Hims & Hers, a telehealth platform targeting millennials, announced on Monday the addition of Kåre Schultz, a veteran executive from Novo Nordisk, to its board of directors. Schultz brings over 25 years of experience from the Danish pharmaceutical company, where he held various prominent roles, including president and chief operating officer. He currently serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm for the company’s potential to transform the healthcare landscape, 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.” His excitement about joining the company highlights the innovative steps Hims & Hers is taking in healthcare accessibility.
Following this announcement, Hims & Hers experienced a 3% rise in stock during Monday morning trading, marking a remarkable increase of 125% in shares since the start of 2023.
This development coincides with Hims & Hers’ recent launch of a compounded version of semaglutide, the active ingredient in the widely known diabetes and weight loss medications, Ozempic and Wegovy, produced by Novo Nordisk. The telehealth platform offers a month’s supply of its weight loss medication for $199, significantly lower than the nearly $1,000 list price of Ozempic and the $1,349 tag for Wegovy.
The limited availability of these high-demand brand-name medications has prompted several telehealth companies to utilize a provision of the Food, Drug, and Cosmetic Act, which allows for the sale of compounded versions of medications currently in shortage. Compounding allows state-licensed pharmacists or physicians to customize an approved drug to meet specific patient needs.
While the act generally prohibits compounding drugs that replicate commercially available medications, the FDA does not classify drugs in shortage as commercially available. Schultz expressed optimism about the company’s future with compounded semaglutide, noting that there will always be cases requiring individualized prescriptions, ensuring that the service remains relevant even when shortages are resolved.
This strategic move not only reflects Hims & Hers’ commitment to providing affordable healthcare options but also illustrates the growing trend of leveraging telehealth services to meet diverse patient needs—ultimately paving the way for a more accessible healthcare system. The company’s proactive approach may inspire further innovation in telehealth and compounded medications, benefiting many patients who struggle to access essential treatments.
In summary, Hims & Hers is making strides to redefine healthcare accessibility with its innovative telehealth services, marked by a strong endorsement from Kåre Schultz, whose experience in the pharmaceutical industry aligns with the company’s mission.