Hims & Hers, the telehealth platform aimed at millennials, has announced the addition of Kåre Schultz to its board of directors. Schultz, who previously held various positions at Novo Nordisk for over 25 years, including president and chief operating officer, is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm, stating, “Hims & Hers is on a trajectory to upend the healthcare industry. Throughout my extensive career in the pharmaceutical sector, I have never encountered a company that is truly breaking down barriers and transforming how individuals access essential health solutions. I’m excited to be a part of this journey.”
Following the announcement, Hims & Hers stock experienced a 3% increase in Monday morning trading and has risen 125% since the start of the year.
This news coincides with Hims & Hers introducing a compounded version of semaglutide, the active ingredient in the well-known diabetes and weight loss medications Ozempic and Wegovy, both manufactured by Novo Nordisk. The company is offering a month’s supply of this weight loss drug for $199, significantly lower than the nearly $1,000 price tag for Ozempic and $1,349 for Wegovy.
The shortage of these highly sought-after medications has prompted various telehealth platforms to leverage a provision of the Food, Drug, and Cosmetic Act, which allows for the sale of compounded versions of drugs that are in short supply. Compounding involves customizing an approved drug by a licensed pharmacist or physician to meet specific patient needs.
While the Food, Drug, and Cosmetic Act generally prohibits compounded drugs that replicate commercially available medications, the U.S. Food and Drug Administration (FDA) does not consider drugs that are in short supply to be commercially available.
Schultz conveyed to Bloomberg that he believes the company has a promising future in the sale of compounded semaglutide. When asked whether pharmacies would still be able to produce compounded semaglutide after the supply shortages resolve, Schultz indicated that he was not concerned, citing ongoing instances where patients would require personalized prescriptions.