Hims & Hers, a telehealth platform aimed at millennials, announced on Monday the addition of Kåre Schultz, an executive with extensive experience at Novo Nordisk, to its board of directors.
Schultz dedicated over 25 years to the Danish pharmaceutical company, renowned for its diabetes and obesity treatments, where he held several senior roles including president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
“I believe Hims & Hers is set to revolutionize the healthcare industry,” Schultz stated in a press release. “In my extensive career in pharmaceuticals, I have not encountered a company that utilizes modern tools to dismantle barriers and alter how individuals access health solutions necessary for their well-being. I am excited to join this journey.”
Following the announcement, Hims & Hers saw a 3% increase in its stock during Monday morning trading, reflecting a remarkable 125% rise since the start of the year.
This development comes shortly after Hims & Hers began providing customers with a compounded version of semaglutide, the active ingredient in the popular diabetes and weight loss medications Ozempic and Wegovy, both developed by Novo Nordisk.
The company is offering a monthly supply of the weight loss medication for $199, significantly more affordable compared to Ozempic’s nearly $1,000 list price and Wegovy’s $1,349 pricing.
The ongoing shortages of these highly sought-after brand-name drugs have allowed several telehealth services to utilize a provision of the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of medications in short supply. Compounding involves customizing an approved medication by licensed pharmacists or physicians to fit the unique needs of individual patients.
Generally, the Food, Drug, and Cosmetic Act does not allow for compounding drugs that are mere replicas of existing commercial medications. However, those deemed to be in shortage do not fall under the definition of commercially available according to the U.S. Food and Drug Administration (FDA).
In an interview with Bloomberg, Schultz expressed optimism about the company’s future in marketing compounded semaglutide. When questioned about the ability of pharmacies to continue supplying compounded semaglutide once the shortages are resolved, Schultz indicated that he is not concerned, citing that there will still be situations requiring individualized prescriptions.