Hims & Hers, the telehealth platform popular among millennials, recently appointed Kåre Schultz, a former long-time executive at Novo Nordisk, to its board of directors. Schultz brings with him over 25 years of pharmaceutical experience, having served in various roles at Novo Nordisk, including president and CEO. Currently, he is the CEO of Teva Pharmaceutical.
In a press release, Schultz praised Hims & Hers for its innovative approach to healthcare: “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.” This strategic addition to the board signifies Hims & Hers’ commitment to revolutionizing healthcare access.
Following the announcement, the company’s stock rose by 3%, reflecting a significant 125% increase since the start of the year. This momentum comes on the heels of Hims & Hers introducing a compounded version of semaglutide, an active ingredient found in popular diabetes and weight loss medications Ozempic and Wegovy, produced by Novo Nordisk. Hims & Hers is offering this compounded medication at a price of $199 for a month’s supply, significantly lower than the nearly $1,000 price tag of Ozempic and the $1,349 price for Wegovy.
The growing demand for these costly medications has prompted various telehealth platforms to explore the legal option of compounding drugs in shortage, as permitted under the Food, Drug, and Cosmetic Act. While the act generally prohibits compounding drugs that are commercially available, it makes an exception for those in short supply. Schulz expressed confidence about the future of compounded semaglutide, emphasizing that even after supply issues resolve, there will still be opportunities for individualized prescriptions.
This development could provide a hopeful outlook for many patients who struggle with access to essential medications. By tapping into the potential of telehealth and compounding, companies like Hims & Hers are paving the way for more affordable healthcare solutions, making it possible for individuals to receive the treatment they need without the financial burden often associated with traditional pharmaceuticals.
In summary, the appointment of Kåre Schultz to the Hims & Hers board signals a forward-thinking approach to health technology and access, potentially revolutionizing how patients interact with healthcare solutions.