Hims & Hers, a telehealth platform popular with millennials, announced on Monday the appointment 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, known for its diabetes and obesity medications, where he held roles including president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm for Hims & Hers, stating, “This company is on a trajectory to upend the healthcare industry. I’m thrilled to be part of this journey.” He highlighted that Hims & Hers is leveraging modern tools to reshape how people access necessary health solutions.
Following the announcement, Hims & Hers’ stock rose by 3% during Monday morning trading, marking a cumulative increase of 125% since the start of the year.
This development comes shortly after Hims & Hers began offering a compounded version of semaglutide, the active ingredient in the well-known diabetes and weight loss drugs Ozempic and Wegovy, produced by Novo Nordisk. The company sells a month’s supply of its weight loss medication for $199, significantly cheaper than Ozempic’s nearly $1,000 list price and Wegovy’s $1,349 price.
The limited availability of these sought-after medications has led several telehealth providers to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded medications during shortages. Compounding involves customizing approved drugs by licensed pharmacists or physicians to meet individual patient needs.
While the Food, Drug, and Cosmetic Act generally prohibits compounding drugs that are identical to commercially available ones, the U.S. Food and Drug Administration (FDA) does not consider drugs in shortage to be commercially available.
Schultz mentioned to Bloomberg that the company sees a “long future” in offering compounded semaglutide, and he expressed confidence that pharmacies could continue to produce compounded versions even after shortages resolve, as there will still be instances where patients require personalized prescriptions.