Hims & Hers, a telehealth platform focused on millennial consumers, announced on Monday the appointment of Kåre Schultz, a seasoned executive from Novo Nordisk, to its board of directors. Schultz, who has over 25 years of experience with Novo Nordisk, where he held various roles including president and chief operating officer, currently serves as CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm about joining Hims & Hers, stating, “Hims & Hers is on a trajectory to upend the healthcare 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 experienced a 3% increase in stock price during Monday morning trading, showcasing a remarkable rise of 125% since the start of the year.
This news follows Hims & Hers’ recent decision to offer a compounded version of semaglutide, the active ingredient in popular weight loss and diabetes medications Ozempic and Wegovy, both manufactured by Novo Nordisk. The telehealth platform is pricing a month’s supply of this compounded medication at $199, significantly lower than Ozempic’s nearly $1,000 and Wegovy’s $1,349 retail prices.
The limited availability of these expensive medications has prompted several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act, which permits the sale of compounded medications when there are shortages. While compounding typically involves creating customized medications for individuals, the FDA does not classify shortages of drugs as commercially available.
Schultz reiterated in an interview that he sees a “long future” for Hims & Hers in the compounded semaglutide market, suggesting a continued demand for individualized prescriptions even after the shortages are resolved.
This strategic board appointment and the introduction of cost-effective compounded medications position Hims & Hers as a promising player in the healthcare landscape, aiming to enhance access to essential health solutions.
Overall, Hims & Hers appears poised for growth and innovation, demonstrating a commitment to making healthcare more accessible and affordable for consumers.