expressed confidence that there would still be instances where individualized prescriptions are necessary.