Hims & Hers, a telehealth platform popular among millennials, has announced the addition of Kåre Schultz, a seasoned executive from Novo Nordisk, to its board of directors. With over 25 years of experience in the pharmaceutical industry, including significant roles such as president and chief operating officer at Novo Nordisk, Schultz currently serves as CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm about joining 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 appointment reflects Hims & Hers’ commitment to transforming the healthcare landscape.
Following the announcement, shares of Hims & Hers saw a 3% increase during morning trading and are up an impressive 125% since the start of the year. This surge in stock value coincides with the company’s recent introduction of a compounded version of semaglutide, the active ingredient in the popular diabetes and weight management medications Ozempic and Wegovy, which are produced by Novo Nordisk.
Hims & Hers is offering a month’s supply of this weight loss medication at a price of $199, significantly lower than the nearly $1,000 cost of Ozempic and $1,349 for Wegovy. The growing demand for these high-demand medications has prompted several telehealth platforms, including Hims & Hers, to leverage a provision in the Food, Drug, and Cosmetic Act permitting the sale of compounded medications in shortage.
While this compounding process is typically restricted to prevent copying existing drugs, the current shortages allow for these compounded solutions. In comments made to Bloomberg, Schultz indicated that Hims & Hers sees a “long future” in providing compounded semaglutide, emphasizing that even beyond the shortages, there will be ongoing instances where personalized prescriptions are necessary.
Overall, the positive momentum surrounding Hims & Hers showcases the potential for innovative solutions in the healthcare space that could enhance accessibility and affordability for patients. As the company continues to grow, it could pave the way for a more accessible healthcare system that meets the needs of a diverse population.
In summary, Hims & Hers is making significant strides in the telehealth sector by introducing affordable alternatives to popular medications, backed by an experienced leader in the pharmaceutical industry. This evolution could signal a transformative shift in how healthcare solutions are delivered.