Telehealth platform Hims & Hers has announced the appointment of Kåre Schultz, a veteran executive from Novo Nordisk, to its board of directors. Schultz, who has over 25 years of experience at the Danish pharmaceutical company known for its diabetes and obesity drugs, is also the current CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm for Hims & Hers’ innovative approach to healthcare. He stated, “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 shares increased by 3% during morning trading, marking a 125% rise since the start of the year. This development comes shortly after the company began offering a compounded version of semaglutide, the active ingredient found in well-known diabetes and weight loss medications like Ozempic and Wegovy, which are produced by Novo Nordisk.
Hims & Hers has priced a monthly supply of the weight loss medication at $199, significantly lower than Ozempic’s list price of nearly $1,000 and Wegovy’s $1,349. The limited availability of these brand-name drugs has prompted several telehealth platforms to leverage a section of the Food, Drug, and Cosmetic Act, which permits the sale of compounded medications that are in short supply.
Compounding allows pharmacists or physicians to modify an approved drug to meet the individual needs of a patient. However, it is generally prohibited to compound drugs that are merely copies of commercially available medications. The U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available.
Schultz mentioned to Bloomberg that Hims & Hers envisions a long-term prospect in selling compounded semaglutide. When questioned about the future availability of compounded semaglutide once shortages are resolved, Schultz expressed confidence that there would continue to be circumstances necessitating individualized prescriptions.