Telehealth platform Hims & Hers announced on Monday the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors. Schultz, who previously served as president and chief operating officer at the Danish pharmaceutical company known for its diabetes and obesity treatments, is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm for 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. I’m thrilled to be a part of this journey.”
Following the announcement, Hims & Hers shares rose by 3%, marking a 125% increase since the start of the year. This news comes after the company began offering compounded semaglutide, the main ingredient in well-known diabetes and weight loss medications Ozempic and Wegovy, both developed by Novo Nordisk. Hims & Hers offers a month’s supply of this weight loss drug for $199, significantly lower than Ozempic’s list price of nearly $1,000 and Wegovy’s price of $1,349.
As the highly sought-after brand name drugs face limited supply, several telehealth platforms have opted to utilize a provision of the Food, Drug, and Cosmetic Act that permits the sale of compounded medications in short supply. Compounding involves a licensed pharmacist or physician customizing an approved drug to meet the specific needs of a patient.
Normally, the act restricts compounding drugs that are simply replicas of commercially available medications, but those in shortage are not classified as commercially available by the U.S. Food and Drug Administration (FDA). Schultz indicated to Bloomberg that Hims & Hers has a promising future in providing compounded semaglutide. He added that he is not concerned about the ability of pharmacies to continue making compounded semaglutide after shortages are resolved, as there will still be circumstances where patients require personalized prescriptions.