Hims & Hers, a telehealth platform aimed at millennials, announced on Monday the appointment of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors. Schultz has over 25 years of experience in the pharmaceutical industry, having held various positions including president and chief operating officer at the Danish company, which is known for its diabetes and obesity treatments. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm about joining Hims & Hers, 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. I’m thrilled to be a part of this journey.”
Following the announcement, shares of Hims & Hers rose by 3% during Monday morning trading and have increased by 125% since the start of the year.
This news comes shortly after Hims & Hers began offering a compounded version of semaglutide, the active ingredient in well-known diabetes and weight loss medications Ozempic and Wegovy, both produced by Novo Nordisk. The telehealth company is selling a month’s supply of this weight loss medication for $199, significantly lower than the nearly $1,000 list price for Ozempic and $1,349 for Wegovy.
Due to the limited supply of these brand-name drugs, several telehealth platforms are utilizing a section of the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of medications deemed to be in shortage. Compounding involves customizing an approved drug by a licensed pharmacist or physician to meet an individual patient’s needs.
Typically, the Food, Drug, and Cosmetic Act restricts compounding drugs that are simply replicas of commercially available medications. However, drugs in shortage are not classified as commercially available by the U.S. Food and Drug Administration (FDA). On Monday, Schultz indicated to Bloomberg that Hims & Hers sees a “long future” in selling compounded semaglutide. He added that he is not concerned about the ability for pharmacies to continue making compounded semaglutide after current shortages end, as there will still be instances where patients require personalized prescriptions.