Hims & Hers, a telehealth platform appealing to millennials, announced on Monday the appointment of Kåre Schultz, a seasoned executive from Novo Nordisk, to its board of directors. Schultz brings a wealth of experience from his 25 years at the Danish pharmaceutical company, where he held various pivotal roles, including president and COO, and currently serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm about Hims & Hers’ mission, 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.” His comments highlight the innovative approach Hims & Hers is taking in reshaping healthcare access.
The announcement appears to have resonated positively with investors, as the company’s stock rose 3% in Monday morning trading, reflecting a remarkable gain of 125% since the beginning of the year.
This strategic move comes on the heels of Hims & Hers launching a compounded version of semaglutide, the active component of the well-known diabetes and weight loss medications Ozempic and Wegovy, which are manufactured by Novo Nordisk. Hims & Hers offers a monthly supply of this weight loss medication for $199, providing a significant cost reduction compared to the nearly $1,000 and $1,349 retail prices for Ozempic and Wegovy, respectively.
The demand for these sought-after medications has opened the door for telehealth platforms to utilize a clause in the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of drugs that are currently in shortage. Compounding, which involves creating customized medications by licensed pharmacists or physicians, is allowed in cases where the original drugs are unavailable.
Schultz assured Bloomberg that Hims & Hers is well-positioned for a sustained future in supplying compounded semaglutide. He mentioned that even after the shortages are resolved, there will still be opportunities for compounded medications tailored to individual patient needs.
This development signifies not only a crucial advancement for Hims & Hers but also a broader transformation within the healthcare landscape, enhancing accessibility and affordability. With innovators like Schultz on board, the company is poised to lead in providing essential health solutions for individuals who may have struggled to access such medications otherwise.
As telehealth continues to evolve, the potential for significantly impacting healthcare access and cost efficiency is immense, offering hope for a future where necessary medical care is more easily attainable for everyone.