The telehealth platform Hims & Hers, which targets primarily millennials, announced the addition of Kåre Schultz to its board of directors. Schultz, who has extensive experience in the pharmaceutical industry, particularly with Novo Nordisk, where he served for over 25 years, is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his 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.” His optimism reflects the transformative potential he sees in the company as it aims to reshape the healthcare landscape.
Stock prices for Hims & Hers increased by 3% during morning trading and are up an impressive 125% since the start of the year. This surge follows the company’s recent move to offer a compounded version of semaglutide, the main ingredient in popular weight loss and diabetes medications such as Ozempic and Wegovy, both produced by Novo Nordisk. Hims & Hers sells a month’s supply of this medication for $199, providing significant savings compared to the original list prices of up to $1,349.
The surge in demand for these medications, coupled with limited availability, has prompted various telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act. This provision allows pharmacies to produce compounded medications when there is a shortage. Schultz shared with Bloomberg that he foresees a “long future” for the sale of compounded semaglutide, indicating there will continue to be a need for custom prescriptions even after the shortages are resolved.
This development illustrates a positive trend in healthcare accessibility, demonstrating how innovative telehealth services are making crucial medications more affordable and tailored to individual patient needs.
Summary: Hims & Hers welcomes Kåre Schultz to its board, as the telehealth platform seeks to revolutionize healthcare delivery, especially in light of rising stock prices and the introduction of compounded semaglutide at a lower cost, addressing medication shortages and expanding patient access to vital treatments.