Hims & Hers, a telehealth platform targeting millennials, has announced the appointment of Kåre Schultz, a former long-standing executive at Novo Nordisk, to its board of directors. Schultz brings over 25 years of experience from the Danish pharmaceutical company known for its diabetes and obesity treatments, having held various positions including president and chief operating officer. Currently, he serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm, stating, “Hims & Hers is on a trajectory to upend the healthcare industry. In my long career in the pharmaceutical industry, 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 saw a 3% increase during Monday morning trading and has risen 125% since the start of the year.
This news comes shortly after Hims & Hers began offering customers a compounded version of semaglutide, the active ingredient found in well-known diabetes and weight loss medications Ozempic and Wegovy, both manufactured by Novo Nordisk. Hims & Hers provides a month’s supply of the weight loss drug at $199, significantly cheaper than the nearly $1,000 price of Ozempic and the $1,349 cost of Wegovy.
The ongoing shortage of these high-demand brand-name drugs has enabled various telehealth platforms to utilize a provision of the Food, Drug, and Cosmetic Act that permits the sale of compounded medications in short supply. Compounding is the customization of an approved drug by a state-licensed pharmacist or physician to meet individual patient needs.
While the Food, Drug, and Cosmetic Act generally prohibits compounding drugs that simply replicate commercially available medications, the U.S. Food and Drug Administration (FDA) does not classify drugs that are essential but in short supply as commercially available.
Schultz also mentioned to Bloomberg that Hims & Hers sees a “long future” in selling compounded semaglutide. When questioned about the ability of pharmacies to continue making compounded semaglutide once the shortages are resolved, he expressed confidence, noting that there will still be circumstances where patients require tailored prescriptions.