Telehealth platform Hims & Hers has announced the addition of Kåre Schultz, a seasoned executive from Novo Nordisk, to its board of directors. This strategic move comes as the company aims to reshape the healthcare landscape.
Schultz boasts an extensive career spanning over 25 years at Novo Nordisk, a leading pharmaceutical company renowned for its diabetes and obesity treatments. Currently serving as CEO of Teva Pharmaceutical, Schultz expressed enthusiasm about 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.”
The appointment appears to have positively impacted Hims & Hers’ market performance, as the company’s stock rose by 3% during Monday’s trading session, reflecting a remarkable 125% increase since the beginning of the year.
This announcement follows Hims & Hers’ recent decision to offer a compounded version of semaglutide, the key ingredient in popular weight loss medications such as Ozempic and Wegovy. Priced at $199 for a month’s supply, this offering stands in stark contrast to the nearly $1,000 price tag for Ozempic and $1,349 for Wegovy, making it an attractive option for consumers facing high medication costs.
The high demand and limited supply for these branded drugs have led telehealth platforms to exploit a provision of the Food, Drug, and Cosmetic Act that allows for the sale of compounded medications in cases of shortage. Although typically, compounding of drugs that replicate commercially available medications is not permitted, medications considered to be in shortage are exempt from this restriction.
During an interview, Schultz articulated confidence about the future of compounded semaglutide, asserting that even after drug shortages are resolved, individualized prescriptions will still be necessary, ensuring a continued market for such offerings.
The appointment of Schultz and the growth of Hims & Hers reflect a broader trend in the healthcare sector, where innovative approaches and accessibility are at the forefront. This evolution promises not only to improve healthcare delivery but also to empower consumers, making essential health solutions more affordable and accessible.
In summary, Hims & Hers continues to grow and innovate in the telehealth space, taking significant steps to enhance healthcare access, led by experienced industry professionals like Kåre Schultz. This includes offering affordable options for life-changing medications, which is a promising development for the future of healthcare.