Hims & Hers, a telehealth platform appealing to millennials, recently announced the addition of Kåre Schultz to its board of directors. Schultz, who has had a distinguished 25-year career at Novo Nordisk, where he held multiple leadership positions, is currently the CEO of Teva Pharmaceutical.
In a statement, Schultz expressed his enthusiasm for Hims & Hers, stating that the company is revolutionizing healthcare accessibility through modern technological solutions. “Hims & Hers is on a trajectory to upend the healthcare industry,” he remarked, highlighting the company’s commitment to changing how individuals access necessary health solutions.
Following this news, Hims & Hers saw its stock prices rise by 3% in early trading, marking a significant 125% increase since the start of the year. This interest in the company comes after they began offering a compounded version of semaglutide, the ingredient found in popular weight loss medications such as Ozempic and Wegovy, produced by Novo Nordisk.
The compounded version of semaglutide is priced at $199 for a month’s supply, significantly lower than the retail prices of Ozempic and Wegovy, which can exceed $1,000 and $1,349 respectively. The rising demand for such medications, coupled with limited supply from traditional pharmacies, has led several telehealth providers, including Hims & Hers, to utilize a regulation under the Food, Drug, and Cosmetic Act that allows the sale of compounded medications when there is a shortage.
Schultz further emphasized his confidence in the future of compounded semaglutide sales, asserting that they would not be impacted by the end of shortages, as individual patient needs often require tailored prescriptions.
This development presents a hopeful outlook for consumers seeking affordable healthcare solutions. Hims & Hers not only aims to provide cost-effective alternatives but also emphasizes the importance of accessibility in modern healthcare, transforming challenges into opportunities for improved patient care.